Supply@me Capital (LSE:SYME) — 2020 Annual General Meeting

0:03 Good morning, ladies and gentlemen, welcome to the SUPPLY at ME Capital PLC AGM Broadcast. Throughout this presentation, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via our Investor Me company dashboard, and you'll be notified once they're ready for your review. I'd now like to hand you over to Suzanne Chisty, Senior Independent Non Executive Director. Good morning.

0:39 Good morning, everybody, and thank you very much, Paul. Good morning, ladies and gentlemen, and welcome to the twenty twenty annual general meeting of SUPPLY ME CAPITAL PLC. My name is Suzanne Chisti. I'm the senior independent nondexecutive director, and I'm very happy to welcome you all today, and I'm very pleased to be chairing today's meeting. The time is now 09:02 UK summertime, and I declare the AGM is formally open. Before we commence the main business of the meeting, I would like to introduce you all to each of the members of the board which are present today. So if we can start to introduce you to Alessandro Zamboni, our chief executive officer, Enrico Camarinelli, our independent nonexecutive director, with David Bull.

1:34 David Bull is our nonexecutive director on the phone. Then we've got Tom James and John Collis from TradeFlow Capital with us. Tom James is our chief information officer and CEO, and John Collis is our trade flow capital chief risk officer. And we are very happy to welcome all of them today in addition to our senior management team, which I would like to introduce to you too. We have got Amy Benning, our CFO today with us. We have got Stuart Nelson, the group chief operating officer and company secretary, and also Alice Fox, now chief people officer. So what we are doing now is turn off the cameras to show share our slide deck with you.

2:25 I will give a brief introduction and then move to the formal business of the meeting, which is to provide the results of the proxy voting for each of the nine resolutions set out in full in the notice of general meeting, which has been sent to all shareholders. I will then provide a brief review of the key events of 2020, followed by a financial overview from Amy Benning, our CFO. Alessandro will then provide the chief executive's review, after which we will respond to a selection of questions which have been submitted in advance of today's meeting through the investor meet platform.

3:14 You are also invited to submit additional questions during the course of this meeting in writing using the investor meet tool on the bottom right hand side of your screen, and we will aim to answer as many as possible. As Paul said at the outset, it will not be possible to answer every question submitted during the meeting, but we will respond to as many as we are able in writing, and these will also be posted on the investor meet supply me home page, and a notification will be sent to all of you once they are available. This q and a will also be available on our own website, on our supply me website,

3:58 and it also won't be possible to answer questions which would require us to provide confidential price sensitive information which is not already in the public domain. So now we come to the main part of our business, which is the quorum. So the quorum necessary to constitute this AGM is two members present in person or by proxy and who are entitled to vote. The requisite quorum is present. Moving now to the resolutions which you see on this page. I propose to take the notice of meeting and resolutions as read.

4:45 All shareholders should have received a copy of them, and each resolution is also set out on the slides you see now in front of us. Resolutions one to seven, inclusive, are ordinary resolutions and require simple maturity to be passed. Resolutions eight and nine are special resolutions, which require a majority of 75% of votes to be cast in favor. All votes cast were by proxy in advance of the meeting, which was necessary because of government restrictions still in place at the time of the notice of meeting.

5:30 The results of those proxy votes are as follows, and I shall hand over now to Amy, our chief financial officer, to run through each of them individually. So hand over now to Amy, please. Thank you, Suzanne. As Suzanne mentioned, we have nine resolutions that have been voted on as part of this AGM. Seven of these were ordinary resolutions, and two of these were special resolutions. You have the results on the slides in front of you, but I will read out each resolution and the results in turn.

6:07 Resolution one. This is an ordinary resolution to receive the annual report and accounts of the company for the financial year ended 12/31/2020 together with the director's report, strategic report, and the auditor's report in these accounts. Votes in favor are 1,552,177,552 sorry, 522. Votes against, 300 17 thousand 419. Votes withheld, 20,799,709. This resolution has been passed. Resolution two, this is an ordinary resolution to approve the directors' remuneration report for the financial year ended 12/31/2020.

6:59 Votes in favor are 1,548,791,446. Votes against are 1,878,237, and votes withheld were 22,624,967. This resolution has been passed. Resolution three, this is the ordinary resolution to approve the director's remuneration policy. Votes in favor are 1,543,570,215.

