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

0:05 Good morning, ladies and gentlemen. Welcome to the SUPPLY AT ME CAPITAL PLC Annual General Meeting. Throughout this recorded meeting, attendees online will be in listen only mode. I'd now like to hand over to the Board. Good morning. Good morning, ladies and gentlemen. I would like to welcome you to the Annual General Meeting of SUPPLY, ERMI CAPITAL PLC, which has been convened by the notice of the Annual General Meeting dated 05/29/2024. I am Albert Ganyushin, and I will be chairing this annual

0:36 general meeting, which I shall hereafter refer to as this AGM. Before we move to the formal business of the AGM, I'd like to introduce my colleagues from the board and the management team. So we're gonna slide up. Obviously, you know, Alexandra, chief executive of the company, myself. Enrico Camilloneri, is the independent, director joining us remotely. David Bull, the far end of the table, nonexecutive director Alexander Galligan, nonexecutive director management team, chief financial officer Amy Benning We've got Mark Cavanagh to my right, Head of Operations and Transformations.

1:27 And last but not least, Alex Buxton, who is the Chief People's Officer of the company. As the time for convening the AGM of 11AM has passed and as a quorum of members is present, I would like to declare the AGM open.

1:54 The business of this AGM is set out in the notice of AGM, which, with your agreement, I propose to take as read. If any if anyone wishes to object, please raise your hand now. Thank you. So the board received a large number of questions ahead of the AGM via the investor meet company platform. And prior to us opening the floor to all these questions and the formal voting on the AGM resolutions, the board and the management team would like to go through a presentation that we have prepared, which aims to cover a number of key themes arising from the presubmitted questions. So we hope to answer most of them, if not all of them, through the presentation.

2:48 And if I may, I will now hand over to Amy, who will get us started and cover the first part of the presentation with the overall update on funding the company, which we thought would be a good place to start. Okay. Thank you, Albert. Good morning, everyone. So the first section of our presentation covers a recap on our corporate funding. Hopefully, this is going to answer some of the questions that we've received by the Investor Meet platform on this subject. So the first slide that we've put up relates to our most recent equity placing that was completed at the end of May twenty twenty four. This placing involves the issue of £9,000,000,000 new ordinary shares in exchange for gross proceeds of £1,500,000 The purpose of this placing was for the company to receive funds in order to allow it to continue to satisfy its working capital requirements and to improve the net asset position of the company.

3:46 This was needed at the time due to the financial challenges the company's been facing, due to delay in revenue generation, and also the funding from its committed facilities. I just wanted to clarify, at this point, that this equity placing was a straightforward placing, and it wasn't a CLN or a convertible loan note. So, therefore, it won't need to be repaid. In terms of the underlying shareholders who received these new 9,000,000,000 shares, ultimately, we do not have sight of who these investors are. We completed the placing using a corporate broker, KBR. And the shares were initially transferred to a UK investment fund, who is a client of KBR. The shares were then transferred to a selection of The UK investment firm's underlying private clients.

4:35 We understand that there was about 50 private investors who took up the shares, and that we've been told that none of these breached a threshold that required a new TR1 form to be submitted to the FCA or the company. The next slide I've got here is a recap on the funding commitments from TAG. And I just wanted to run through these, and also outline the current status of where we are at today with each of these. So, as I'm sure you're aware, over the past fifteen months, the company has entered into three separate contractual funding agreements with TAG. This was done to be able to agree more favorable conditions in terms of the company borrowing money than we would be able to get if we looked elsewhere.

5:24 And this is mainly due to the startup nature of SUPPLY at ME and also the current cost of securing external debt. As I'm sure you're all aware, Alessandra is the ultimate controlling party of TAG, and therefore, TAG is a related party to SUPPLY IT ME. As such, all of these arrangements were only undertaken after, you know, during careful consideration by the board and following the requirements under the DTRs for related party transactions. Unfortunately, TAG itself has experienced its own cash flow funding issues. And Alexandria will touch on this a little bit later. But this has led to delays in them being able to fulfill their contractual obligations to SUPPLY at ME. As a result of these delays, the board has regularly been requesting and receiving representations from TAG, mainly via Alessandro, about the corporate actions and activities that TAG is undertaking, in order to be able to continue to provide funding, in line with these agreements.

6:31 We will and oh, sorry. We have and we will continue to keep the market updated as things evolve on this front. The next two slides just give a brief status of each of these three agreements and just update where we are at today with each of these. So the first of these agreements was an unsecured working capital facility. This was originally agreed in April 2023, and then it was amended in June 2023, in connection with the Trade Flow restructuring transaction. Under this agreement, TAG agreed to provide $800,000 to the company, and this was drawn down at the end of June twenty twenty three. Although delayed, this facility has been fully funded by TAG, and that was completed in the first quarter of this year.

7:19 And then in March 2024, it was agreed that we would repay this facility early through the issue of 1,500,000,000 new ordinary shares to TAG. So this settled the full $800,000 principal. Also, at that time, any interest that was due from SUPPLY at ME to TAG was also paid. The second of these facilities is an accounts receivable amount of $2,000,000 And this arose in connection with the 81% disposal of the TradeFlow business. Basically, that time, TAG assumed the $2,000,000 debt from the buyers of the 81% of TradeFlow. This amount was due to be fully paid by January 2024. To date, the majority of it has been paid, but there's a small amount of approximately $100,000 that is still outstanding from TAG.

8:09 This also includes some late payment interest, as well. As this amount is a receivable amount, this won't need to be repaid by the company to TAG. Okay. The third and final facility was a top up shareholder loan agreement that was agreed in September 2023. So this facility allows the company to draw up to £3,500,000 over a period out to June 2025. This was structured in order to allow monthly drawdowns, and these drawdowns were calculated using a pre agreed formula, which is linked to the forecast cash balance at the end of the following month. Basically, it was put in place to allow the company to maintain a stable bank balance over the period covered by the facility, and until the full 3,500,000 was drawn down.

9:00 To date, between November 2023 and March 2024, the company has drawn down $2,000,000 of that facility. And, unfortunately, there has been significant delays, in terms of that money flowing to the company. And, as of today, it's still all outstanding. Due to the late payments, there's also interest being accrued on that balance. The Board has been informed by Alessandro that TAG is in the final stages of securing cash flows into its business. And from this, it intends to use US1.5 million dollars to pay SYME as a part settlement of the outstanding amounts owed.

9:40 And we will obviously keep the market informed with RNS announcements, as and when this cash is received. Okay. So the next slide tries to kind of look forward into what our corporate funding might look like in the future. The focus of our business has to be, you know, to create a stable and reoccurring revenue, in order for us to be able to cover our ongoing monthly expenses. Alexandra's gonna touch on this in the next section. But once we're able to do this, this will give us a less pressing need to be able to need to source further debt and equity funding in the future. Know, unless, for example, there's a specific corporate activity that we need to cover. Alongside this, the Board is going to continue to work closely with TAG in order to ensure that the outstanding contractual amounts are received, albeit on a delayed basis.

