RCS - Supply @ME Capital - Publication of new Italian PNP regulation

Supply@Me CapitalAnnouncement

24/01/2023 08:00

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RNS Number : 6662N  Supply @ME Capital PLC   24 January 2023

24 January 2023

Supply@ME Capital plc

(the "Company" or "SYME", and together with its subsidiaries, the "Group")

Publication of new Italian PNP regulation

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, is pleased to confirm the new Italian legislation pegno non
possessorio (the "PNP Regulation") has been published in the Official Journal
of the Italian Republic.

The PNP Regulation will, for the first time in Italy, introduce the concept of
"security interest" (a concept widely adopted across Europe and the UK) into
Italian law, and allow entrepreneurs to access financing of their inventory
more easily, without having to sell, transform or otherwise dispose of their
business assets. In parallel to the PNP Regulation, the Italian Revenue Agency
(Agenzia delle Entrate) will operate a digital ledger for the registration and
keeping of pledges. As a result, all the operations relating to such pledges
can be carried out swiftly and electronically (including, but not limited to,
registration, consultation by anyone, modification, renewal and cancellation).

Notably, the PNP Regulation is expected to allow operators in the Italian
manufacturing and industrial sectors to attract investments aimed at divesting
and/or financing their own inventory. While for banks and investors, the PNP
Regulation will facilitate the effective exercise of the rights of secured
creditors, aligning the effectiveness of the enforceability of the movable
pledge with the best practices already adopted in other countries.

As stated in the Year-end Business Update of 20 January 2023, the PNP
regulation is expected to provide greater opportunities for Italian banks to
adopt the Platform for use under white-label agreements and further enhance
the security available to the Inventory Funders in traditional IM
transactions.

Furthermore, it is expected that the PNP Regulation will create additional
opportunities for traditional Inventory Funders to invest in IM transactions
in light of the proposed improvements to the legal enforceability of
guarantees over the inventory, through the arrangement of self-funding and/or
white-label agreements, which leverage the Platform.

More information on the PNP Regulation can be found in the Gazzetta Ufficiale
(https://www.gazzettaufficiale.it/atto/serie_generale/caricaDettaglioAtto/originario?atto.dataPubblicazioneGazzetta=2023-01-23&atto.codiceRedazionale=23A00309&elenco30giorni=false)
.

 

Alessandro Zamboni, CEO of SYME, said: "We are delighted to see the formal
introduction of the PNP Regulation into Italian law and look forward to
capitalising on the opportunities it will bring. We expect the legislation to
make funding inventory-backed transactions more appealing and straightforward
for banks and - more generally - the eco-system of our inventory funders,
which in turn can be supported by our ready-to-go Platform."

 

Contact information

Alessandro Zamboni, CEO, Supply@ME Capital
plc, investors@supplymecapital.com (about%3Ablank)

MHP Group, SupplyME@mhpgroup.com (about%3Ablank)

 

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
warehouse 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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