7:42 Votes against were 4,220,221. Votes withheld, 25,504,214. This resolution has been passed. Resolution four, this is the ordinary resolution to reappoint Crowe UK LLP as auditors to the company. Votes in favor are 1,547,561,008. Votes against were 367,419. Votes withheld were 25,366,223.

8:29 This resolution has been passed. Resolution five, this is the ordinary resolution to approve the direct to determine the amount of auditors remuneration. Votes in favor are 1,550,574,594. Votes against were 2,545,347. Both was held with 20,000,140 sorry. 174,709. This resolution has been passed. Resolution six, this is the ordinary resolution to reelect mister Enrique Camaronelli as the nonexecutive director of the company.

9:19 Votes in favor are 1,524,000,000 720,489. Votes against were 1,123,372. Votes withheld were 47,450,789. This resolution has been passed. Resolution seven, this is the ordinary resolution to authorize the directors to allocate and issue ordinary shares. Votes in favor are 1,477,692,891. Votes against, 95,375,525.

10:12 Votes at the chairman's discretion is 7,009 291, and votes withheld is 218,943. This resolution has been passed. Resolution eight, this is the special resolution to just supply statutory preemption provisions to enable the directors in certain circumstances to allocate ordinary shares for cash other than on a preemptive basis. Votes in favor are 1,457,000,300 and fifth 59,582. Votes against, 112,118,834.

11:01 Votes at the chairman's discretion, 7,291. Votes withheld, 3,808,009 143. This resolution has been passed. The final resolution nine is this also a special resolution to adopt the new articles of the company. Votes in favor are 1,498,816,303. Votes against 73,662,113. Votes at the chairman's discretion, 7,291, and votes withheld, 808,943.

11:52 This resolution has been passed. This now concludes the communication of all the resolutions. And as you will see, all the resolutions have been passed. Suzanne, I now pass back to you. Thank you very much, Amy. As there are no shareholders present who have not voted in advance by proxy and as no shareholders present at the meeting location have indicated they wish to amend their votes, as submitted by proxy in advance, I can confirm that each resolution has been truly passed. I now declare the formal part of the AGM is closed, and the time is now 09:13. The voting results will be announced via RNS and will also be available on the company's website shortly after the close of the rest of this meeting.

12:46 And now we're moving on to the second part of the meeting. I will now give you a brief overview of the key events of 2020 and will then hand over to Amy who will talk through the financials.

13:00 So the annual general meeting today will further cover the material events of the company's activities in the year to the 12/31/2020 and also subsequent developments to date. The period up to the thirty first of December last year represents the company's first period of trading since the successful acquisition via reverse takeover of SUPPLY. Me SRL together with a successful placing at main market listing on the London Stock Exchange on the twenty third of March last year. These were both key milestones that will enable SUPPLY. Me to develop and fulfill our ambition to become a leading platform for inventory monetization.

13:56 And the company's purpose, as you all know, is to be the leading fintech inventory monetization business, enabling companies to optimize their working capital cycle through the release of inventory capital in a time and price efficient manner. And the company's immediate strategy of creating a highly scalable global business is built on three key objectives, which I will summarize now. The first one is to deliver unique facility via a digitized route, attracting and onboarding our customers. The second objective is to develop a cutting edge technology platform, which we have done already, that efficiently manages the inventory monetization process.

14:49 And thirdly, it's implementing a repeatable and multichannel funding strategy to diversify and scale up our inventory funder investor base, allowing the asset management industry to diversify its portfolio by virtue of a real new asset class. So that's in summary the overview of last year and the summary of our key objectives, how we build up SUPPLYME CAPITAL. And now I would like to hand over to our CFO, Amy Benning, to provide her overview. Thank you, Suzanne. So first of all, I just wanna say I'm very pleased to be here at my first AGM as CFO of supply at ME CAPITAL, and I'm happy to talk through some of the key points from our consolidated financial statements for the year ended 12/31/2020.

15:48 To begin with, it's worth recapping on two key events that happened during 2020. The first of these, as Suzanne mentioned, was the completion of the reverse acquisition of SupplyMe SRL by the ABAL Group PLC in March 2020. On completion of the reverse acquisition, the company raised a gross amount of 2,200,000 in connection with the placing and admission of new ordinary shares to the standard segment of the London Stock Exchange. Following on from the reverse acquisition, the group has successfully transformed from a listed cash shell into the business as it stands today. In order to achieve this, the main activities during the period that the group focused on were, first of all, continuing to develop the group's innovative inventory monetization platform secondly, the origination and due diligence activities relating to the group's portfolio of client companies and thirdly, the origination and structuring activities relating to the development of the group's inventory funding programs.

16:56 You can move to the next slide, please. The second key event was management's proactive decision to change the company's accounting reference date from the September 30 to the December 31. This was discussed in some detail at the previous two thousand and nineteen AGM. But just to recap, this decision was made in order to align the group's accounting reference date. Sorry. To align the accounting reference date of the company with the group's main operating subsidiary and in order to streamline the financial reporting process going forward given that the December 31 is the most typical reporting date across the business geographies that we are interested in. The change in the accounting reference date has also allowed us to make a clear distinction between the previous cash shell and the new supply at new business.

17:49 This is because the financial statements for the year ended the 12/31/2020 includes only the results of the new SUPPLY IT ME group. This is also true of the comparative figures, including up to the date of the reverse acquisition, as these represent the results of SUPPLY IT. Me SRL, the group's main operating subsidiary. Despite the positive impacts of the change in the accounting reference date, as you are likely to be aware, this did have the unintended consequence of the group's shares being suspended for a short period of time from the January 21 to the 03/09/2021. This was due to a technical breach of the disclosure and transparency rules, And this suspension was managed directly with the FCA at the time and was resolved as quickly as possible.

18:40 Next slide, please. Moving on to the consolidated results for the year ended the 12/31/2020. The headline figures taken from the annual financial statements include revenues in the year of $1,100,000 compared to just $4,000 in the prior period, a total comprehensive loss in the year of 3,000,000 compared to 551,000 in the prior period, and a cash balance at the 12/31/2020 of 552,000 compared to 143,000 as at the 12/31/2019. I wanted to explain the revenues that were recognized during the year ended the 12/31/2020 in order to address some questions that we received prior to the AGM.

19:32 The $1,100,000 of revenues recognized predominantly relates to charges for due diligence services conducted for potential client companies. In addition to this $1,100,000 of revenues recognized, the group also received payments in advance of an additional $1,100,000 from potential client companies relating to these due diligence services. This additional $1,100,000 is currently being held on the balance sheet as at the 12/31/2020,

20:01 as it's been determined that under IFRS 15 and in line with the agreements with the clients, the performance obligations to which these payments relate will not be completed by the group until such point that the due diligence services are completed or, in some cases, until the client's inventory is monetized. At the point that the group satisfies its performance obligations, these amounts will be released from the balance sheet and recognized as revenue. Also included within the comprehensive loss in the year was an exceptional cost of listing of 1,400,000. This was charged to the income statement during the year in line with the IFRS accounting for the reverse acquisition.

20:49 The accounting for the reverse acquisition was a complex area, and the underlying principle was that SUPPLY IT ME SRL purchased a controlling interest in the listed cash shell and, as such, was the deemed acquirer. Could you move to the next slide, please? As mentioned earlier, the group spent considerable effort during the year ended the 12/31/2020 to continue to create an operational inventory monetization platform. In relation to this, the group has a carrying value of capitalized development costs of $1,200,000 as at 12/31/2020. This amount was $390,000 as at 12/31/2019.

21:37 Could you move to the final slide, please? The final point I wanted to cover is in relation to the going concern basis on which the accounts have been pulled together. Management believes this is an appropriate basis given our best estimates of expected future cash flows that have been prepared through to June 2021, being twelve months from the date the financial statements were signed. However, it should be noted that given the group is still in the start up phase and does not yet have a track record of being able to acquire inventory or grow its customer base, the directors and the auditors have included a material uncertainty in relation to growing concern. At the current time, the directors are confident that the group will be able to operationalize its business model within the foreseeable future.

22:28 Thank you, and I now hand over to Alessandro for the CEO overview.

22:37 Thank you, Amy. Thank you. Thank you, Suzanne. Firstly, I would like to thank the old shareholder for the year where we manage that basically we build fundamentals as we stated. And we think that now, also thanks to the recent acquisition, we are a great team, and we have a great positioning, market positioning, also seeing the current untapped market that now we can definitely say that we are addressing the supply chain supply chain finance market. That is huge as we know because you know that now, thanks to our global scalable inventory monetization platform, we can cover the needs of a supplier when sell the goods to a buyer that basically is an importer.

23:31 And when the goods are on the warehouse, we can monetize the goods and then cover the need of a of a company to cover the working capital related to the days of inventory. The demand is huge. And also the competition, we are seeing several competitors that are entering in our market, our segment. But we think that now, thanks to the several years of investment, both from SUPPLY at me and TradeFlow Capital, we have we have a actually, competitive advantage. And we think that also the future of the market and also of our partner will be focused on inventory because the market started in a perspective, started to cover the trade receivables, the invoice option, invoice discount market.

24:27 But now, also in the perspective of the funder, it's important to diversify investments and also to see new asset class that actually SUPPLY is promoting and also to flow capital through its funds is promoting. So we are happy to say that '21 is, for us, is an important year because from a first perspective, we are announcing the structure. We announced the structure in order to address and to price this huge market. 2020 milestones, as we stated, I I can say that we built fundamentals as we already stated. We anticipated a couple of points of our business plan because we started to immediately, basically, to cover new geographies. We started at the MENA region.

25:26 We continued to work in Italy. We start in UK. We started UK, and we also had the opportunity to clinch a strategic agreement with Anthony Brown that is a leader in trip finance space, in particular in US. And so what we did, we did the the the the business plan, you know, cover several qualitative and quantitative points, cover the the the importance to scale the business, and we did this, covers the importance to enhance the structure, and we did this because we we improve internal governance functions. We improve the new new stuff in structuring and in origination.

26:14 We selected a new CFO. And so, basically, we completed all the fundamentals in order to work with the Taiwan investors. This is an important point because, differently, we could start through a pilot also after the rest takeover, but we our ambitions are are very high. We are working, and we want to work with the Taiwan investors, Taiwan, the venture funders, investment grade company or company that are excellence in the market. And so what we did is to increase to our quality standards to improve our procedures also thanks to the suggestions of our investors.

27:02 And then so we are very confident that this new phase that basically we entered, we are ready to support and to work with the the high quality partners in the financial services industry and also in the corporate on the corporate sides.

27:24 As the market note, Treflo Capital transactions transaction was a key milestone because the business plan the current business plan envisages extraordinary transaction, envisages merger and acquisition, and the trade flow capital, as we said as we stated, cover covers our offering, cover and give to the supply me and to our shareholders to have to invest in a global platform that has a unique market positioning. The the market the need of a working capital after COVID, the the market know that companies needs to cover the inventory end to end needs.

28:12 And the need start when a supplier sell, when a a goods is on the warehouse, and when a company need to improve its inventory level because the buyer at the end of supply chain is asking to the manufacturing company, for instance, to have high level of inventory. After COVID, you know that we are moving from just in time to the just in case inventory policy. And our market positioning is is really the unique is unique in the market, is unique in the globe because we can now and we are doing now, we are offering and we are supporting companies through a global footprint.

28:55 The other point that the flow capital is very important and similar to us is to have the opportunity to improve white label revenue streams. As the market know, we are promoting a supply me, the self funding route that basically is a is a way where a partner can use our platform and use, and fund directly its customer its customer base. In the same way, Treflo, we are working with Treflo capital management in order to improve

29:28 a special project and foster foster a white label approach to the market because there are several financial partner like ICC, like other banks, other potential trade funds that are very keen to use our technology. And this is the key for a fintech business. This is a key for multiples to price our group not like financial services, but price our share, our group as a true fintech business with high multiples.

30:02 In the future, we firstly, we have to say that the company, as we stated, will update the market through a dedicated current trade update in August. And the market, we expect really happy because we'll give hard numbers, we'll give figures, we'll be concrete as the market is asking. And thanks to the two the combination of two business lines, TradeFlow Capital and our and the SUPPLY mid and venture monetization business unit, we will be able to give numbers to the market. And, also, this is thanks to the project that we announced, the fintech initiative, the CAPITAL PLC initiative, The UK inventory monetization, and the Sharia project.

30:53 And what we stated about the snowball effect is not a marketing. It's not a payoff. It's the really is it the real things that we are seeing that also our investors say does. Our investors related to SUPPLY ME asked to do the first one, and then they continue to invest to us. Triple Capital is an up and running business with three years of track record, zero defaults. So we are talking about, I can say, a mature business because we'll update the market also of important events that TradeFlow Capital achieved recently. And so this this will be a further proof of an up and running business. And so the future 2021 for us, as we stated, will be a very important year, will be the year of numbers, will be the year where we can try and start to work also on our equity base with institutional investors.

31:55 We are using a facility like NEGMA. We are using other facility as they recently, yesterday, we stated that we are discussing with investors new facility because they are seeing our cash flow, our expectation. And so we are moving basically from an early stage business, a scale up business to a concrete business that is starting to generate revenues, cash and very interesting returns for for the market.

32:29 Thank you all. I leave the word to Paul. Perfect, Alessandro. Thank you very much for the great presentation overview. What we do now, we turn now to the q and a session. And thank you to all our shareholders. We've received over 60 questions submitted in advance of today's meeting via the investor meet platform. And, obviously, we are not able to answer all of them live during the course of the meeting. However, we have selected a number which we cover which cover the most popular recurring themes. We will review each of these now under the various subject headings as you can see on your screens, and then we will publish afterwards an answer to all the questions you have, you have submitted both on our website and also on the investor meet platform.

33:21 So if you go now to the actual

33:24 q and a session and to the various themes, which we have chosen, the first theme is about capital structure. And the capital structure has got a couple of questions which we received. The first one was about share buyback. And so I read it out to you, then I hand it over to my colleagues. The first one was, will the company consider a share buyback at the current depressed price? What about a one for 10 share consolidation? So if I can ask Amy, please, to answer these questions. Thanks, Susan. So the answer to this question will be that management will, of course, continue to evaluate all the opportunities to create efficiencies in connection with our equity and capital structure.

34:13 Now our aim is to maximize value for our current retail investors and also to attract attract institutional investors. We will, you know, consider both share buybacks and share consolidations in these ongoing evaluations. Thank you, Amy. Number two question number two was, have we considered introducing some shareholder perks if SUPPLYME would consider any additional listings such as Nasdaq or other markets? So as we as the company considers dual listing onto other markets, we will look to engage specialist advisers and banks that will advise us in this area. We will take their advice in the regards of this question.

35:00 Great. The third question on capital structure was, you have always said that there are many funders. With all the connections and contacts available, why couldn't you borrow funds from some of them at a better rate than the CNN terms? And what will happen to the millions of shares which have been loaned out? Are there any lock in arrangements regarding conversion of the CLNs? So each type of investment has the right funder and investor associated with it. This takes into account their aligned risk appetite, including yield, liquidity, tenure, etcetera. The inventory funders are typically asset managers that are interested in securitization or financing inventory or receivable programs rather than providing the type of finance that we secured through our recent convertible loan note program.

35:56 As Alexandra referred to earlier and as we've published in our most recent earnings, we're currently in discussion with the convertible loan note provider regarding the restructuring of our convertible loan note program, and the aim of this is to provide maximum investment value for our shareholders. That's great, Amy. Let's move on now to the dividend policy. The question we received was, will you ever announce a dividend to shareholders? The board will continue to evaluate the group's dividend policy, especially as the group grows in the future. As required, we will con we will continue to inform the market regarding our dividend policy. Great. Thank you very much, Amy. So now let's move to the third theme of the q and a session, which was about the debt capital management.

36:48 The question we received was, does the company still need additional finance to complete the long awaited first inventory monetization deal? What has become of Storm Harbor? And we've not heard about Storm Harbor since then. So maybe if I can ask Alessandro, please, to answer those questions. Yes. Thank you, Suzanne. I have to say that STOMABUL is a, for us, a a strategic partner. So STOMABUL, as we stated in the recent RNS, continues to work with us. I would like to repeat this point. SUPPLY ME is a new asset class. If we we see the statistics related to the trend of civil markets in twenty fourteen, twenty thirteen, then that fintech platform needed two, three years in order to start the first transactions because it was a new asset class a couple of years ago, the trade receivable markets.

