Supply @ME Capital PLC Conversion of Securities (7116T)
November 26 2021 - 01:00AM
UK Regulatory
TIDMSYME
RNS Number : 7116T
Supply @ME Capital PLC
26 November 2021
26 November 2021
Supply@ME Capital plc
(The "Company" or "SYME")
Convertible Loan Notes issued on 1 November 2021
Conversion of the outstanding amount
Supply@ME Capital plc, the innovative fintech platform (the
"Platform") which provides the Inventory Monetisation(c) service to
manufacturing and trading companies, announces that it has received
a conversion notice from Mercator Capital Management Fund LP
("Mercator") in respect of the outstanding GBP300,000 in principal
amount of the Convertible Loan Notes issued by the Company on 1
November 2021, in lieu of a cash repayment, in accordance with the
terms of the Loan Note Facility announced in the RNS of 29
September 2021 (the "Loan Note Facility").
SYME issued Convertible Loan Notes with a total principal value
of GBP458,333.34 to Mercator on 1 November 2021 in order to support
the working capital needs of the Company and its operating
subsidiaries (the "Group"), in particular, the delivery of the
first inventory monetisation transaction, and also to fund further
developments of the Platform to underpin the Group's White-Label
product offering. As stated in the RNS of 17 November 2021, SYME
previously received a conversion notice from Mercator for an
initial GBP158,333.34 in principal amount of the Convertible Loan
Notes as issued by the Company on 1 November 2021.
Following receipt of this second conversion notice, the
remaining GBP300,000 of the Convertible Loan Notes issued on 1
November are to be converted into 221,836,063 Ordinary shares (the
"Conversion Shares") at a conversion price of GBP0.00135,
representing 0.6% of the Company's issued share capital prior to
the issue of the Conversion Shares. On conversion, no Convertible
Loan Notes issued by the Company to Mercator on 1 November 2021,
will remain outstanding. The Company will continue to monitor its
working capital and growth needs and will decide, at its discretion
and in line with the Loan Note Facility, at each of the monthly
repayment date, if the amount to be repaid will be satisfied by
cash or the issue of new Convertible Loan Notes.
In addition, as announced in the RNS dated 29 September 2021,
warrants have, and will be, issued to Mercator for 20% of the total
principal value of any Convertible Loan Notes issued.
Application has been made to the Financial Conduct Authority and
to the London Stock Exchange for admission of the Conversion Shares
to the standard segment of the Official List and to trading on the
London Stock Exchange's main market for listed securities,
respectively ("Admission"). It is expected that Admission will
occur at 8.00 a.m. on or around 29 November 2021. The Conversion
Shares will rank pari passu with the existing issued Ordinary
Shares in the Company.
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 program which will be focused on both
inventory in transit monetisation and warehouse goods monetisation.
This program 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
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END
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