Shares of Supply@Me Capital PLC (LON: SYME) today surged 67.4% after the company announced a strategic inventory funding agreement with a new “captive bank” worth up to €8 billion over the next five years.
The company revealed that it had signed a strategic agreement with a leading European alternative investment firm and its shareholders, 1AF2 and The AvantGarde Group, to acquire a yet to be named European bank.
SYME will name the bank once all contractual and regulatory procedures are completed.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
SYME said the bank will:
- Subscribe for all funding note issuances in line with the bank’s capital adequacy targets which have already been agreed.
- Provide funding across the Supply@Me group’s international operating regions subject to country-specific banking licence restrictions
- Co-investing with institutional investors in securitisation notes issued by the Platform
The AvantGarde Group will be in charge of the bank’s operations including selecting its CEO, while the financial partner will be in charge of supervising the bank’s governance structures.
The firm also revealed that the acquired bank will have cumulative inventory funding requirements of up to €4 billion by the end of 2021, with the target rising to €8 billion by 2024.
Supply@ME share price
SYME shares today surged 67.4% to trade at a high of 0.80p having ended last week’s session trading at 0.478p.
People who read this also read:
