RE: updates and trolls18 Dec 2020 12:24
https://www.investegate.co.uk/supply--me-capital--syme-/rns/trading-update/202011300730068919G/
New Business Geographies
UK
Notwithstanding the continued uncertainties surrounding Brexit, the Company is working to make the UK a key hub for its Inventory Monetisation service as well as a "pivot" for cross-border monetisation operations (ideal for large corporates with inventory in a number of global locations).
SYME has new agreements with the following "eco-system partners":
· SIA Group[4], a multi-award-winning asset appraisal, advisory and disposal company providing a range of solutions to asset-based lenders, banks, financial sponsors across the UK and Europe;
· ALTIMAPA Capital[5], which helps corporate and financial clients access capital in non-traditional funding markets. Its founder, Pedro Tavares, led the Corporate Risk Advisory team at Nomura, and the Credit Analytics team at Merrill Lynch. He started his career in quantitative analytics within banking before covering a variety of roles across structuring and analytics.
In addition, the Company is in the process of agreeing an on-going collaboration with one of the Big Four[6] that is highly active in the development of International Financial Reporting Standards (IFRS) relating to the multi-jurisdictional themes of Inventory Monetisation, given the expansion of SYME internationally.
In relation to the Inventory Monetisation programme for UK companies, SYME has agreed a Heads of Terms with a global asset manager for an Inventory funding facility with a potential value up to €500m. In accordance with confidentiality agreements signed by the Parties, the identities of those involved cannot be announced until additional key milestones have been achieved.
UAE
With the support of the Funding Specialist announced on 3 November 2020, the approval process of the Shari'a compliant version of the Platform is progressing to plan. SYME and its advisors have engaged with the Shari'a Scholars, who conduct the Shari'a appraisal, and have targeted the end of the year for formal sign-off.
Regarding company sourcing, SYME, together with its Funding Specialist and local partner iMass, has commenced a dialogue with government parties with the objective of offering the Inventory Monetisation process to certain of their sector holding companies as an add-on to their existing digital warehouse solutions.
US
The Company and The Trade Advisory are progressing with the development of a first pilot Inventory Monetisation within the retail sector and are also evaluating an opportunity to deliver an innovative inventory "in transit" monetisation model.
Commenting on the Update, Alessandro Zamboni, CEO, said:
"We are very pleased with the progress made across all funding fronts over the past month. The securitisation issuance is now in its final phase with many of the key processes either completed or in their final stages and I look forward to announcing itsclos
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