31st Dec 2021 13:09
(Alliance News) - Shares in Supply@ME Capital PLC on Friday tumbled despite reporting a "transformational" period, though it stands to reap the benefits next year.
Shares Supply@ME closed down 22% at 0.17 pence each in London on Friday.
The inventory monetisation services provider expects to complete the first inventory monetisation covered by the Italian government's SACE guarantee, following the signing of a binding agreement with the Fintech Bank funder. The SACE guarantee is expected to get extended until the end of June.
"The parties are currently negotiating new key terms aimed at revising the purpose of the alliance to become more focussed on a commercial path, which would not require the acquisition by SYME of the 10% stake in the Fintech Bank," it said.
Furthermore, SYME said is in discussions with a number of other Italian banks for the completion of further inventory monetisation transactions during 2022.
The company also confirmed that its "strategically important" Captive Bank inventory funding project remains ongoing.
Supply@ME Capital added it is in "advanced discussions" to sign a binding agreement and begin providing access to the platform with an unnamed Italian bank. Revenue from this agreement is expected in 2022.
Elsewhere, in the UK, Supply@ME said it is in discussions with 10 potential investors and asset-based lenders. In the US, SYME is "exploring" potential Nasdaq project routes with ARC Group.
"2021 has been a transformational year. The group has made tremendous progress since December last year and we should be proud of what we have created," Chief Executive Alessandro Zamboni commented.
He added: "Now that market conditions seem more settled, we expect an acceleration of revenue, aimed at rewarding the commitment and trust of all our shareholders and key stakeholders."
By Abby Amoakuh; [email protected]
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