For the hard of learning...6 Dec 2020 14:19
Reposted...
https://www.investegate.co.uk/supply--me-capital--syme-/rns/trading-update/202011300730068919G/
Client Company Origination
The portfolio of Client companies continues to grow and now includes mid-cap and large-cap businesses from Italy, UK and UAE. Gross origination of Client companies has increased 16% since September 2020.
Value (Euro)
31.3.20
30.6.20
30.9.20
30.11.20
Gross origination[2]
1.22bn
1.43bn
1.64bn
1,9bn
Number of client companies
82
97
142
152
The partnership with the EPIC platform announced on 7 September 2020 continues to supply a strong pipeline of Client companies. In addition to the 152 corporates originated by the end of November, a further 56 Client companies should become eligible to commence the due diligence phase.
According to the GICS[3] classification adopted by the Company, the key Portfolio core sectors are currently Materials, Capital Goods, Retailing and Food, Beverage & Tobacco.
3. 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 f
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