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[email protected] Capital offers fintech platform that allows companies to monetise their stock

Snapshot

[email protected] was acquired by Abal Group PLC through a reverse takeover deal earlier this year for £227.5mln and listed on the LSE's main market in March

supply@me -

Quick facts: [email protected]

Price: 0.17 GBX

LSE:SYME
Market: LSE
Market Cap: £55.68 m
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  • Fintech firm running platform that allows companies to sell stock (and - at the same time - keep it on consignment) to [email protected]’s special purpose vehicles
  • Already has more than 900mln euros worth of contracts with cross-border companies
  • Listed on the main market of the London Stock Exchange in March following reverse takeover by Abal Group

What [email protected] Capital does:

[email protected] Capital PLC (LON:SYME) is a fintech firm which runs a platform that allows companies to monetise the stock to special purpose vehicles established by [email protected] allowing, at the same time, companies to keep on consignment the latter stock which can then be sold off to end customers.

The group’s innovative finntech platform puts together funders, through a securitisation scheme. Behind the service, several exponential technologies are managed with the aim of making [email protected] the best fintech inventory data monitoring system.

[email protected] has already clinched more than 900mln euros worth of contracts with companies and signed agreements with cross-border financial partners.

How is it doing:

Formerly a subsidiary company of the AvantGarde Group S.p.A., [email protected] was acquired by Abal Group PLC through a reverse takeover deal earlier this year for £227.5mln.

Abal, which was formerly an AIM-listed cash shell, listed on the main market of the London Stock Exchange on March 23 following the acquisition and plans to change its name to [email protected] Capital PLC, however, that has been delayed by Companies’ House due to the coronavirus pandemic.

On April 17, the company said it had been notified that “significant delays are currently being experienced in the processing of name change applications” and that the registrar “may not be able to process documents as quickly as has been done previously”.

At the time of the listing announcement, Abal said the acquisition presented “an attractive opportunity” and that an enlarged group will be able to “enhance [email protected]’s competitive position and market share across multiple territories”.

The company raised £42.18mln through a share placing and a vendor placing with institutional and other investors ahead of the listing. The former, of around 331.6mln new shares at a price of 0.6756p each, raised £2.24mln, while the latter saw 5.9mln proposed consideration shares for the deal conditionally placed totalling £39.9mln.

The company said the £2.24mln from the share placing will be used to finance the development of [email protected] and for working capital.

On April 20, [email protected] revealed that it has signed an agreement with financial advisory firm StormHarbour Securities for the issue, distribution and placing of a series of asset-backed securities guaranteed against inventories purchased directly by the company’s special purpose vehicles.

The inventory monetisation firm said it was currently finalising the details of a securitisation programme which, within the next 12 months, is expected to cover the whole of its current portfolio of originated inventory contracts.

[email protected] said it would make a further announcement on this following completion of its recent placing and initial issuance following the reverse takeover, including the amount raised and the sub-portfolio of inventories that the platform will commence monetising in favour of its clients.

What the boss says:

Announcing the securitisation deal, [email protected] chief executive, Alessandro Zamboni said: "The commencement of this programme is an important milestone in the Company's development, confirming the importance of our Platform's offering in supporting the working capital needs of companies and helping to monetise their inventory days, especially in light of the current, unprecedented global economic challenges, and the countless number of businesses impacted by the coronavirus.”

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