Important RNS - Jan20 Jul 2023 08:03
20 Jan 2023 07:00
RNS Number : 3289N
Supply @ME Capital PLC
20 January 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED KINGDOM DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
20 January 2023
Supply@ME Capital plc
(the "Company" or "SYME", and together with its subsidiaries, the "Group")
Year-end business update
SYME, the fintech business which provides an innovative fintech platform (the "Platform") for use by manufacturing and trading companies to access Inventory Monetisation© ("IM") solutions enabling their businesses to generate cashflow, is pleased to provide an update on its recent business activities.
Key highlights:
· Growth in the pipeline of client companies with warehoused goods inventories suitable for monetisation[1] was valued at £343.5m as at 31 December 2022. This compares to £329.8m as at 23 September 2022.
· Progress has been made towards securing traditional funding routes in both European (including Italy) and UK markets.
· New Italian legislation - pegno non possessorio (the "PNP Regulation") - which SYME anticipates will be promulgated shortly, is expected to provide greater opportunities for Italian banks to adopt the Platform for use under white-label agreements and further enhance the security available to the Inventory Funders in traditional IM transactions.
· TradeFlow Capital Management Pte. Limited ("TradeFlow") experienced growth in assets under management ("AUM") in the year ended 31 December 2022 of approximately 35%, relative to the year ended 31 December 2021, representing a continued and growing endorsement of its Investment Advisory strategy.
Warehoused goods monetisation
Overview
Origination of client companies in SYME's core regions of Europe (including Italy) and the UK have continued to grow, with the warehoused goods monetisation pipeline standing at £343.5m as at 31 December 2022. This compares to £329.8m as at 23 September 2022.
SYME's focus remains on maintaining, growing and converting the pipeline, whilst attracting new Inventory Funders, starting from smaller ticket IM transactions, to build a track-record, and then moving to larger ticket IM transactions. With the inaugural IM completed and others in process of being arranged, the foundations of positive track-record are being laid by SYME with the expectation that it would become progressively easier to attract new Inventory Funders to IM transactions. The appetite of Inventory Funders has also driven the SYME origination team to assess potential IM amounts over GBP/EUR/USD 10m and, subject to the appropriate structure and funding being in place, there are a number of larger ticket opportunities that