Supply @ME Capital PLC Commitment for first IM from traditional funding (4549X)
26 4월 2023 - 3:00PM
UK Regulatory
TIDMSYME
RNS Number : 4549X
Supply @ME Capital PLC
26 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED
KINGDOM 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.
26 April 2023
Supply@ME Capital plc
(the "Company", " Supply@ME " or "SYME")
Supply@ME secures a binding commitment for first Inventory
Monetisation transaction 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(c) ("IM") solutions
enabling their businesses to generate cashflow, is pleased to
announce that Supply@ME Stock Company 1 s.r.l. (the "StockCo") has
secured a binding commitment (the "Commitment") provided by an
institutional investor (the "Investor") to invest in the first IM
using traditional funding sources (the "Transaction"), pursuant to
the Company's action plan to work with a consortium of European
investors to fund IM transactions with monetisable value of up to
EUR5m, as announced on 20 January 2023.
The Commitment provided by the Investor will be used by the
StockCo to monetise up to EUR1.2m of warehoused goods of an Italian
client company, which is one of the market leaders in the tyre
re-treading sector with operations around the world (the "Client
Company").
The Transaction will leverage the recently approved Italian
legislation pegno non possessorio (the "PNP Regulation") and is
expected to be first such IM transaction implemented in the market
under the PNP Regulation legislation in respect of non-agri-food
based inventory.
The Client Company has entered into a binding commitment with
the StockCo to finalise the necessary definitive commercial
agreements in relation to the Transaction by 28 April 2023. The
StockCo is the same entity that is used for managing, with positive
returns, the inaugural IM announced on 12 September 2022.
Due to the seasonal nature of demand for the Client Company's
inventory and the fluctuating levels of inventory which it holds,
the value of the inventory monetised is expected to increase, with
the StockCo retaining a right of first refusal on inventory
monetisation of the next EUR10m of eligible inventory.
SYME will provide further details regarding the Transaction
following the execution of the definitive commercial agreements
between the StockCo and the Client Company and the funding
instruments subscribed by the Investor.
Alessandro Zamboni, CEO of SYME, said:
"I am very pleased to announce the execution of this binding
commitment in respect of the first IM using traditional financing -
a strategic pillar of Supply@ME's business model. As each funding
route comes online, we are breaking down remaining barriers to
Supply@ME being recognised by potential funders, globally, as the
unique access point to a novel and untapped real asset class, as
opposed to old fashioned inventory financing deals which we
continue to observe in the market.
"We knew that the PNP Regulation had the potential to be a
gamechanger, unlocking the potential in the Italian market wherein
we have longstanding IM relationships with major banks and
investors, and significant pipeline of prospective IM transactions.
The milestone achieved today will enable us to further build our
track record in Italy and strengthen our proposition there and in
other geographies."
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.
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