Supply @ME Capital PLC Completion of Acquisition & Board Restructuring (2896E)
July 06 2021 - 1:00AM
UK Regulatory
TIDMSYME
RNS Number : 2896E
Supply @ME Capital PLC
06 July 2021
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.
06 July 2021
Supply@ME Capital plc
(The "Company" or "SYME")
SYME completes acquisition of TradeFlow Capital Management
and restructures Board for next phase of growth strategy
Supply@ME Capital plc, the innovative fintech platform which
provides the Inventory Monetisation(c) service to manufacturing and
trading companies, is pleased to announce that, further to the
announcement made on 26 May 2021, it has completed the acquisition
of the entire issued share capital of TradeFlow Capital Management
Pte. Ltd. ("TradeFlow"), the leading Singapore-based
FinTech-powered commodities trade enabler focused on SMEs.
As stated previously, TradeFlow has been valued at approximately
GBP31 million by an independent valuation company. The Parties
agreed that the transaction price will be settled in cash and
shares. The Company has made an application to the London Stock
Exchange for admission to listing of 1,477,705,882 New Ordinary
Shares - which represents less than 5% of the Company's issued
share capital - for the following purposes:
- 813 million New Ordinary Shares as consideration to the TradeFlow sellers;
- 500 million New Ordinary Shares as consideration to
intermediaries and introducers which support the deal;
- approximately 164 million New Ordinary Shares as conversion of
the first 10% of the Convertible Loan Notes issued and subscribed
by Negma Group as per the RNS of 16 June 2021.
The acquisition enables SYME to further enhance its platform,
delivering a global inventory monetisation service, including the
monetisation of both inventory "in-transit" (in particular,
commodities) and warehoused goods.
Following completion of the strategic transaction , SYME is now
entering the next phase of its scalable growth. To this effect, it
is the intention of the Company to further strengthen its Board, as
announced previously, with the appointment of two new Executive
Directors, Tom James and John Collis , who will also continue to
lead the TradeFlow business.
The new Directors will be officially appointed following the
2020 AGM, scheduled for 30 July 2021 at which time, SYME will make
a dedicated announcement. In this regard, and pursuant to corporate
governance best practices, the Company is conducting an internal
assessment regarding the board's composition, including the number
of its independent and non-executive directors.
SYME Chief Executive, Alessandro Zamboni said:
"I am very pleased to announce the completion of the acquisition
of TradeFlow Capital and the upcoming appointments of Tom and John
as Executive Directors of Supply@ME. The acquisition will establish
Supply@ME as the market leader in inventory monetisation and will
generate a number of highly attractive synergy benefits for the
Company in terms of funding and customer origination. By joining
together, we now have an enhanced platform with an offering for the
supply chain sector which is unparalleled. We are also assembling
an exceptionally strong Board with the depth and breadth of
experience necessary to maintain our momentum and we will continue
to strengthen this team as opportunities present."
Notes
Supply@ME enables businesses to generate cashflow, without
incurring debt, by monetising their existing stock. Before a
business has found an end-customer for its inventory, the Supply@ME
platform enables them to sell ("monetise") their stock and receive
cash immediately to boost their working capital. The Supply@ME
service enables strong companies to improve their working capital
cycle. SYME does not monetise inventory for companies in financial
difficulty or with inventory that they are struggling to sell.
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
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