Supply @ME Capital PLC Board Changes (1033G)
22 Julio 2021 - 1:00AM
UK Regulatory
TIDMSYME
RNS Number : 1033G
Supply @ME Capital PLC
22 July 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
22 July 2021
Supply@ME Capital plc
(The "Company" or "SYME")
Board Changes
Supply@ME Capital plc, the innovative fintech platform which
provides the Inventory Monetisation(c) service to manufacturing and
trading companies, announces that Dominic White, Non-Executive
Chairman, has informed the Board of his decision to step down as a
Director of the Company effective today in order to focus on his
other business interests. The search for a permanent, long-term
successor to Mr White is underway with the assistance of Nurole
Ltd, a board and executive level search firm. Discussions are
taking place with a number of highly qualified candidates.
In the interim period, the Board will appoint an existing
independent director to chair future Board and Regulatory meetings,
including the AGM. Ms Susanne Chishti, the Company's senior
independent non-executive director, will chair the 2020 Annual
General Meeting on 30 July 2021.
Mr White joined the Board immediately following the Company's
Reverse Take-Over (RTO) of AIM-listed Abal Group plc and its
subsequent Admission to the Official List of the London Stock
Exchange in March 2020. Following an initial stabilisation and
growth phase, client numbers have continued to grow, while the
Company has successfully developed multiple opportunities for its
inventory funding programme.
To ensure continued compliance with QCA Corporate Governance
best practice, Mr David Bull has been appointed to the Board as a
Non-Executive Director with responsibility for the Audit Committee.
Mr Bull, a Chartered Accountant, is a technology-driven experienced
financial services professional with a banking and financial
services digitisation mindset. He has held a number of senior board
roles within banking, asset finance, treasury and credit management
institutions, including several years as Chief Financial Accountant
at The Bank of England. His most recent appointment was CFO of Vive
Bank, a new digital bank targeting banking automation for
individuals.
As previously announced, TradeFlow co-founders Tom James and
John Collis will join Supply@ME's Board as Executive Directors
after the 2020 AGM. Following this, and pursuant to the search for
a new independent chair, the Company will align itself with
corporate governance best practice regarding the board's
composition.
SYME Chief Executive, Alessandro Zamboni said:
"On behalf of the Board, I would like to thank Dominic for his
invaluable contribution to SYME's development since its RTO and
listing last year. The progress that the Company has made, despite
often difficult conditions, has been exceptional. Crucial
components for the advancement of the business have been delivered
under his stewardship and he steps down from the Board with the
Company well placed to embark on the next phase of its growth. SYME
is set to begin the inventory monetisation programme and further
expand our geographic footprint.
"I am grateful to Susanne for agreeing to chair the AGM while we
secure a long-term successor to Dominic and am very pleased to
welcome David to our Board."
Dominic White commented: "I am very pleased to have had the
opportunity to invest in the business and to have joined the SYME
Board immediately following its Reverse Take Over of Abal Group plc
last March. I see great growth potential from this innovative
company. SYME has strong market appeal and the transaction offered
existing Abal Group shareholders a potential opportunity to realise
share value over time through an interest in a growing, innovative
fintech company.
"It has been an eventful period and the business has come a long
way during that time, having successfully developed multiple
opportunities for its inventory funding programme. With most of the
extensive preparatory work completed it is now poised for the next
phase of growth.
"My intention now is to devote myself to other similar
opportunities as well as to a non-profit project for the
environment and social wellbeing.
"I would like to thank all the Group's professional advisors and
investors who have followed me and SYME over the past 15 months and
I wish them and the management team success, growth and profitable
outcomes in the coming months."
Notes
Supply@ME enables businesses to generate cashflow, without
incurring debt, by monetising their existing stock. Before a
business has found an end-customer for its inventory, the Supply@ME
platform enables them to sell ("monetise") their stock and receive
cash immediately to boost their working capital. The Supply@ME
service enables strong companies to improve their working capital
cycle. SYME does not monetise inventory for companies in financial
difficulty or with inventory that they are struggling to sell.
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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