Supply @ME Capital PLC Partial Conversion of Convertible Loan Notes (8355C)
25 February 2022 - 6:01PM
UK Regulatory
TIDMSYME
RNS Number : 8355C
Supply @ME Capital PLC
25 February 2022
25 February 2022
Supply@ME Capital plc
(The "Company" or "SYME")
Partial 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 partial conversion notice from Mercator Capital Management Fund
LP ("Mercator") in respect of GBP500,000.00 in principal amount of
the Convertible Loan Notes issued by the Company on 2 February
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 GBP 678,333.34 on 2 February 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, GBP 500,000.00 of
the Convertible Loan Notes are to be converted into 489,787,922
Ordinary shares (the "Conversion Shares") at a conversion price of
GBP0.0010 . This represents 1.3% of the Company's issued share
capital prior to the issue of the Conversion Shares. On conversion,
GBP178,333.34 of the Convertible Loan Notes 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 28 February 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 program which will be focused on both
inventory in transit monetisation and warehouse goods monetisation.
This program 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
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