Supply@ME Capital PLC (LSE:SYME) (SYME) is to raise up to £320,855 through an open offer at 0.05p.
Qualifying shareholders will be entitled to subscribe for one open offer share for every 66 held currently.
The open offer was flagged when SYME entered into a new drawdown agreement with Venus Capital worth £7.5mln in April. (read more)
Venus Capital will subscribe for any open offer shares not taken up.
SYME added it intends to publish full terms and conditions of the open offer and a letter from chair Albert Ganyushin explaining the open offer and providing the directors' recommendation and questions and answers in a circular later today on the company's website: https://www.supplymecapital.com/
SYME added it has continued to focus on its internal performance and risk assessment of its business lines and, as a result of this internal analysis, the directors are currently reviewing the company's relationship with TradeFlow, its wholly-owned subsidiary.
"The review is aimed at maximising value creation and positioning of both TradeFlow and the company for long-term growth," said the statement.