Business
First UK IM transaction from traditional funding
First UK IM transaction 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 (\"UK\") 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 \n8 June 2023\n\nSupply@ME Capital plc\n(the \"Company\", \"Supply@ME\" or \"SYME\")\nSupply@ME secures a binding commitment for first Inventory Monetisation transaction in UK, from 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 that has secured a binding commitment (the \"Commitment\") provided by an institutional investor (the \"Investor\") to invest in the first IM in the UK (the \"Transaction\").\nFollowing the Company's announcement of its first Italian IM using traditional funding sources on 5 May 2023, the Commitment is another key milestone under 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 Commitment has been provided to the representative person of the stock company which is going to be established in UK (\"UK StockCo\"). The funds committed will be used by the UK StockCo to monetise up to £1.8m of warehoused goods of a UK client company, which provides parts and technology to the global marine industry (the \"Client Company\").\nThe Client Company has entered into the Commitment with the representative person of the UK StockCo to finalise the necessary definitive commercial agreements in relation to the Transaction by 30 June 2023.\nSYME will provide further details regarding the Transaction following the execution of the definitive commercial agreements between the UK StockCo and the Client Company and the funding instruments subscribed by the Investor.\nAlessandro Zamboni, CEO of SYME, said:\n\"Our first IM transaction using traditional funding in the UK represents another key milestone, following the first IM using traditional funding in Italy. Momentum is building ...