37:50 We are basically accelerating because after in one year and as and also thanks to the the support of the Marvel, we educated the market. So Marvel has a great arranging team. And working with us, we tried to work with investors to promote investor, to promote the structure to inventory funders. And we can say that now, we the the the the the trajectory in order to work with the financial service industry is very clear. We can work with asset based lenders. We can work with credit funds. We can work with banks. And this thanks also the SUPPLY support. So SUPPLY, again, is a strategic partner, and we'll update the market regarding the activity and the result of Somarbu and also our inventory funding results.

38:40 Thank you, Alessandro. And now let's move on to our TradeFlow acquisition this year. We received here a few questions on TradeFlow. The first one was, what made the owners of TradeFlow sell their business to SUPPLY. Me? It seems a very well managed business. How much money does it make, and what rights assets under management? Yeah. Is is thank you for your question. Is is we can see the the perspective at the point about this question. I think that we, as the market is seeing, we we we are creating we created a a great team, a merger of competencies, a merger of skills, of background, and the the opportunity from both parties to create a unique integrated combined platform, teams, ecosystems, and this is the first reason.

39:39 The the point is that TradeFlow is an upper running business. SUPPLY ME is a unique business that it started to work, started to to manage the transactions as also our annual report stated. And, together, we are seeing, and we saw great opportunities to to accelerate both companies, the growth of both companies. And the independent company that evaluated the Treflow is basically a Singapore advisory corporate finance specialist. And the the point is that they assess Treflow Capital through stand alone assessment, stand alone evaluation. We do think that the combination of two business will be greater as a value that than the sum of the two stand alone business.

40:34 Excellent, Alessandro. Thank you. Let's move on now to the theme of the CAPITAL PLC. Question number one we received was what are the factors affecting the delay in the completion of the CAPITAL PLC transaction? Yes. I think that the market know that the regulatory processes are complex process. The regulation is also in under an evolution And, also, thanks to this evolution that are this evolution is creating also opportunities. So I I can say that, obviously, SUPPLY ME is a listed company and has to manage all the activities through 100% of fully compliant, fully targeting all the fulfill of all obligation, all regulatory requirements.

41:31 And so accordingly, the CAPITAL PLC for us is not delayed. Basically, it's a complex it's a complex process, and we update the market in the current rate update about the results of this process. I I replied directly, Susan, to the second question. The CAPITAL PLC and also the fintech bank initiative, obviously, we are doing this, and we did this in order to have a cornerstone investor that can support now both SUPPLY ME and the flow capital business in order to have a sort of seamless funding experience and allow us to manage it as we wrote it last year in a specific RNS to have basically a flexible program that can allow us to have a new client that we can monetize this. Have a couple of new clients, and we can start to monetize. Our what we did, what we saw last year is that we do need to cover the velocity of the demand and the opportunity to work alongside banks that are also strategic partner, like the CAPITAL PLC and the fintech bank initiative, cover these important business needs.

42:52 Fantastic. Thank you, Alessandro. Now we move on to the next theme of the q and a, which is program rollout. And the the questions we got here were in three areas. Number one, it was when is the first inventory monetization realistically expected to happen? The second question was in January 2021, you said the platform had evolved and rather than onboard in tranches, clients could be onboarded now monthly in an in any geography. You mentioned 50 new clients a month. What is currently realistic in terms of monthly onboarding of new clients and monthly revenues? And the third question on this program rollout was about revenues. How many prospects are there in the pipeline, and how many do you think will convert into orders, and when will it start? So, again, I hand over, Alessandro, please, to answer those questions.

43:49 Yes. I have to ask to our shareholders to wait to the current trade update in August because we saw also thanks to a great participation of our shareholders through the social, through the boards that basically are asking key hard numbers figures. And this is correct. This demand this question is is a is a is a the questions are really correct, but we would like to to cover all these questions through the current rate update that as I'm saying I was saying, we for maybe for the first time, we give numbers, hard numbers, to to the market. So, please, we I I kindly ask to our shareholders to wait at the current rate update in August.

44:37 Thanks, Alexandra. Moving to the share price. Here, the question received was after many inventory monetization, securitization delays, and many bullish comments. The stock price is disappointing. When can private shareholders expect concrete news? And I think you answered that already. I don't I don't know if you want to add anything more, Alessandro. Thank you, Susan. I take the opportunity with reference to the question to note a couple of points that we saw yesterday, recently. Firstly, regarding the share price, we have to note that we SUPPLY ME doesn't change any segment. So we recently, yesterday, we saw several questions from our shareholders that think that the SUPPLY ME changed segment, changed market segment.

