Supply@Me Capital PLC (LON: SYME) share price rallied 8.33% after announcing the appointment of Jim Coyle as its new non-executive Chairman.
Investors reacted positively to the news, given that Coyle is a veteran within the banking industry and has worked with some of the UK’s largest banks.
Jim Coyle has had a 30-year career in the banking sector, having served as the Financial Controller at Lloyds Banking Group and is currently an Audit Chair and Non-Executive Director at HSBC UK Bank and M&S Bank.
SYME shares have fallen 56.52% since January as investor excitement about the inventory monetisation company cooled off. Still, the company has been busy growing its operations via partnerships and recently completed a new £7 million loan facility.
Some analysts with significant followings have cast doubt on supply@Me Capital’s operations, saying it is likely to fail since its business model is unsustainable, which has dampened investor sentiment towards the company.
However, only time will tell whether SYME’s business model shall pay off over the long term. The company recently reported that its H1 2021 loss had narrowed to £1.9 million compared to last year’s £2.8 million loss, yet its shares barely moved.
Supply@Me Capital has a long road ahead as it strives to become a profitable company and prove the naysayers wrong over the long term.
Having followed the company closely for a while now, I’m willing to bet on its long-term success, but the path ahead does not seem rosy at the moment.
Alessandro Zamboni, Supply@Me’s CEO, said: “He brings vast experience and an exceptional track record gained at some of the UK's largest financial institutions. His counsel, expertise and network of contacts will be invaluable as we embark on an exciting new stage in Supply@ME's growth.”
*This is not investment advice. Always do your due diligence before making investment decisions.
Supply@Me Capital share price.
Supply@Me Capital share price rallied 8.33% to trade at 0.26p, rising from Wednesday’s closing price of 0.24p.
Should you invest in Supply@Me Capital shares?
Supply@Me Capital shares are traded on the London stock exchange's AIM market (the alternative investment market), the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are SYME shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies.