SO MUCH NEWS DUE15 Dec 2020 09:14
Part of rns
. Inventory Funding Programme
SYME has progressed with all three of its funding channels.
i) Open Funding
The first Open Funding transaction is the inventory-backed securitisation note programme, managed by StormHarbour Securities LLP.
This securitisation issuance is now in its final phase. During November, many of the key issuance processes were either completed or have progressed to their final stages, including:
· engagement of a specialist inventory analyst to run a final examination of the inventory before monetisation takes place,
· extensive work by the legal team Gatti Pavesi Bianchi[1] to finalise the transaction package,
· agreements with the Inventory funder have successfully completed relating to the inventory reporting processes and the business continuity plan relating to the Platform,
· design of a new fast-track procedure to accelerate the due diligence process of Client Companies, which may increase the number of corporates monetised in the first transaction,
· the final terms of the note subscription, which are expected to be agreed in the coming days and will be announced separately.
The objective of this crucial period of work by all Parties is to deliver the first transaction and create an entirely new Inventory Monetisation asset class that reflects best practice principles established in the securitisation market. It will therefore be a repeatable and scalable investment product for subsequent rounds of securitisation.
Upon completion, expected before the Year-end, the Company will disclose the detail of the securitisation transaction and Inventory funding partner.
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