Temporary suspension while financial statements are completed
Further to the Company’s announcement of 19 January, 2021, detailing a change to its Accounting Reference Date to 31 December and a revised financial reporting calendar, SYME is now requesting a suspension of the listing of its shares pending publication of its 31 December 2019 year-end Accounts and its 2020 Interim Results for the six months ended 30 June 2020.
A Standard Listing requires the publication of audited accounts for contiguous periods for continuity and comparison purposes. The publication of the 31 December 2019 accounts, which cover a Statutory accounting period prior to SYME’s RTO and Admission to The Standard List in March 2020, are intended to meet this requirement. However, in changing the Company’s accounting reference date, SYME is technically in breach of the Disclosure Guidance and Transparency Rules (DTR) regarding the timing of these financial statement announcements.
For this reason, the Company is requesting its shares be temporarily suspended from 7.30am today. The Company will seek a restoration of its listing immediately following publication of its audited Accounts for the year ended 31 December 2019 and Interim Results for the six months ended 30 June 2020, which are both expected before 31 January 2021.
It should be noted that prior to the shortening of the accounting reference period announced on 19 January, SYME was not in breach of either the Companies Act 2006 requirements or the DTR as to the timing for the filing of accounts and remains in full compliance with Companies Act 2006 accounts filing requirements.
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.
Alessandro Zamboni, CEO, Supply@ME Capital plc, email@example.com
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