10:34 And there's also the additional $1,500,000 of the shareholder loan that can be drawn down as well, in line with that facility. While we hope this is not the case, if the speed of revenue generation continues to be delayed, there may be a need for us to look to source additional debt or equity funding. If this is needed, it will only be done with the best interests of, you know, the shareholders and the company in mind, and after during careful consideration by the board. So in order to give the board the flexibility to deal with this, should it arise, this is why we're asking the shareholders to approve for the company to be able to issue up to 20% of its current ordinary share capital on issue.

11:20 The last point I just wanted to make is that there are a number of warrants that are outstanding in the market at the moment. These have got various expiry dates. And if they are to be exercised, clearly, this will involve the issue of new ordinary shares as well. So I'm now going to hand over to Alessandro, who will touch on a few TAG specific issues that were raised through the questions. Thank you, Amy. Welcome, everybody, for this important general meeting as usual every year. So it's good to see you in person every year. I have three topics regarding TAG, and then we have also other section that we can discuss regarding business and hopefully also an open discussion with the Q and A. I saw also some questions online from the platform that we, for sure, will reply.

12:13 So regarding TAG stock loans, that is the first topic. You know? Hard hard topic or hot topic as we can we can say. So the trigger of the stock loan, if you remember, was

12:28 you see the prospect you remember the prospectus because the I know that each investor read very well the prospectus in 2020. And in 2020, you remember that we had an option call call option that me as a tag that at the the the time of the prospectus hired 33% of TAG, not 100% because the rest was related

12:53 to Dominic White, as you know, because he's all transparent. We I exercised the the call option that I negotiated in the prospectus with Dominic White and his team. So basically, on 07/07/2020, the company announcement announced an option call exercise. You remember, the RNS, that basically allows me to buy back my company because I founded the Avanga Group. I founded SUPPLY ME. I founded Direct Tech Open Project, so are my babies, as you know. And so the option call was the aim was to buy back the 100 percent of TAG. And as you know, to buy back goods, you need to you need to pay goods. And you need to pay in cash, not in shares because this was the the agreement, you know, originally with Dominic White and his team. And so the only way in order to try to raise a bit of capital to pay some advanced payments for this option call was to enter into some loan agreements.

13:58 Right? And the commercial banks, normal banks, you know that when a stock is, you know, a new entry, no track record was difficult, you know, to to to raise capital. And you remember that we were also under the pandemic situation, so not not the opportunity to meet in person investors and so and so forth. So long story short, we used the the share I used the shares in good faith to enter into three stock loan agreements that are public in order to raise roughly 4,000,000 in order to pay basically portion, you know, the advanced payment for, let's say, this big opportunity to buy back my company, the Avanga Group, and saying, and the rest, you know, with the aim to support the business because you know that Avanga Group had, you know, in 2020, at the end of the day, SUPPLY ME as a priority and the business of Red Tech that was up and running into a private, let's say, place.

15:00 So the stock loans, you know, are the aim was just this one. I think that we discussed it in the past, but maybe maybe we were I I was not clear. I think that this is, I think, clear. And what else? Obviously, stock loan agreements are not, you know, the plain vanilla, you know, structures. You know? And what happened is that, unfortunately, and this is the reason because now TAG is also acting legally with the first platform, was not our intention to see, you know, the shares dumped in the market. Right? Because if you see the contract, the contract, you know, didn't say this. You know? And and, you know, you see now that just to follow the events that the maturity date of each stock loan agreement, STAG asked to repay the loan and also to take back the shares, had some, let's say, difficulties to take back the shares and is public the first legal action against the Stock Loan Solutions that is based U.

16:07 S. Where maybe there is a bit, let's say, case, hopefully, that we can win. And then we can leverage this example also to continue, let's say, to recover our assets because at the end of the day, for us, it's an issue regarding also this position, regarding these shares that actually have been transferred in 2020. So we are in agreement with the company that I will keep you posted SUPPLY ME. I am saying in the role of Director and owner of the Avanga Group, I will update, keep us to the the company regarding, you know, the the news, hopefully, positive news regarding how we can recover our assets because this is our, let's say, first goal.

16:58 The other loans, you know that our three loans, one will be will follow the events, also the experience that we we leverage with Stock Loan Solutions. The third one will not probably will not wait at '27, but we will let attack, fight immediately in order to recover all what is our ownership. So this is basically stock loan

17:22 the stock loan topic. I think that then in an open discussion, I can respond to other questions if you have other questions regarding this, let's say, topic of a stock loan. Second big, big, big topic, 1F2 bond, a charge that is not the charge of The UK transaction. Just to be clear, I saw we saw some questions that we got regarding the mix up of charge. But again, this is linked to the original trigger to buy back 100% of the Avanga Group.

18:00 And so again, it's related to the fact that, as I told you, I needed to pay a purchase price to buy back my 66% of the Avanga Group and get the 100%. And one of the payment, let's say, component is the was because we issued in 'twenty one and in July is them expired, is a termination. There were one F2 bond that, you know, because it's public. And I think that you should also think about that we could also think about a private transaction. But the fact that I asked to have a public bond listed on Vienna with the public, let's say, charge that is visible.

18:45 I think that is also a proof of, let's say, transparency that no one wanted to hide something but the opposite, you know, because it's a listed bond with also some, let's say, public documentation. So long story short, this bond, as you know, is backed by SUPPLYME shares. And and and this is an important point because the bond expired in July. And I'm in, let's say, in discussion with White Amber, that is the trustee of the bond, if you read the document, public documents, in order to basically allow TAG to buy back the bond and, you know, terminate, let's say, this type of instrument because we saw also during this year that years that created a lot, let's say, a noise, think that maybe something was going wrong. And we don't we don't want, you know, to continue to, let's say, to this noise, in particular, in this moment that the company is focused, you know, to deliver, you know, what we announced, we don't want this noise, this cloud of, you know, of negativity regarding this part of, let's say, the relationship.

19:54 So again, maybe in open questions, can respond further if you wanted to get some other information. But we are keen and committed as the Avanga Group to buy back this bond and, let's say, negotiate a sort of segment, final segment with Waitamba and, let's say, close and terminate this, let's say, relationship. Just say something very briefly. So just to just a quick remark that from the company perspective, from the the board of Supply. Me, so we thought it would be useful for Alexandra to speak in this section as a tag director because we are separate. Yeah. Just make it very clear. Right? So they just speak to you that and to speak to you directly about these things.

20:50 It's not really the purpose of this meeting. You know, we wanna talk about the company, our plans, etcetera. But there's been a lot of discussions about this, and we thought it was important to speak about this. Yeah. So just make it clear. He speaks in this particular section. He speaks for tag. But from the company's point of view, I can only add one small remark that it is clear that all of this business relates to effectively a separation event or a separation process with, you know, Dominic White and his team and his business.

21:25 And, you know, frankly, we as a company would love to, you know, move, and we think we've moved a long way. You know, we there hasn't been any engagement as far as I'm concerned ever since I've been here two years at all. But, unfortunately, the this kind of separation event that happened back then prior to my involvement certainly has those legacy unwinding issues that TAG has been dealing with, just just for context. And, you know, we feel given the noise that we had, you know, we had to address them. So just to you know, you can hear it directly from. And I think when we move to the next section section, they will be speaking as a director and a CEO of SUPPLY at ME, just to make it very clear. Yeah. Maybe let me to finish this slide, and then I move to the business update. Yeah. Sorry.

