Supply @ME Capital PLC Conversion of Convertible Loan Notes (1916Y)
12 January 2022 - 6:00PM
UK Regulatory
TIDMSYME
RNS Number : 1916Y
Supply @ME Capital PLC
12 January 2022
12 January 2022
Supply@ME Capital plc
(The "Company" or "SYME")
Conversion of Convertible Loan Notes
Supply@ME Capital plc, the innovative fintech platform (the
"Platform") which provides the Inventory Monetisation(c) service to
manufacturing and trading companies, announces that it has received
a conversion notice from Mercator Capital Management Fund LP
("Mercator") in respect of GBP678,333.34 in principal amount of the
Convertible Loan Notes issued by the Company on 4 January 2022, in
lieu of a cash repayment, in accordance with the terms of the Loan
Note Facility announced in the RNS of 29 September 2021.
SYME issued Convertible Loan Notes with a total principal value
of GBP678,333.34 on 4 January 2022, at its discretion, in order to
support the working capital needs of the Company and its operating
subsidiaries (the "Group").
Following receipt of the conversion notice, all GBP678,333.34 of
the Convertible Loan Notes are to be converted into 594,664,101
Ordinary shares (the "Conversion Shares") at a conversion price of
GBP0.0011407. This represents 1.6% of the Company's issued share
capital prior to the issue of the Conversion Shares. On conversion,
no Convertible Loan Notes issued by the Company to Mercator on 4
January 2022, will remain outstanding. In addition, as announced in
the RNS dated 29 September 2021, warrants to Mercator have been
issued for 20% of the total principal value of the Convertible Loan
Notes and Loan Notes issued to date.
Application has been made to the Financial Conduct Authority and
to the London Stock Exchange for admission of the Conversion Shares
to the standard segment of the Official List and to trading on the
London Stock Exchange's main market for listed securities,
respectively ("Admission"). It is expected that Admission will
occur at 8.00 a.m. on or around 13 January 2022. The Conversion
Shares will rank pari passu with the existing issued Ordinary
Shares in the Company.
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
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
brian.norris@cicero-group.com
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END
CONFIFSRLIIFLIF
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