REG - Supply @ME Capital - Board Change

Supply@Me CapitalAnnouncement

04/03/2022 07:00

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RNS Number : 6640D  Supply @ME Capital PLC   04 March 2022

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4 March 2022

 

Supply@ME Capital plc

(The "Company" or "SYME")

Board Change

 

Supply@ME Capital plc, the innovative fintech platform which provides the
Inventory Monetisation© service to manufacturing and trading companies,
announces that James Coyle, Non-Executive Chairman, has tendered his
resignation as a Director of the Company. Mr Coyle is leaving the company for
personal reasons, which will allow him to better balance existing time
obligations across his extensive portfolio of non-executive roles. The Board
has acknowledged Mr Coyle's personal reasons and has agreed with Mr Coyle that
his departure will take place with immediate effect.

In the RNS of 31 December 2021, the Company provided an update on in-progress
White Label and Inventory Monetisation initiatives. Once the first
transactions are complete, the Board expects an increase in business volume.
Due to the level of commitment this will subsequently require, Mr Coyle has
decided it is the right time to step away from his role at SYME.

The Board is now actively seeking a permanent, long-term successor to Mr
Coyle. In the interim period, until a permanent successor is in situ, the
Board will appoint one of its existing non-executive directors to chair future
Board and Regulatory meetings.

Additionally, the Company has appointed an independent adviser (the "Adviser")
to complete a strategic review of the Company, as it prepares for the next
phase of growth, which will focus upon the delivery of its long-term business
objectives, and its governance system requirements. Upon completion of the
Adviser's review, the Adviser will make recommendations on any additional
expertise and capabilities required to ensure Supply@ME is positioned to
realise its planned global growth and diversification of revenue streams. The
Adviser will also make recommendations on the potential appointment of a
corporate broker and any additional advisers to the Group.

Mr Coyle joined the Board at the end of October 2021 and has since been
instrumental in supporting the Company's progression. During his time with the
Company, TradeFlow Capital Management ("TradeFlow") signed a
revenue-generating Investment Advisory agreement with DP World, per the RNS of
18 February 2022. He has also worked to improve SYME's corporate governance
structure and implement a refreshed investor relations strategy.

SYME Chief Executive, Alessandro Zamboni, said: "I am truly grateful to Jim
for his support and counsel. While his tenure with us has been short, his
impact has been immense. The level of commitment he has given to the role far
exceeded our expectations and he leaves our business in a stronger position
than he found it. We are very sorry that demands on Jim's highly valuable time
prevent him from being able to provide the level of support required for our
next phase of our growth. On behalf of the Board, I would like to thank him
for his tremendous service to Supply@ME. I wish Jim all the best for the
future."

 

James Coyle said: "It is with deep regret that I have decided to step down
from my role at Supply@ME. Having worked closely with the extremely dedicated
team I wish the business every success in the years to come."

 

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 programme which will be focused on
both inventory in transit monetisation and warehouse goods monetisation. This
programme 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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