REG - Supply @ME Capital - Outcome of General Meeting

Supply@Me CapitalAnnouncement

30/12/2021 13:55

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RNS Number : 0913X  Supply @ME Capital PLC   30 December 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.

 

30 December 2021

 

Supply@ME Capital plc

(The "Company", "the Group" or "SYME")

Outcome of General Meeting

A General Meeting of Supply@ME Capital plc, the innovative fintech platform
(the "Platform"), which provides the Inventory Monetisation© service to
manufacturing and trading companies, was duly convened earlier today (the
"Meeting").

The Meeting was held to enable shareholders to consider whether any, and if
so, what steps should be taken to address the Company's "serious loss of
capital" as defined and required by section 656(1) of the Companies Act 2006.
Details of the largely historical situation which resulted in this position
were set out in the formal Notice of General Meeting and the Company's RNS of
7 December 2021.

Following discussions at today's Meeting, it was concluded that the Company's
anticipated increase in revenues commencing in 2022 from each of the three
revenue streams (per the definitions introduced in the RNS of 31 August 2021),
which includes the positive impacts generated by the completion of the first
inventory monetisation transactions and the acquisition of TradeFlow Capital
Management Pte. Ltd, will contribute towards alleviating the loss of capital.
 The "serious loss of capital" does not itself have any specific bearing on
the Company's current financial position or current trading performance.

The Company also intends to issue a trading update, covering the second half
of 2021, tomorrow, 31 December 2021.

Shareholders were not asked to vote at the general meeting as it was a
discussion forum only.

The board of SYME always welcomes dialogue with shareholders and today's
General Meeting provided a suitable forum for discussions on this issue to
take place.

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the directors of the Company are responsible for
the release of this announcement.

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
(mailto:paul.vann@walbrookpr.com)

Brian Norris, Cicero/AMO, +44 (0)20 7947 5317, brian.norris@cicero-group.com
(mailto:brian.norris@cicero-group.com)

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