45:33 It's not it's not the board of directors and the the company doesn't change the segment. The the share price, you know, as a a a company, sometimes the share price follow not to the fundamentals, follow no the the the the business plan of a company, but other factors. And, accordingly, obviously, the market is important. We have we have traders, we have long term investors. But in our perspective, we are a genuine company with a great team and with a great board of directors, and we are asking to the market to see our sector, our market potential, our target addressable market. And as I was saying in the current rate update, the the board is expecting to also produce forward looking statement that basically is an important exercise that the market need in order to compare and to to acknowledge the trajectory, the direction of a company also through hard numbers.

46:42 Thank you, Alessandro. Now we're moving on to the last two themes, and then we move to the live q and a. And just as a reminder to all shareholders present, you can ask questions in the chat function on the bottom right of your screen. If you've got any other questions you would like to add, we will get to them at the live q and a at the end of our AGM today. So now continuing with the presubmitted questions. Presubmitted question on the topic of accounting standards and classification of commercial contracts. The question we got here was, can a customer account for his transactions with SUPPLYME as a true sale in accountancy terms? Do any regulatory authorities hold reservations, or has the supply.me business model already been fully adopted into IFRS?

47:32 So if I can hand over, Alessandro, to you, please. Yes. Our interesting questions because the market, the shareholders know that every day, I saw the boards, I saw social, also thanks to our team. And, the IFRS is a a requirement that is not related to FCA, to other regulators. Each company has its auditor. And, firstly, we have to say that the market is huge, and the company that has to be compliant to IFRS are typically listed company or or company with a blue chip investment grade.

48:19 And in this case, as we already stated, SUPPLY ME working with the two big four firms in order to have advice before sign term sheet, before discuss the contract with the client in order to have the certainty that our contract, our model is compliant to IFRS. So what we I saw that we have difficulty about IFRS and is the reason of delays or we have problem with with regulators is totally false. We are, you know, regulatory experts. We are we have a a very a very high level of attention regarding reputation, regulation, regulatory compliance.

49:07 And so what we are doing before go to the market is 100% checked by our advice, our lawyers, and our team. So we can say that our model is is aim aims to allow to the company to get the true sale under IFRS under local GAAP. Remember that not only not all the companies has to be compliant to IFRS, but there I there is a huge market also related to local GAAP. And so this is an important point. This is an important point, and I have to say that, it's totally false when, I saw shareholders or other detractors that say that we have delay depending on, IFRS pain points.

49:59 Thank you for clarifying this, Alessandro. Very important points. Now moving on to the last theme of our q and a, which is platform development. The question we received from our shareholders was, is the our SUPPLY ME platform fully up and running, or is it still at the concept stage? And how many true orders can it currently handle per week? And shareholders feel they have they're being blinded by science with little substance behind the INS announcements, and can you please simplify it for our shareholders? So, Alessandro, if I can hand over to you, please. Yes. We are business expert, and we are also technology experts.

50:44 And, basically, the platform for us means to have a a developing phase and test phase and, obviously, a delivery and own air phase. We can basically, in simple ways, say that both the platform, SUPPLY ME and CAPITAL, are up and running, are tested, and are own air. So the is, again, totally false where we saw that it is a concept. There is not a platform. There is not technology. Obviously, we have a a important road map because our view is also to foster the white label revenue stream. That is a key point will be a key point of our business plan.

51:36 And, accordingly, we have a road map in order to develop for the modules to integrate now the trade flow capital module to our module, to discuss with system integrators in order to create a partnership ecosystem. And so, obviously, it's a dynamic project. But now we have a platform, and we are also envisaging to update our website to maybe create the access or a new demo regarding how the platform works. Excellent. Thank you very much, Alessandro, for answering all these questions. Also, thank you to Amy for answering the questions before. And now we are moving on to the live q and a. So we have received several questions submitted during the course of the AGM itself. Thank you for all our shareholders who have done that.