22:16 Yes. Yes. Yes. Very quickly. TAG is not insolvent, firstly. No. We have a in July, the the the two accounts will be approved. The reason of this delay is also to follow these events because you know that annual report, the most important point is the the narrative of the numbers. And if TAG is negotiating a bigger segment of the one f two bond, makes sense, you know, to wait this segment and approve the accounts also explaining this segment of the bond, for instance. If TAG is is as you know, last year, we TAG was involved in the listing of Rec Tech. Again, this was an important vendor to put in the narrative. So long story short, in Italy, there is from 22 insolvency code that if a company is insolvent, the auditors and tagged as independent auditors has the obligation to write to the court and and ask an insolvency, you know, trigger for each company because these different really are criminals.

23:16 And so since this didn't happen, you know, this is an important point who is writing, asking if TAG is is insolvent to read well the insolvency code in Italy and see what are the insolvency procedures in order to declare a company solved. So the annual report, the two annual reports will be approved in July, mid of July, is public. So who we want to access can see. The commitment of TAG of this, let's say, top up loan or final loan is a, you know, is a priority. And there is not any conflict regarding REC TAG open project because, you know, there is also this perspective. You know, the TAG can help REC TAG, not help SUPPLY ME or the opposite. And obviously, it's natural as a question so we can understand. So TAG is fully committed to continue to support SUPPLY ME. Obviously, we can't do miracles.

24:13 We need to be honest because we are not a bank. TAG is not a bank. It's not a fund. Lucky us, TAG is not only SUPPLY ME shares, Erecta shares. So SUPPLY ME TAG will never sell SUPPLY ME shares or Erecta shares to fund the company, just to be clear. TAG has other assets and is public. The accounts that that will be public. So you can see also the other assets that TAG used to fund for what we was able. You know? They're basically SUPPLYME, and there was not the proceeds to sell shares to, you know, to the market. And so there is a full commitment, and, obviously, we are doing our best effort, best endeavors, how we can say in English, but, you know, top priority to sup support the company.

25:03 And the and the the market saw also some my involvement into a US deal, and this is also a path to support the company. I can tell this now. Speaking the business update, that is the most important. And then and then on the q and a, I can continue to respond. Business update. Two slides, but material important to explain as usual what we we have done and what what are the directions. So you I think that no one is happy about the share price. This is clear. So we are not now to do a party because the share price is higher. So no one is happy, and I think that the directors, what they want they can do, you know, where management team directors are fully committed to work hard and, you know, allow the company to do some positive, let's say, outcomes. Right? Then a surprise is another question because it's there are maybe other factors. But at least we are fully committed to, let's say, deliver and generate revenue because this is the only path, you know, to generate to increase the value of a company regardless if we are listed or listed, we need to generate revenue. This, I think, is in the handbook of each, you know, university.

26:28 And the big point for us was to

26:31 find the the right structure. You know that we tried you you know that that we had three, let's say, moments. The first moment when everyone told me as you invented the wheel, you are not we have you have not fuel, you have not capital to deploy. No one is relying to your model. It's an innovation, but who knows who will provide you capital to deploy. And you remember a lot of concerns, 2020, 2021, then we decided to acquire Treflo to facilitate also the funding structure. Then as you know, now we are in a different situation. When we started to have some commitments, three of January, Banco BPM, April, the investment bank, hopefully, in the future, achievements.

27:23 And the mission now is to deploy this capital. And, you know, we are in the second phase where it's crucial, the the funding structure. So the the diagram that we had also published in our accounts is important because you see the role of Societe Financier Ruppe, SVE. SVE is not just, let's say, workaround to find a structure that can work. SVE is, you know, a strategic, let's say, component of the funding structure because at the end of the day, it's firstly

27:57 an equity provider. And you know that when a bank or a funder will provide typically capital to the stock company to buy inventory, like an example of Banco BPM that committed to provide EUR 8,500,000 of loan that is not a loan for the PLC, is the commitment of capital to buy inventory for EUR 10,000,000, where the senior, let's say, the less risky component is provided typically by these banks. But if a stock company has to buy EUR 100,000,000 and Banco BPM is an example, provides EUR 8,500,000, you can understand that the rest of EUR 1.5 must be provided by SVE.

28:43 And SVE is not an entity of Dominic White, as I wrote in some boards, some chats, some LinkedIn, let's say, messages, but is a company that is made by multiple key shareholders. I'm a a minor shareholder. I purchased I buy I bought SV last year. This is an example, another commitment of TAG because, again, to buy companies, you need capital. And now there are, you know, a plethora, a good suite of shareholders that are part of this important entity that is, again,

29:20 a way how we can, you know, support the funding of each transaction. So this diagram is important because SVE was scrutinized by Banco BPM to take the commitment of January 3, was scrutinized by the investment bank for April, Is scrutinizing by other inventory funders because they're asking who are the shareholders of of SP, what is the role, what basically, the accounts are public, so that you can see also these accounts. And and was an important, let's say, an important component of this infrastructure. Right? And and I think that when you see these slides and you see the engagement of Banco BPM, the engagement of SP, you can understand that also question regarding reputation.

30:07 I think that is nonsense question. Sorry if I said this because if a Tier one bank made a great approval, made in-depth due diligence on these entities is normal that the first point that a bank typically made is a reputational assessment, right? And this is what happened and what we got on January 3. So long story short, the revenue model, I think that is clear. I think that is clear that SUPPLY ME is not buying inventories. SUPPLY ME is the platform, has two roles, is the revenue are from the origination of clients. So it's important our pipeline, the quality of the pipeline. And we charge revenue because, you know, there are transactions and, you know, SUPPLY ME is a platform, is an inventory service.

30:55 So it's SUPPLYME charge, let's say, the service fees for each inventory monetization deal. So as I hope that this slide, you know, clarifies, if needed, the role of a fee that is pillar and is also, you know, the future in order to also leverage new, let's say, transactions.

31:19 Yeah. Let me just ask. Just for context again, and this is based on, you know, independent directors' understanding of the situation as well. So I I think, you know, obviously, we've taken longer than we're expected to arrive at, you know, revenue generation and all the rest of it, as you know. And this is one of the reasons, just let's let's be clear. Right? So effectively, a trade flow flow related infrastructure was replaced by s SV, and it takes time to dismantle one solution that basically doesn't work with another solution, which we think will work,

31:56 just to put it bluntly. And it doesn't happen overnight. And so I know this is, you know,

32:05 maybe little consolation to the shareholders, but just understanding and practice that we've dismantled effectively trade flow infrastructure and replaced it with SAP infrastructure. And that that explains maybe some of the delays in the business. Yeah. Absolutely. And I can tell you that the structure works because commercial banks like the structure because it's no longer a fund in Cayman, but a company, you know, into a, you know, trading hub. Switzerland is one of the most important trading commercial trading hub, you know, together with UAE, together with other, let's say, places. So it's well well

32:51 well received. And, you know, we got first proofs, you know, the January 3, Bank of EPM and the other the other, let's say, achievements that we announced that Now I think that is naturally a question. Yes, you got the January 3, Banco do PM, but we are in June, there are six months more, and you didn't execute the transaction with labor. This is a question that is important to respond. Again, commercial banks have a it's not the faster, let's say, track in order to deliver capital because, again, a lot of requirements, a lot of controls, a lot of checks. And this is a first factor. Second factor, you know that our deals, in particular, the first transactions with new transaction because for the bank is a new product, you know, at the end of the day, they they wanted some mitigants because it's the first one. They they want to scale the transactions.

33:48 And you know that in our model, in some cases, there is the role of the remarketer. So it's another company that takes a sort of, let's say, you know, take or pay or final guarantee that in case a stock company is not able to sell the inventory to the client, stock company that is not SUPPLY ME is a company of SV, you know, in this, let's say, model, has to sell to third

34:11 party. And if the company is the borrower of Banco BPM, Banco BPM asked, let's say, other potential clients of this this cheese Italian cheese that can, yes, let's say, step in in case this producer is not able to, let's say, use the inventory and buy back the inventory in pre flip. And so Banco BPM asked for these transactions, you know, to introduce, let's say, these remarketers in the because it's their first deal. So they don't want to have, let's say, it is a, you know, flagship transaction. They don't want to, let's say, do a transaction without, you know, be fully protected. Maybe it's their first request, their only request, but we need to follow what they asked. And so we worked in these months to find a remarketer.

35:01 The same producer that is the client company introduces us three remarketers. We found one remarketer available, and the company will is working. We are working to finalize the agreements also with these

35:14 remarketers that is a sort of condition for Banco BPM to, let's say, finalize and execute this deal. This is the reason. But this is not for you because we read a lot of questions. If you take six months to take to do a transaction, how you can scale, how you can generate revenues, the normal question. We don't think that then each transaction will take six months, seven months to be delivered, but we appreciated that the first one took time because we needed to accommodate this, let's say, request of this commercial bank. Because you know that commercial banks has a good balance sheet. You see some announcement in the market, in particular, in agri food supply chains. There are big commitments by commercial banks. And so we don't we want to follow this, let's say, direction because when we'll satisfy this, let's say, requirement, we do think that we'll be less in good position to do other transaction at scale.

36:16 So this is also important. Next slide, and then I

36:20 this slide is nothing maybe new for you, hopefully, because you know that is a slide that we used also in the past. I think that it's important to, again, to reexplain the two, let's say, avenues. One is the open market inventory monetization when our mission is to leverage and use our pipeline

36:48 that we appreciate that the numbers changed, but you saw also in accounts that we prefer to, let's say, filter our gross pipeline through, let's say, a more accurate process because this is also an indicator that we are working closely with inventory funders. Because the inventory funders are asking us for risk for instance, the investment bank or also Bank of EPM, you have really these companies ready to go. Can you share some documents that demonstrate that this company are ready to go?

37:22 So these are the questions that they were getting. That is exactly what we were expecting since years, you know, because three years ago, we are trying to knock knock the door of funders and asking, can you provide fuel for me? Now we are in the opposite situation. The funders are telling us, these are the funds. Please show that these companies are ready to go. And so we decided internally to, you know, improve, you know, this, let's say, process to ask clearly to the each company, you're ready. You need please sign maybe a a letter of interest before the term sheets. Please let's agree the timetable because sometimes the company is ready was ready, but now it's no longer ready because times passes, as you know. You know, a company, you know, in particular in this moment when there is a credit crunch, companies this are angry of capital. Right? And if you are

38:13 not able to provide capital in the right moment, you lose opportunity at the end of the day because a company, you know, try to find capital to other, let's say, route, maybe financing routes, and then they will come back to us saying, I make a miss I made a mistake. I'm now over, and I have a lot of stock of debt. I need to be refunded through an equity release like inventory monetization. But the long story short, the open market inventory monetization is our one of our avenues where we will use we will leverage our pipeline. And the platform and the pipeline, and you know that basically what we and in this, let's say, stream, we include the investment banks agreement.

38:58 We include, let's say, capital that we can get from some funders in order to deploy for specific, let's say, deals of our pipeline. We include the security token also. So we include the we are working with this digital asset manager. Also, the relationship with vChain is still up and running. You know, vChain changed a bit the strategy, more focused on Web three, no longer focused on supply chain. If you see what they made in Las Vegas one year ago, what they are going to announce, they are more focused to Web three. You know? That maybe is a buzzword. I spoke with the CEO of Sunny, you know, a lot of times saying, you you are you are following a buzzword that is the, you know, the private blockchain adoption maybe because also the sustainability that is not a buzzword is an important point. But if you overrate the sustainability, maybe you are more focused on something that is more marketing and not the supply chain support.

39:54 And so this is also the reason of of the chain, let's say, relationship. But long story short, in the open I'm stream, we have these, let's say, avenues. So the asset managers, the investment banks, and the token route. Very important is white label that just for us, I appreciate that we we use the different definitions in the past, the self funding, wet label. But long story short is the relationship with commercial banks. Some banks are asking like bank BancoBPPLY, all the infrastructure. So SV, the stock companies, the platform, the software, the personnel. Some banks maybe will ask us just the platform because they want to use their structure. They want to use, let's say but for us, it's good. At the end of the day, our revenue, leveraging the investment that we made and Mark will explain.

40:42 And and for us, our revenue. In the space of inventory, you know, because our market positioning is to be inventory data science, inventory, let's say, subject matter experts. So the banks, the market must appreciate us as an inventory specialist at the end of the day, regardless the type of structure that we are using. An inventory, and then I'm finishing, is a big asset class. I'm I'm I'm lagging a bit because I see I'm reading a lot of tokenization, you know, papers. You know, tokenization is a new asset asset class, meaningfully meaningful adoption of other 100,000,000,000, 2,000,000,000,000 of tokenization in the market. You know, the inventory in in a for our calculation is over €4,000,000,000,000 in Europe.

41:31 And so it's bigger than all this wave of password of tokenization or whatever. And so there is a lot of, let's say, of space, a few players still. And so the reason also our investment in the platform, our, you know, focus to be inventory specialist is because this is a huge space where we want to continue to be, you know, an important player. So I I completed my slides, but happy to reply in the open session. And I give the word the floor leave the floor to Mark for the platform. Thank you. That's awesome. Is this working? Yes. Great. Thanks.

42:20 Okay. Hi, everybody. Nice to meet you. I think before I start, I just want to say, recently, we put two videos out on the website, one on how we onboard a client and then one on how we trade with the client and how we monitor the activity of that client. I appreciate that. You know, it doesn't go into a huge level of detail, but what we wanted to do was say on the onboarding one, say to a client, it's not a three week process. Okay? There is a process that we need to go through with you as a client. We will be asking you for a lot of confidential information that you need to share with us through secure methods, and we will be analyzing that in-depth. So it's not a three week process. On the trading and monitoring video, again, we wanted to say to inventory funders, why should we come and invest in in the the stock companies and allow monetizations to take place with, SupplyMe as the inventory servicer?

43:19 And that's down to the monitoring piece. I often say that, you know, the product we have is not a fight and forget product, which a lot of credit products actually are. If you look at, finance products, I've been in credit for many, many years. They do an upfront analysis, and then there's actually not a lot of back end monitoring that goes on. So, they're very short videos. I won't be doing a platform demo today, but I will talk about, you know, what we've gone through in the last few years. So the first piece on this slide, this four main thoughts, thought pillars that I go through when I'm thinking about the platform. And, I've got on here, some blue dots that indicate where we've spent, the BBPM loan. Sorry, Albert. Can you not do that? I was reading that. Thanks. And the yellow dot when we went live, with our first client.

44:06 But really, it's around, the first one is laying the foundations. You know, you can't build a strong house without having strong foundations. So as I said, we ask for a lot of confidential information from our clients once we've signed the NDAs. We ask for their end customers, the prices they sell to their end customers at, their inventory turns, all of that kind of stuff, obsolescence details. So we we need to make sure that that that platform and how we share that data is safe and secure. Then it was about employing the right team and getting the right people, right skill sets. More importantly, the right mindset because I appreciate this is a new product. It's an innovative product. I've interviewed many, many credit analysts over the years who I know for a fact would not be able to cope with the inventory analysis that we do here. They're stuck on the credit rates and they can't get past the credit rating. You need to look at the assets. I spent many years again in accounts receivable, and I saw some very poorly credit rated companies actually with good accounts receivable programs.

45:04 When you start looking at the client company's inventory and how it turns, that's when you see the value of the assets. And then one of the, again, the important foundations for us was, okay, how are we going to select the right inventory? Because if we don't select the right inventory, if I'm a client company, I'm gonna dump dump all of my rubbish inventory onto you, and you can get rid of it for me having paid a certain price. So how do we select the right inventory and incentivize the client company to buy it back from us at a small fee as well? So once we laid those foundations, we started looking at the USPs and, you know, surprise surprise, there are numerous inventory models out there. One size doesn't fit all. When we first started off, we thought that, you know, it was gonna be a generic inventory that we buy the goods from them.

45:50 They wanna send it out to their end customer. They buy it back. They send it out to their end customer. That's not the case. There are various different operating models that are out there with our clients, And we only get that exposure by having exposure to those clients and working through their business processes with them. Then once we've done that, how do we ingest and organize the data? Because the the real value, I think, to some of the inventory funders is how we monitor this stuff and how we spot, the, the anomalies and some bad behaviors. And we have had that, but you can only get that by organizing the ingesting the data at a granular level and then organizing it in the right way. And once you then start thinking, if I was a bad client, how can I defraud, supply me? Then you can start to think about some of the behaviors, the anecdotal behaviors that you could go through.

46:40 Okay. How do we now spot that in the data? After that, I started thinking about scalability. How do we do this? So we've released the CRM module and, that helps us drive the pipeline and stay organized. And we've also found the right partners because as we've gone over this growth journey, we don't necessarily have all of the right people in place. We have a lot of them in place and a lot of lot of the right skill sets. But again, if, if you're an inventory funder, you know, you you want an independent inspection service to go out and inspect, do an on-site inspection of that client company if that is what is called for. So, we spent a bit of time finding the right partners for us to plug those skill gaps, call on when needed, and also boost the the offerings to the inventory funders.

47:28 And then we looked at white label. Okay. Now we've got these modules in place that are working. How do we now, copy paste, if you like, into an environment that a bank can come along and say, wanna use the tech only. How do I use it? Where's your manuals to instruct my staff to be able to use it? So those are the kind of four thought pillars that I go through when I'm thinking about our platform. Can you go to the next slide, please? Thanks. And then going forward, we're thinking about the vertical industry verticals. Sorry. You know, know what works and quickly engage with those clients that will work. We have seen quite a few clients come to us, first of all, trying to offload rubbish inventory onto us. Those go away very quickly when we start asking for data and start saying, we won't monetize this. We choose the SKUs we want to monetize.

48:20 And, you know, getting faster initial assessments, I think that was part of the voice of customer that we had, midpoint last year was why have I got why has it taken two weeks to get to this point? I wanna get to this point after a few days. So that's what myself and the team have been working on. Where it's a very simple model, how do we get the data, run it through our algorithms, and come out with these are the SKUs we're gonna monetize, and this is the likely value that you will get. And as Alessandro said then, we asked them to sign letters of intent and move to term sheet, etcetera. And then looking at robustness and scalability, an ERP API feed is certainly one thing I want to get because that will reduce any potential data, manipulation, and I know how much that will cost and, how long that will take to deploy.

49:06 The monitoring piece, I'm really happy to say that is now, automated. So, it's no longer on on spreadsheets, thankfully. So as soon as a client uploads their data into a designated secure folder, our algorithm pulls it, spins it around, and then spits out what the anomalies are. And then we go and have a conversation with the stock company director and the client and decide on whether it's an innocent error or it's deliberate bad behavior. And we have some remediation strategies we can put in place then. And then, a trading workflow. So we spent quite a lot of time with the design factory last year on designing what they should look like as part of the white label offering. Now we need to go and build that, to control the process, as we grow, the number of, inventory monetizations.

49:58 And then finally, I won't cover the offering because I think Alessandro has already spoken about that. Finally, the experience. We need to give our clients, the stock company inventory funders, a view into what's going on live. So we're gonna be starting that piece of work. But from my point of view, the way I think about a platform is I've looked at platforms for probably twenty years now, and I've seen been an interrogator some platform suppliers, and I've seen too many front ends that look nice and shiny, and there's nothing behind. So the way I look at it is we gotta get that engine moving first and working properly, and then we put the bodywork on top. And that's, you know, my five minutes or so on the on the platform, updates here. But I'm really happy with where we are. We have some things that we need to work on, and some things that we we still need to build.

50:51 But we're in a much better place than we were were not even two years ago. Thank you, Mark. Thanks. Okay. We're almost at the end of the presentation, so hopefully that's good to hear. Just before we move on to the Q and A session, the board thought it was important for us just to recap on the serious loss of capital issue and to update you on the current status of this. So just a quick recap. I'm sure a lot of you will remember, back in December 2021, the company called a general meeting for the shareholders to consider whether there were any and, if so, what actions could be taken in order to address the company's serious loss of capital. This is a term that's defined by the Companies Act. And essentially, that means that when your net assets are less than half of your caught up share capital. And when we talk about this, we're talking about the supply and need capital PLC balance sheet only, not the group's balance sheet.

51:52 As we discussed in that general meeting at the time, this issue first arose all the way back in 2014, when actually the company was listed on AIM and trading as Imaginetic. So it wasn't a new issue that has been created since the reverse takeover, or anything sort of specific from the Supply Chain business. At the time, the director stated that they considered future revenue generation, which at the time was expected to, you know, start coming through in 2022, you know, would work to alleviate the problem, along with the acquisition of TradeFlow. So just a current sort of update what's happened since this time. There's been a number of impacts in the stand alone accounts of SUPPLY at ME CAPITAL PLC. It involves the acquisition of TradeFlow, which increased the net assets, but then this positive impact was largely offset by SUPPLY at ME having to take on debt to complete the transaction.

52:45 We then paid off that debt through the capital enhancement plan. But unfortunately, that positive impact was then offset by relatively large impairment charges that we had to take in 2022, of which $2,200,000 of those actually related to trade flow. And then in the last financial year, obviously, we accounted for the disposal of 81% of trade flow. And we've continued to kind of see the delays in the revenue generation. So the combination of all of these factors has meant that this issue has continued to exist as of today. And while it's not a new issue, there's no sort of formal requirement for us to convene a general meeting to discuss the specific points. But the Board felt it was important to acknowledge the issue is still there, that it's still something we're focusing on, and that the solution to this, in the board's view, is that the future revenue generation, which will come from the initiatives that have been spoken about today, will alleviate the problem in the coming years.

53:48 So, I'm just going to hand over to Albert now, who will go through the Q and A session. So, you to the team. The board will now be pleased to deal with any general questions about the annual report, the resolutions as set out the notice, any other points shareholders or the duly appointed representative may wish to raise. Just in terms of process, please would questioners identify themselves. And if you're a shareholder, state them the name of the or if you're not if you're not a shareholder, please state the name of the shareholder you're representing. To be fair to everyone who wishes to speak, please perhaps restrict the number of questions you may wish to ask and be be as brief as possible.

54:34 And as as as I said, we've received many, many questions through the investor meet platform. There are clear common themes that are on the slide, share price declines, actions company taking to address this, performance of the business, delays, TAG stock loans, company's relationship with TAG, development of the platform and most recent equity funding and additional potential dilution. Those are kind of really the key themes. So hopefully, we addressed a lot of these questions through the presentation or at least made a good attempt at that.

55:24 And I think now we can now conduct a live Q and A session. And Alessandro will probably take the lead, and I think others will come in as appropriate. Hello, everybody. Martin Cook, shareholder. Firstly, Alessandro, thank you for coming all the way from Italy, and thank you for the rest of you guys for coming and sitting in front of us today. You started on loan shares, I have, hopefully, a simple or straightforward question you might be able to clear up. The court documents for the case in Utah itemized the number of shares that were issued in three tranches.

56:14 That number seems to be different to the number in the RNS. Just wonder if you could clear up the anomaly. Yeah. Can you hear me? Yeah. Basically, in the RNS, we put the numbers of tagged shares, right, basically. You know that initially, when before the reverse takeover, there was a company named 1F2SRL. And so if you see the numbers that refer to, let's say, two different companies and the claim some of these shares, but the tax shares was what were referred to the RNS, basically. So there is this is different for this reason. So it's normal.

57:02 The number of shares in documentation. So Yeah. Yeah. Sorry. The number of shares in the documentation adds up to over a billion. Sorry? Adds up to over a billion shares. Yeah. There are And in the documentation, it also mentions the number of shares that is in the r and s. But the two are different, and that's very confusing. Yeah. Because the lawyers basically sums two, let's say, entities. One is tagged, you know, that is what was in RNS, right, basically. And there's r 770, if I remember. That is what the tag communicated to, basically, the company, the issuer, right, basically, in the moment of the this RNS, then these lawyers, SUPs also shares that are part of, you know, another entity, right, in some of the case, basically, because they they sum two cases at the end of the day. Right? But the communication that TAG made on July 29, if I remember well, in the RNS was referred to TAG shares, the shares in the Avanga Group. That is the holding company that I managed when I bought back from Dominic White 100%.

58:11 This is the basically the it's a formal point, but what I must made was on July 29, the shares owned by TAG, right, basically. This was the legal point. Hi. Chris Mead. Hi, Chris. Hi. Nice to see you again. Just a couple of things. Just following up on on the TAG. One for AZ, which is in the final stages of funding for TAG. Is that the same as your imminent so you can wait a couple of years? Or is that Yeah. Gonna be a bit quicker? Because every time you said something's imminent, it's not been according to the every dictionary definition I've ever looked at. And secondly, how the board feels about all this dealing because because I'm sitting here as a sort of simpleton, and it sounds as dodgy as hell, all this tag, all this shares, all this loan from a director, which then isn't forthcoming.

59:08 The time that's also taking our CEO away from our business and actually actually doing what we wanted to do. We're paying him a decent salary to do. And does the board are they happy with this outside interest, which would have a massive impact on the company which you represent for us sitting at that table today. Because sitting here, it doesn't sound like the two are streamlined to deliver shareholder benefits for us poor shareholders in SYME. So Maybe you can is the board you I if you want to do Yeah. So I don't know if you maybe The first question. Yeah. You take the first one. There's quite a lot there in the second. No. No. As I told Chris and I told earlier, I I've not I've I've not interest to delay his funds if TAG is able to provide funds. Why I should delay to provide capital to the company?

1:00:08 I I don't know, but you are paying the loan to us. Nuburu is not the case. Nuburu is not the not the point because within why we're fund? Not but we was not fund by TAG. If you read not well the the announcement. So basically, Nuburu differently, maybe it will be a good path for the companies that TAG has to fund the business maybe performing well that the last in terms of time to delivery because it's objective that funds delayed, as Amy wrote correctly. But if you put in the shoes of TAG shareholder, why TAG should, you know, delay the funds, You know? If TAG when TAG had the capital to use, TAG immediately provided to SUPPLY ME. This is the reality.

1:00:58 If TAG delayed, the reality because TAG was waiting capital to third party because TAG is not a commercial business. TAG is an holding company that has assets. We are not we I'm saying TAG. Revenue from commercial activities like receivables. And so we have assets. We have bonds. We have, you know, type of instruments. We and so we tag and monetize, in my opinion, also in a clever way, some assets in order to provide capital to SUPPLY. If tag, I give you an example because I want to be transparent. TAG has a VAT credit of 1,300,000 that you see in the annual you will see in accounts.

1:01:44 If the government in Italy delayed to reimburse TAG 1,300,000, TAG, in turn, delays to provide capital to SUPPLY ME. So the question of IMiente, I would tell to Lady Meloni, that is the the head of government of Italy, that now is trying to speed up all their reimbursement procedures because there's a company that has a credit of 1,300,000. You can understand that it's immaterial, you know, if I need to provide, you know, a lot of capital to to to super this is an example. That is a real example that the board assessed every, you know, timely, you know, regarding why tag delayed. So we are in the into a chain of payments that if someone delays a payment, target that is sold in assets immediately, fulfill its obligation need to wait because we are not a bank that we have deposits and then we can do loans, leverage the deposit that we raised. We are a normal holding company, and every action that we took was in the interest to speed up the provider of capital to the to the to SUPPLY. And then, you know, you see the the basically, the Nuburu transaction, hopefully, in the in the next weeks and months, you will see the benefit for also SUPPLY ME. But the TAG didn't provide the 3,000,000 from its balance sheet to Nuburu,

1:03:15 just to clarify. Okay? Because I'm I I agree with you. Maybe the 3,000,000 could would be full for SUPPLY ME. Right? This is absolutely no brainer. If TAG had the opportunity to join, not TAG, me personally, join in Nuburu is because I saw a path to help my company. So my company say companies where I'm invested. So SUPPLY ME in premise, you know, in a as a priority. This is in briefly imminent, unfortunately, in Italy and UK are the same definition. Imminent is is something that is going to be happen. There are not different in the glossary, but I appreciate that if we rely on some, let's say, inflow that are imminent and then the board correctly ask representation from me regarding when will happen, I basically said the truth. It's imminent because I know that it's imminent from the side of tag. This is what always happens.

