Supply @ME Capital PLC Conversion of Convertible Loan Notes (2029G)
28 March 2022 - 5:00PM
UK Regulatory
TIDMSYME
RNS Number : 2029G
Supply @ME Capital PLC
28 March 2022
28 March 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 the outstanding GBP178,333.34 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"). As stated in the RNS of 25
February 2022, SYME previously received a conversion notice from
Mercator for an initial GBP500,000.00 in principal amount of the
Convertible Loan Notes as issued by the Company on 2 February
2022.
Following receipt of the conversion notice, GBP178,333.34 of the
Convertible Loan Notes are to be converted into 316,446,349
Ordinary shares (the "Conversion Shares") at a conversion price of
GBP0.00056. This represents 0.9% 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 2 February 2022 will remain outstanding;
-- GBP678,333.34 of Convertible Loan Notes issued by the Company
on 4 March 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 29 March 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEFIFSEVVITFIF
(END) Dow Jones Newswires
March 28, 2022 02:00 ET (06:00 GMT)
Supply@me Capital (LSE:SYME)
Historical Stock Chart
From Mar 2024 to Apr 2024
Supply@me Capital (LSE:SYME)
Historical Stock Chart
From Apr 2023 to Apr 2024