Supply@Me (SYME) Shares Fell 8.2% on New Director Appointment

The Supply@Me Capital PLC (LON: SYME) share price fell 8.18% after announcing the appointment of a new director to replace another who stepped down to pursue other business interests. The inventory monetisation company appointed Alexandra Galligan as a non-executive director.

Alexandra will replace Andrew Thomas, stepping down from the board to pursue other business opportunities. Thomas joined SYME in June 2022, and the company said his impact was significant during his tenure with the firm. The announcement triggered a more significant reaction from investors than expected. 

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Investors’ significant reaction to the news was expected given the lack of recent news from SYME, which has left many wondering what the company has been doing. Usually, the appointment of a new non-executive director does not excite investors. 

The press release noted that Alexandra Galligan has over 20 years of experience in senior business development positions. Her most recent position was Partner and CEO at FCA-regulated investment advisory firm MUSST Investments LLP, which she held for over 10 years.

SYME expects Alexandra to use her knowledge of investors’ motivation and their growing desire to back business with demonstrable Environmental, Social and Governance (ESG) credentials to develop its ESG credentials further. 

Alexandra will also chair  SYME’s remuneration committee. She will assist the board in determining the appropriate remuneration for executives based on their responsibilities and roles in the firm. 

She will also help SYME comply with the QCA Corporate Governance Code by shoring up its governance framework, policies, parameters and operating principles. 

Alessandro Zamboni, CEO of SYME, commented: “This is an incredibly exciting time at Supply@ME, and we are proud of the exceptional depth and quality of our organisation. It is vital that we continue to expand our base of talent and expertise as we implement multiple IM funding structures and improve our offering across new territories. Alexandra’s wealth of experience and network will be of great help in that regard. I would also like to take this opportunity to thank Andrew for his service to our Board, and we wish him continued success in his future endeavours.”

*This is not investment advice. 

Supply@Me Capital (SYME) share price. 

The Supply@Me Capital (SYME) share price plunged 8.18% to trade at 0.046p, from its closing price of 0.050.