Business
Board changes and TradeFlow update
Board changes and TradeFlow update.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED KINGDOM DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n 24 March 2023\n \n \n \n \n \n \n \n \n \n Supply@ME Capital plc\n \n \n \n (the \"\n Company\n \" or \"\n SYME\n \", and together with its subsidiaries and subsidiary undertakings, the \"Group\")\n \n \n \n Board changes and TradeFlow update\n \n \n \n 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, provides the following update to the market:\n \n \n \n Board changes\n \n \n \n Dr. Thomas (Tom) James and John Collis tendered their resignations as statutory directors of the Company (\"Directors\") after market close on 23 March 2023, and the board of Directors (\"Board\") has accepted their resignations in those capacities with immediate effect.\n \n \n Neither Dr. James nor Mr. Collis sat on any of the committees of the Board, and, accordingly, there will be no interruption in the compliance of the Company with the QCA Corporate Governance Code.\n \n \n Dr. James and Mr. Collis will continue in their various roles in respect of\n the Company's wholly owned subsidiary, TradeFlow Capital Management Pte. Limited (\"TradeFlow\") and its subsidiaries and subsidiary undertakings (together with TradeFlow, the \"TradeFlow Group\").[1]\n \n \n \n TradeFlow update\n \n \n \n On 22 July 2022, the Company announced that it was reviewing its relationship with TradeFlow and, by extension, the TradeFlow Group. Since that time, the Board has been working with Dr. James and Mr. Collis (together, the \"TradeFlow Directors\") to document the restructuring of the Company's ownership of TradeFlow and so as to enable the TradeFlow Directors to buy back 81% of TradeFlow from the Company (the \"TradeFlow Restructuring\").\n \n \n A key driver behind the TradeFlow Restructuring has been an evolution in the regulation of the fund management industry. In particular, the M...