Last checked at 9 Jun 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED KINGDOM ("UK") 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.
8 June 2023
Supply@ME Capital plc
(the "Company", "Supply@ME" or "SYME")
Supply@ME secures a binding commitment for first Inventory Monetisation transaction in UK, from traditional funding sources
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 announce that has secured a binding commitment (the "Commitment") provided by an institutional investor (the "Investor") to invest in the first IM in the UK (the "Transaction").
Following the Company's announcement of its first Italian IM using traditional funding sources on 5 May 2023, the Commitment is another key milestone under Company's action plan to work with a consortium of European investors to fund IM transactions with monetisable value of up to €5m, as announced on 20 January 2023.
The Commitment has been provided to the representative person of the stock company which is going to be established in UK ("UK StockCo"). The funds committed will be used by the UK StockCo to monetise up to £1.8m of warehoused goods of a UK client company, which provides parts and technology to the global marine industry (the "Client Company").
The Client Company has entered into the Commitment with the representative person of the UK StockCo to finalise the necessary definitive commercial agreements in relation to the Transaction by 30 June 2023.
SYME will provide further details regarding the Transaction following the execution of the definitive commercial agreements between the UK StockCo and the Client Company and the funding instruments subscribed by the Investor.
Alessandro Zamboni, CEO of SYME, said:
"Our first IM transaction using traditional funding in the UK represents another key milestone, following the first IM using traditional funding in Italy. Momentum is building and our pipeline is strong and growing every day, as we continue to build our traditional and non-traditional funding routes. There are further milestones to reach to activate all of our initial funding routes, however, we now have a clear base in both core markets from which we are pursuing new and existing opportunities."
"This milestone will also help us to target our strategic goal to have white-label and self-funding transactions up & running in our core regions in 2024, with the first agreements with banks expected in 2023."
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of SYME is Alessandro Zamboni, CEO.
Contact information:
Alessandro Zamboni, CEO, Supply@ME Capital plc, investors@supplymecapital.com
MHP Group, SupplyME@mhpgroup.com
Notes:
SYME and its operating subsidiaries provide its Platform for use by manufacturing and trading companies to access inventory trade solutions enabling their businesses to generate cashflow, via a non-credit approach and without incurring debt. This is achieved by their existing eligible inventory being added to the Platform and then monetised via purchase by third party Inventory Funders. The inventory to be monetised can include warehoused goods waiting to be sold to end-customers or goods that are part of a typical import/export transaction. SYME announced in August 2021 the launch of a global Inventory Monetisation programme which will be focused on both inventory in transit monetisation and warehoused goods monetisation. This programme will be focused on creditworthy companies and not those in distress or otherwise seeking to monetise illiquid inventories.