Last checked at 30 Dec 2021 13:51
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
30 December 2021
Supply@ME Capital plc
(The "Company", "the Group" or "SYME")
Outcome of General Meeting
A General Meeting of Supply@ME Capital plc, the innovative fintech platform (the "Platform"), which provides the Inventory Monetisation© service to manufacturing and trading companies, was duly convened earlier today (the "Meeting").
The Meeting was held to enable shareholders to consider whether any, and if so, what steps should be taken to address the Company's "serious loss of capital" as defined and required by section 656(1) of the Companies Act 2006. Details of the largely historical situation which resulted in this position were set out in the formal Notice of General Meeting and the Company's RNS of 7 December 2021.
Following discussions at today's Meeting, it was concluded that the Company's anticipated increase in revenues commencing in 2022 from each of the three revenue streams (per the definitions introduced in the RNS of 31 August 2021), which includes the positive impacts generated by the completion of the first inventory monetisation transactions and the acquisition of TradeFlow Capital Management Pte. Ltd, will contribute towards alleviating the loss of capital. The "serious loss of capital" does not itself have any specific bearing on the Company's current financial position or current trading performance.
The Company also intends to issue a trading update, covering the second half of 2021, tomorrow, 31 December 2021.
Shareholders were not asked to vote at the general meeting as it was a discussion forum only.
The board of SYME always welcomes dialogue with shareholders and today's General Meeting provided a suitable forum for discussions on this issue to take place.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the directors of the Company are responsible for the release of this announcement.
Notes
Supply@ME Capital PLC and its operating subsidiaries (together the "Group") provide an innovative fintech platform (the "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 warehouse goods waiting to be sold to end-customers or goods/commodities 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 warehouse goods monetisation. This programme will be focused on creditworthy companies and not those in distress or otherwise seeking to monetise illiquid inventories.
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc, investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780, paul.vann@walbrookpr.com
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317, brian.norris@cicero-group.com