52:28 And, we will aim to answer the most popular ones here live for you. And so if I would like to hand over to Paul to manage our live q and a, please. Thank you very much, Suzanne. Yes. Indeed. We've had another 25 or so additional questions submitted during the course of the meeting, most popular of which we'll seek to address now. The first one, which was from Andrew, Zach, and Dan, was concerning the announcements on Wednesday, and they're asking they didn't quite understand the the announcements. Has NEGMA been converting and selling shares in the market? And are you able to reassure shareholders that the price will recover from its current depressed levels?

53:15 Alessandro, please. Thank you, Paul. Yes. I think that the key messages regarding the the last RNS are, firstly, we are talking about more or less 5,000,000 and not 50,000,000 because the market and shareholders maybe were concerned about the the value of the trash drawdown. Secondly, the second key message is that NEGMA is working very well for us in order to avoid any impact to the share price. NEGMA is not authorized, but is not the the culture to short sell the the share the shares. And so, firstly, obviously, the company, I give you also an example, NEGMA can send us a report from the auditors that ensure that they are not short selling anything.

54:11 As as I'm saying, the market and also our segment maybe can have a reaction regarding expectations and not real activities, but, again, it's normal. And so what we have to say about this this question is that NEGMA is now open, as Amy was saying, to restructure the facility in order to avoid the risk that there would be further expectation about other maybe player in the market and so also and basically to avoid any negative impact to the share price. NEGMA is a partner, working well, and we would like to restructure because we think that now we think we we can also change the facility, work through amortized loan and not only through convertible notes program.

55:12 Thank you. The second question from Adam is regarding the special resolutions that have been passed today. And he asks, the special special resolutions passed at today's meeting give the board greater powers to issue new shares. Can you assure current shareholders that the board will ensure the dilution impact is minimized? And also, why not lock in recipients of such new shares for twelve months or more? Have you considered lock ins? Thank you, Paul. We can repeat that we don't want dilution, big dilution because we are on the same page. We have skin in the game. Me, the Avanga Group is the main shareholder.

55:59 The other shareholders are also partners. So we don't want to dilute to be deleted. And it's also the reason because we are restructuring the facility with NEG. But the reason of the resolution is because we think that thanks to these concrete activities that we are doing, both SUPPLY ME and TRAPHROUP CAPITAL, new institutional investors can enter in a capital through a stable view and also through also obviously, having also low cap conditions. So it's just the flexibility to work, to start to work or continue to work to institutional investors that also, after the announcement of the fintech bank initiative, for instance, asked us to understand if there is opportunity to enter in our capital.

56:52 So just to be flexible, but the key message is that we don't want big dilution. Thank you. The third question is, can you specifically tell us when you are planning on issuing the trading update? And can you please include some hard numbers for both onboarding revenues and trade flows current performance? You paid a lot of money for it, and we are still to see some figures. Yes. Thank you, Paul. As I'm saying, the company is expecting to publish a current trade update with numbers in August. It's not this is not a delay. It's a the result of a of a process that we start together with Treflow and the the other directors in order to package information, package numbers, assess the forward looking statements, and then start to give to the market that for the first time numbers and forward looking statements.

57:57 You know that the market now has not, excluding the prospectus, numbers about our strategy, our business plan, our forecast. And so it's important to start to give this to the market and also to avoid that the share price will be impacted by other factors. And so August will be the month. Okay. Thank you very much, Alessandro. Just to reiterate, the company will be providing written responses to as many of these additional questions that have been answered during the meeting and will be posted on the platform and on the website. But now I'd like to hand back to Suzanne for her closing remarks.

58:43 Thank you very much, Paul, and thank you, Alessandro, for answering the live q and a. Thank you to all our shareholders for joining us today and for submitting your questions live and also prior to the AGM. So on behalf of the board, I would like to thank everyone who has attended today, and I would like to declare now the meeting is closed and hand over to the platform moderator poll. Thank you very much, and goodbye. Thank you very much indeed, Suzanne. I'd like to thank everyone for attending today. Please could ask attendees not to close the session. It should be automatically redirected for the opportunity provide your feedback in order that the management team can better understand your views and expectations. This will only take a few minutes to complete and will be greatly appreciated and valued by the company. On behalf of the management team of SUPPLYME CAPITAL PLC, we'd like to thank you for attending today's session. That concludes today's meeting. Thank you.