Business
Execution of first IM from traditional funding
Execution of first IM from traditional funding.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n\nTHIS 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 \n5 May 2023\n\nSupply@ME Capital plc\n(the \"Company\" or \"SYME\")\nExecution of first Inventory Monetisation© transaction using traditional funding sources\nSYME, 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 announce the execution of the first IM transaction using traditional funding sources (the \"IM Transaction\").\nThis announcement follows recent Company updates, including the RNS of 26 April 2023, when SYME disclosed that Supply@ME Stock Company 1 s.r.l. (\"StockCo\") had secured a binding commitment provided by an institutional investor (the \"Investor\") to invest in the IM Transaction, pursuant to the Company's action plan to work with a consortium of European investors to fund IM transactions with monetisable value of up to €5m, as announced on 20 January 2023.\nThe counterparty to the IM Transaction is an Italian client company, which is one of the market leaders in the tyre re-treading sector with operations around the world (the \"Client Company\").[1]\nThe IM Transaction has been structured as follows:\n· StockCo, the same entity which executed the inaugural IM transaction which was announced on 12 September 2022, entered into the commercial contractual package, with a duration of three years, with the Client Company to execute the IM Transaction. Due to the seasonal nature of demand for the Client Company's inventory and fluctuating levels of inventory which it holds, the total value of the warehoused goods to be monetised is forecasted as follows:\no €650k as an initial tranche;\no €550k as a planned tranche, with a best endeavours commitment from both StockCo and Client Company to complete such planned tranche before 31 December 2023; and\no throughout the duration of the IM Transaction, a potenti...