Supply @ME Capital PLC New Loan Facility closes Agreement with Negma (5182K)
September 02 2021 - 01:00AM
UK Regulatory
TIDMSYME
RNS Number : 5182K
Supply @ME Capital PLC
02 September 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.
02 September 2021
Supply@ME Capital plc
(The "Company" or "SYME")
Supply@ME agrees new short-term loan facility to close Agreement
with Negma Group
Supply@ME Capital plc, the innovative fintech platform which
provides an Inventory Monetisation(c) service to manufacturing and
trading companies, is pleased to announce it has signed a term
sheet for a short-term loan facility with a family office investor,
provided by ARC Group [1] ("ARC").
ARC Group is a global Investment Bank specialising in the middle
markets, with representative offices across all continents. The
Bank focuses on providing global fundraising solutions to its
clients from institutional investors.
Subject to the execution of the definitive agreement, the
short-term loan facility will replace the Subscription Agreement
previously signed with Negma Group Ltd ("Negma Group"), as per the
RNS of 16 June 2021. In relation to the Negma Group facility, the
Company has made an application to the London Stock Exchange and
the Financial Conduct Authority for admission to trading of
840,000,000 New Ordinary Shares (representing less than 3% of the
Company's issued share capital) to be allotted to Negma Group. The
remaining outstanding par value of the Convertible Loan Notes not
yet converted is GBP2,106,000 and this residual portion is expected
to be repaid in cash, funded by the new short-term loan
facility.
Pursuant to the current contract executed with the Company,
Negma Group:
- will not undertake any short sales of the Company's Ordinary
Shares or any lending of the Company's Ordinary Shares;
- with respect to any disposal of Ordinary Shares on any given
day, will not participate in more than twenty five percent (25%) of
the daily Value Traded with respect to the Ordinary Shares on such
day.
Loan conditions
The new agreement with the family office provided by ARC will
help to ensure that the Company continues to be well capitalised
and increases its balance sheet flexibility enabling its growth
initiatives.
SYME has agreed to the following key terms for the facility:
-- Initial tranche of GBP5 million, with a further GBP2 million available within 60 days;
-- 12-month term, with an interest rate of 10%;
-- Warrants will be issued for 20% of the GBP7 million loan
value. The warrants will have a term of 3 years and exercise price
of 130% of the lowest closing VWAP over the ten days immediately
preceding the issue of the loan.
The ARC short-term loan facility will be linked to a Convertible
Loan Note facility (CLN), should the Company require cash to
facilitate further growth and need to trigger the facility.
At the same time SYME will work closely with ARC to further
explore a dual listing on NASDAQ. In this regard, SYME will benefit
from ARC's expertise in supporting foreign issuers on their journey
onto NASDAQ and post-listing.
Alessandro Zamboni, CEO, Supply@ME Capital plc, said: "This is a
key development for Supply@ME providing us with further flexibility
to execute our plans and accelerate our expansion in key markets.
ARC was impressed with our recent developments, confirmed by the
recent trading update and the related revenue guidance. I am very
pleased to strengthen our relationship with ARC at this important
stage in our company's growth and I look forward to working with
them closely as we further our efforts towards a dual listing. I
would like to thank the Negma Group for the support provided which
has enabled us to acquire TradeFlow and to support our recent
growth initiatives as we move towards securing our first inventory
monetisation transactions."
Jesús Emilio Hoyos, Managing Partner of ARC Group , said: "As
the Financial Advisor to Supply@ME , we are very excited to
facilitate this partnership between the Company and this Family
Office. We believe that this is the beginning of great journey
together and that the funds will help support the future growth of
the Company."
Notes
The Company enables businesses to generate cashflow, via a
non-credit approach and without incurring debt, by monetising their
existing stock which is intended to be sold to end-customers or
through monetisation of goods and or commodities as part of a
typical import/ export transaction. SYME' Global Inventory
Monetisation Fund enables creditworthy companies to improve their
working capital cycle. The Fund does not target monetisation of
inventories owned by companies in financial 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
[1] https://www.arccap.us/
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