Shares of Supply@ME (LON: SYME) have fallen on Wednesday after the company revealed it is in talks with Negma Group regarding the current subscription agreement.
The fintech company said it has made an application to the London Stock Exchange for admission to listing of 315 million new shares “as a result of the conversion of a further approximately 18% at the price of £0,0032 of the par value of the Convertible Loan Notes issued and subscribed by Negma Group.”
The remaining outstanding value of the notes not yet converted is £4.03 million. Negma Group is not authorised to perform short-selling activities.
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SYME and Negma Group are in discussions to restructure the convertible loan notes programme to maximise investment value for SYME’s shareholders.
The London-listed company said it is the intention of both companies to replace the current agreement.
They envisage a material reduction of the commitment, intending to reset the current principal amount of the convertible loan notes of £56m.
They aim to get additional capital, step by step, by having complete control over the number of shares potentially to be issued, which will provide control over the level of dilution and mitigate any further dilutive risk.
Supply@ME Daily Chart, Source: IG
SYME’s shares are down over 7.8% at 0.258p following the announcement.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