1:04:17 The only question I have on that is you were the CEO of SYME. Yeah. Who you are. You you are in charge of TAG. Yeah. You made a commitment from one to the other. You should ensure the funds there. If I tell my daughter, I will lend her some money for a house in six months Yeah. I have the money to lend her for the house. I don't then go back to her and say, I'm sorry, but I'm waiting for the tax man now. And that might be another year or two or three. Is it is it You know? So you made that commitment. Yeah. We made it. Really then to say it's somebody else's fault Yeah. Is is not acceptable. And as a result, we've had more dilution of our shares. You've been spending more time doing that. We've had no white label, which was due at the end of February. Then, you know, that's what it said. You expected or or whatever the word was envisaged.

1:05:03 Think that's Invisaged. You like. No. I like envisaged. Envisaged by the end of February, now we're envisaging nothing by the end of June. So you prefer the you prefer that the company, despite getting a loan from the shareholder and and avoid dilution, you prefer the another big dilution. No. No. I like But I like the loan to actually I am asking you because I I'm asking you. You preferred that two years ago or one year ago or this year, the company entered into a placing, okay, for a lot of billion of shares. You're telling me this. The company will decide with the hard, you know, moments because it's not easy. You can understand for the management team to manage delays in funding from tag, continue to work with the funders, Mark, Alice, Amy, and all the team to work continue to work with suppliers, with the clients.

1:05:58 But we decide to enter, let's say, into a more, let's say, not dilution mode because the shareholder loan at the end of the day are not equity. Okay? You and enter in this shareholder loans. And so if you see the numbers, target correct me if I'm wrong, Amy. You are a CFO. The I I provided £2,700,000. You know? If you sum 1.9, plan eight eight hundred. The the alternative was 2,700,000 of equity or CLN because, unfortunately, the company needed in the past to enter also in this type of arrangements. The alternative was this one. So I think that the the the decision of the directors was in the interest of the shareholders to to work on the shareholder loan, appreciating the challenging moments and appreciating all what you are saying that is fully understandable, obviously.

1:06:56 But I think that the decision to, you know, save 2,700,000 of pounds in other shares, other confetti shares in the market was, at the end of the day, a good decision because this year, we achieved the the commitment of Bank of EPM. We achieved the commitment from the investment bank. And I think that the business continue to progress despite these delays. This is my view. But, again, it's openable as usual, but this is my my my view. Alessandra, just one thing. You opened the can of worms here about what I would prefer. I would prefer the CAPITAL PLC to come up with a finance, the fintech bank to come up with a finance Yeah. Yeah. But this is I would prefer also what I prefer. Yeah. Yeah. And I'm telling you now It's correct. Also, me, would prefer the CAPITAL PLC, the Fintech, would prefer all this. I would prefer it because we work at twenty four hours every day to do this. And also this team, the directors work at it twenty four hours.

1:07:53 And we've invested a lot of money. Yeah. Yeah. Yeah. Like like me and you, all all the other shareholders, we totally respect this, to be clear. I'm not saying that we are not respecting who invested, and we respect always who invested. I'm saying this, but I'm telling you that if the teams work with the CAPITAL PLC, with the fintech bank, with such, with with whatever you want to to we to hear is because we were very keen to find a way to deliver inventory monetization transaction. That is a big innovation still like he has. Okay? And we worked in this manner in good faith to find every route. And you remember that in Silicon Valley, fail can happen, not the default and fail and say wrong decision.

1:08:44 Because if you not take decisions, it's easy. We are not a blue chip company that every day we can the CFO can say, okay. How much how many goods we sold? Good. We are in line with the budget. We are not in this position. We are selling to the market still an innovation that no one has. This is the reality. Who is investing now or invest in the past? He's investing this drug that is going to be released like a big vaccine to help companies or working capital that is not a plain vanilla receivables, but inventories. Find me some other alternative, the market of inventory that is not financing, and I will happy to, you know, discuss. This is what is our mission. Okay. I'll I'll I'll leave it there. But the board, if you could just answer my second question. I can speak very briefly. I think because I I actually don't disagree, frankly, with what Alexander just said. I will just, from the board point of view, can say to you that on the issue of SLA partial performance or nonperformance, whatever you want to call the shareholders, it is very tough.

1:09:49 Obviously, we spent huge amounts of time as a board, like, way and above beyond in a multiple of 10 of what our contracts say to monitor the situation in real life. Just telling you. I'm not complaining. I'm just saying this is a very complicated situation. We are committed to do the right thing by the shareholders and by the company. For this reason, we evaluate every second every almost every day the situation, right, with Alessandro. Alessandro is internally with us, is quite transparent as to what is going on because we have been in the situation for a long time. So we have a difficult task of evaluating almost on a daily or weekly basis. Right? What are the chances? What is really going on?

1:10:36 What are the you know, is this delay you know, how long it's going to be? Should we issue equity? If we can, can we? You know? Or continue to wait and rely, etcetera. And as you saw, we did an equity placing just to make sure that we also need to maintain the company's solvency and, you know, ability to trade, etcetera. So it is a complicated situation. And to be honest, from the board's point of view, it'd be a lot easier just to raise, yeah, as much money as we possibly can so we're not actually, on a daily basis, questioning ourselves. You know? On the one hand, we have responsibilities to you. On the other, we have to debt holders.

1:11:22 We have a fiduciary legal responsibilities. There's a lot of conflicts. Right? But this fight, in a way, I I know it doesn't sound to you like a great achievement, but the the the almost in a way continue getting to the point where SLA is continuing to perform even although being with delays, is kind of a good news, which is what Alexander was saying. But this takes an enormous amount of pressure to cope with as directors because we are responsible for the situation and acknowledge this responsibility. Now in terms of time, CEO look. Alessandro is an amazing man in terms of the time of hours that he puts in, right, in the business, and we would love him to just focus on the commercials.

1:12:13 But, unfortunately, funding is also part of this. Right? And just goes to the question of using less dilutive methods effectively of funding through an SLA versus straight equity placing. And we'd love and we wanna avoid this as much as possible even at a cost of taking, as I said, enormous pressure on the board. Sorry. Do you understand what it means to us, to shareholders? On Okay. At ATO, the share price was £1. In August 2020, while majority of us invested, share price was not point seven.

1:12:59 At the moment, we are at 98% loss. Your shareholders will stay with you for four years. Right. I appreciate all the hard work. I appreciate everything you do, guys. I don't appreciate zero revenues, and I don't appreciate us having lost hundreds of thousands and sometimes millions of pounds. Do you understand that? And Sure. I guys, how do decision, remuneration committee, Alessandro, how do my decision to pay such a high salary as a CEO with such a huge shareholder loss? I cannot comprehend it, guys. Sorry. No. Yeah. I I understand I understand we understand the the position of of the investor shareholders for sure. You know? And we are not happy also of some shareholders that sold the shares, you know, because they needed the, you know, unfortunately, to use their funds for personal commitments or other commitments. And so we are totally not happy about this, but let's say this is also an energy for us to try to work hard and try to, you know, speed up the generation of revenue as you you know, you know, because you you are in a big company and and, you know, the revenue are are are the only path, you know, to restore the share price. Let's be very concrete. You know?

