RE: Avantegarde group did NOT dump it shares24 Dec 2020 11:19
From 30th October RNS...
Read the Last line.....
The Company announced on 10 September 2020 that it was analysing whether to syndicate its first securitisation note across a number of investors, or work on an exclusive basis with one investment fund. Following detailed evaluation, SYME confirms that it has agreed to partner on an exclusive basis with a global investment fund (the "Investor") whose intention is to subscribe for the whole of the first issuance and become an ongoing partner of the Company. Whilst this decision has put back slightly the date of completion of the first issuance, the opportunity to form an ongoing partnership with the Investor will provide valuable benefits to SYME, both in the short and long-term.
Supply@ME is also pleased to confirm that the Client Companies included in the first Inventory Monetisation transaction are now fully on-boarded and that the Platform continues to originate further corporate clients through its strong network of local partners and intermediaries.
The decision to work with a single funder for the first securitisation transaction is based on the following.
1. International large volume investor in credit opportunities
The Investor is a leading global alternative investment fund manager, founded in the 1980s, with a globally diversified investment portfolio valued at more than $70 billion.
It has an extensive track-record of structuring, optimizing and executing capital markets solutions across many asset classes, as well as in the development and growth of various forms of lending businesses.
2. Ongoing partnership
The Investor intends to form an ongoing partnership with Supply@ME. Its objective is to support the growth of the inventory monetisation business to achieve a significant critical mass of inventory assets held, combined with a funding track-record, such that it can explore other sources of finance at lower cost for future SYME securitisation note issues.
“The Investor is also evaluating the acquisition of a minority equity participation in SYME.”