Business
Supply@ME Capital plc; Commencement of Dealings
Supply@ME Capital plc; Commencement of Dealings.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 1662H\n Abal Group PLC\n 23 March 2020\n \n \n \n 23 March 2020\n \n Abal Group plc \n \n To be renamed\n \n Supply@ME Capital plc\n \n (\"Supply@ME\" or \"the Company\")\n \n Completion of acquisition of Supply@ME S.r.l.\n Admission to the Standard Segment of the Official List\n Change of name and Board changes\n &\n Commencement of Dealings in the Enlarged Share Capital\n \n Unless otherwise expressly stated, all defined terms and definitions used below shall have the same meaning as given to them in the announcement made by the Company on Thursday 5 March 2020 and in the Circular to Shareholders dated 4 March 2020.\n Further to the announcements on 27 October 2019, 5 March 2020 and 20 March 2020, the Company has completed the acquisition of Supply@ME S.r.l., a business which has developed an alternative FinTech platform focussed on inventory monetisation facilities, which can enable a wide range of manufacturing and trading businesses to improve their working capital position and provide a new asset class to investors. Consideration for the acquisition is £224.5 million to be satisfied by the issue of 32,332,246,220 Consideration Shares at a price of 0.69 pence per share (\"the Acquisition\").\n The Acquisition constitutes a reverse takeover under the Listing Rules for Companies and, as previously announced, shares in the enlarged company will be admitted to the Standard Segment of The Official List and to trading on the London Stock Exchange's Main Market at 8.00 a.m. today under the ticker \"SYME\" (\"Admission\"). The ISIN of the Ordinary Shares is GB00BFMDJC60 and the SEDOL Code is BFMDJC6. Following completion of the acquisition, the Company has now changed its name to Supply@ME Capital plc and its website can be found at the following link: www.supplymecapital.com.\n In conjunction with the Acquisition, the Company has raised £2.24 million, before expenses, through the issue of 331,604,094 Placing Shares in the Company at a price of 0.68 pence per share to certain investors (\"the Placing\"). A total of £42.18 million of Ordinary Shares were placed through the Placing and Vendor Placing with institutional and other investors.\n Highlights of the Acquisition and Business Processes\n \n · Supply@ME was founded by its CEO, Alessandro Zamboni in 2017. It has developed an alternati...