RE: What goes up must come down24 Jul 2021 20:58
One of my favourite reads of late - read it and tell me you dont get the urge to top up especially when sp is so low
The Company has entered into an agreement ("Term Sheet") with the Italian Banking Group and the Fintech Bank which envisages:
1. the signing of a commercial agreement to manage both the origination of new Client companies and a multi-annual inventory funding plan; and
2. the execution of a first inventory monetisation transaction involving a portfolio of Italian Client Companies.
Simultaneously to the successful completion of the arrangements above, Supply@ME will acquire up to 10% of the Fintech Bank, a level which is below the threshold requiring regulatory approval. An additional 10% of the Fintech Bank may be acquired at the option of the Company within the following two years which would require an authorisation process through the Central Bank. In April 2021, the Fintech Bank was valued, by a Big4[1] firm, at between €34m - €50.6m.
The Term Sheet incorporates a binding commitment between parties with reference to:
· the time-scale, which envisages the completion of the arrangements above in July, unless the parties agree to extend due to internal authorisation processes or technical reasons. The Term Sheet has a contractual longstop deadline of 30 September 2021;
NOTE : timescale July - September ( at the latest ) it is coming and it could be sooner than you think !!!
Best wishes all LTH