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.
5 April 2024
Supply@ME Capital
plc
(the
"Company", "Supply@ME" or "SYME" and, together with its
subsidiaries, the "Group")
Business update: progress
made on all the on-going streams
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, provides the following business
update, following the Company RNS announcement made on 29 February
2024. Terms defined in this RNS have the same meaning as those in
the RNS released on 29 February 2024.
White-label IM business line
The Company announced that SYME and
the working group (as referred to in the RNS announcement made on 3
January 2024 and includes Banco BPM S.p.A. - "BBPM" - and the WL Client Company)
have been working closely to draft, review and finalise the
detailed commercial contracts which will implement the commitment
received from BBPM. Alongside this, the working group has been
progressing the onboarding of the identified remarketers, at the
same time as evaluating the opportunity for one of the remarketers
to undertake a separate dedicated IM transaction. SYME had expected
the contracts to be completed by the end of March 2024.
As of today, SYME, the working group
and the external legal teams are finalising the review of the
commercial contracts and further meetings are planned in the month
of April with the list of eligible remarketers identified by BBPM
to finalise:
- the
remarketing commitment with the leading producer of the famous
Italian cheeses, that is also a client of BBPM, to underpin the
execution of the IM transaction; and
- the signed
term sheet with the same remarketer to enable an ad hoc additional IM transaction with
the remarketer.
Digital assets route
The Company continues to make solid
progress in structuring a security token framework with the CH
Trading Hub, owned by Société Financière Européenne S.A.
("SFE"), which will allow a
first security token issuance up to USD$100 million to be
subscribed in tranches, largely by institutional investors who are
active in the digital asset markets as announced in the RNS of 29
February 2024. SYME and the CH Trading Hub continue to be in
advanced discussions with an asset manager specialising in digital
assets to secure a first commitment of USD$5 million, together with
the involvement of a regulated crypto exchange which can support
the distribution of the security token to its investor base to
progress the completion of the programme.
As of today, SYME confirms that
through the strategic partnership with the CH Trading hub it has
secured a commitment of USD$5 million from the asset manager
specialised in digital assets and the team is working, alongside
the crypto exchange and an investment bank focussed on digital
assets, to raise an additional ticket worth USD$5 million to
execute, within the overall US$100 million programme, an initial IM
transaction with a pre identified Client Company who are part of
the current SYME' pipeline.
Cooperation with investment banks and asset
managers
The Group has continued to work with
an investment banking division of an Italian neo banking group, who
has expertise in the adoption of the PNP Regulation, and two
different asset fund managers, to evaluate their potential
participation in respect of ad
hoc IM programmes.
The Company has made tangible
progress on this stream and will update the market in due course
regarding how SYME and the CH Trading Hub aim to launch specific IM
programmes based on the traditional funding route, leveraging the
securitisation company authorised in Luxembourg and owned by SFE
and the SYME's current pipeline.
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
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.