Supply@ME Capital plc, the innovative fintech platform which provides the Inventory Monetisation© service to manufacturing and trading companies, announces that James Coyle, Non-Executive Chairman, has tendered his resignation as a Director of the Company.
Mr Coyle is leaving the company for personal reasons, which will allow him to better balance existing time obligations across his extensive portfolio of non-executive roles. The Board has acknowledged Mr Coyle’s personal reasons and has agreed with Mr Coyle that his departure will take place with immediate effect.
In the RNS of 31 December 2021, the Company provided an update on in-progress White Label and Inventory Monetisation initiatives. Once the first transactions are complete, the Board expects an increase in business volume. Due to the level of commitment this will subsequently require, Mr Coyle has decided it is the right time to step away from his role at SYME.
The Board is now actively seeking a permanent, long-term successor to Mr Coyle. In the interim period, until a permanent successor is in situ, the Board will appoint one of its existing non-executive directors to chair future Board and Regulatory meetings.
Additionally, the Company has appointed an independent adviser (the “Adviser”) to complete a strategic review of the Company, as it prepares for the next phase of growth, which will focus upon the delivery of its long-term business objectives, and its governance system requirements. Upon completion of the Adviser’s review, the Adviser will make recommendations on any additional expertise and capabilities required to ensure Supply@ME is positioned to realise its planned global growth and diversification of revenue streams. The Adviser will also make recommendations on the potential appointment of a corporate broker and any additional advisers to the Group.
Mr Coyle joined the Board at the end of October 2021 and has since been instrumental in supporting the Company’s progression. During his time with the Company, TradeFlow Capital Management (“TradeFlow”) signed a revenue-generating Investment Advisory agreement with DP World, per the RNS of 18 February 2022. He has also worked to improve SYME’s corporate governance structure and implement a refreshed investor relations strategy.
SYME Chief Executive, Alessandro Zamboni, said: “I am truly grateful to Jim for his support and counsel. While his tenure with us has been short, his impact has been immense. The level of commitment he has given to the role far exceeded our expectations and he leaves our business in a stronger position than he found it. We are very sorry that demands on Jim’s highly valuable time prevent him from being able to provide the level of support required for our next phase of our growth. On behalf of the Board, I would like to thank him for his tremendous service to Supply@ME. I wish Jim all the best for the future.”
James Coyle said: ” It is with deep regret that I have decided to step down from my role at Supply@ME. Having worked closely with the extremely dedicated team I wish the business every success in the years to come.”
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.
Alessandro Zamboni, CEO, Supply@ME Capital plc,
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
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