1:14:19 Despite the spikes or whatever, we are not we are I think that the board, me personally, now we we are focused to find the right path, and I think that we found the path to generate revenue. Generating revenue, this is the only, let's say, insurance policy to have a a restore or recovery of the share price. We don't know we don't know how much when what what magnitude will happen, but this is a, you know, the normal path that now we are achieving. Who invested in our company, in the company that I founded, I think that invested in a big innovation. And and, unfortunately, there is a let's say, you know, the the a big innovation, you know, delayed, you know, unfortunately. This is the reality. Right? Because we can't say but we are taking, let's say, good outcomes, and the outlook that we are continuing to assess also last year when we were all together is a, you know, a positive trend because we we made some achievements. We are not happy of the share price. This is clear.

1:15:30 Shareholder's perspective. Yeah. We don't invest in ambition. As simple as that, we invest to get returns. As simple as that, guys. And you need to find the ways as a company. Yeah. Yeah. No. No. I I we respect this area, and and I think that there is a, you know, very hard commitment, you know, to to work hard, to try to speed up things, to be efficient also. I this is what we can do. Right? And we can't we we we the the energy that we are putting in these, let's say, activities also, you know, the result of, you know, the c seeing the shareholders not happy, seeing also some opportunity that we can achieve. So this is for us, it's reflected the I can ensure in energy in the team to do things, you know, with the, you know, maximum, let's say, commitment and maximum effort.

1:16:24 I can, you know, tell you that the management team who work at the really over the normal hours, right, basically, to, you know, do the activities. You know? Because we are all commitment to despite our normal hours to work over, you know, the normal, let's say, hours to to do the what what we we can do. You know? I I appreciate that we are you are not happy. We are not happy. This is our objective. But I think that if we you assess what the company is doing, I think that the direction is an interesting direction. We are not happy. We are on the same page. What we are doing, I think that is public. I I would just also add here. I I mean, I I clearly see the frustration is understandable.

1:17:14 Right? And, you know, we some of us bought the shares, remember, after the Yeah. The directors after you know, you you told us, like, why are you guys not buying shares? And we said that, like No. That's okay. That's okay. That's okay. It's okay. It's okay. I am not comparing my position to you. I am just now I'm aware of the share price. Also, you know, the rare rare occasion I would look it up, right, on the personal account. Pardon? I haven't yet because there's been no other disclosures. You know. Right? There's there will be if appropriate. But but I think the I think, ultimately, look, Frustration is understandable. We are frustrated. All I can say from a personal perspective, for whatever it's worth, this team, both the board and the management team, are fighting and working super hard to make this happen.

1:18:08 And, ultimately, it is, you know, it is our decision whether the team is right to overturn the deficit at at half time. Now we certainly believe we have no passengers on the team. The the cost is very optimized, and it will continue to be optimized. But you also have to have the people doing the work, yeah, and fighting. And it's a matter of perspective. You know? As I said as Alexander said, we're working double shifts, you know, you know, triple shifts to overturn the deficit. I agree with that person. You may not agree with it, but it's a matter of judgment. And then we consequences will have to come out or otherwise out of that. So that's to your point. And I think just, Chris, also to your point earlier about, you know, all this noise and, you know, tag and this this, you know, is it proper? This this stock loan is trading, etcetera.

1:19:00 I I I kind of made the point previously. I don't wanna major on it. But from my point of view, just to make it clear, there is a number of legacy issues related to things that are long gone, long past that we, unfortunately, sometimes have to address and speak about grudgingly. We don't wanna speak about it. They have no relevance to the business whatsoever. And from my personal point of view, the company was, before me joining, was quite optimistic sometimes in terms of making promise not promises, but setting out expectations. Maybe you'll see there's been a bit of a change around that, and so we try to be we try to be more robust and more constructive, etcetera. Said we're gonna lose our startup time, but we haven't started anything. For sure. For sure. It's true.

1:19:49 Optimistic than ours. No. Look. It's always easy to pick out on a particular statement. I think last year No. Of course. Of course. Of course. It's always easy to pick out on something in particular. But as as I said to you, Ira, we are, you know, we are we are we are fighting, all of us. And we're all on this side. We're all the same thing. You know, we've got a question here. 98 nil down at halftime. That's a big deficit to pull back. Late chamber, if could just ask you just to raise your hand because, obviously, we can't hear you online, so we would need to pass you the microphone as opposed to just, interjecting. I'm gonna hand around to all your questions. Yeah. Hi, guys. Matthew Salt. Hi. So this is directed to the three guys in the middle mostly surrounding Mark's comments about the platform.

1:20:38 Is the platform ready? Yes or no to all three of you. Is it ready? Because you're saying the back end is not fully functional. So is the platform ready right now? Other than demonstration or pilots, Is it ready? Absolutely. The platform is ready. We ingest live data. Yeah. We organize it. We interrogate it. Yeah. We spot anomalies in an automated fashion, and we have that discussion with the client. Why are these? We have a data driven discussion. Why are these a That that still sounds like a test bed. No. No. It's live. We're doing live transactions. Yeah. So there's so right now, are there any transactions going through? Yes. Absolutely.

1:21:24 With what with what generating. Yes. They are revenue generating. Yes. Why why are you asking these? Because so four years ago, platform was actually ready. Yeah. Mark came in, what, two years ago. He's dealt with platforms for twenty years to say, and it wasn't quite ready. He said he had to untangle the infrastructure of trade flow because you want to apply up to scratch, so to speak. So were you still utilizing TradeFlow's infrastructure for the platform for the due due diligence? Is that still integrated? I just want to clarify. When I said infrastructure, I this is a slight confusion. So when Mark speaks about the platform, he speaks about, obviously, the technical Yeah. And the operational infrastructure for processing the stock trades and things like that with the clients. Yeah?

1:22:19 When I referred to us dismantling effectively trade flow infrastructure, I was speaking about financing infrastructure. Do you see what I mean? Yeah? Because every I'm effectively, put it in simple terms, has to be financed by somebody, right, through a structure. As, you know, SPVs, contribution of debt, equity, etcetera. Right? And the in the funding infrastructure, which is outside of the monitoring The software. The software, the actual the fintech bid. This outside of it, there's a funding process all, you know, separate. Within this, somebody needs to put in a little bit of equity in the stack and a lot of debt. So in an example of a BBPM is a BBPM loan and a sliver of equity from somebody.

1:23:07 So the so trade flow was in place before I came in, I can say, well, look. This was there. You know, when we evaluated this, the idea for trade flow was to run external funds, basically. Yeah? Equity funds. They go out, raise external equity funds, and put those equity tickets, if you like, into transactions. Right? So this was the funding structure. And we didn't think it was effective. Right? Or and, actually, TradeFlow team was responsible for managing that element, you like, raising money and putting tickets into IMs, and we didn't think it worked. So this is the reason we dismantled the funding infrastructure, if you like. Yeah? And we put in the SFE driven equity funding infrastructure. And I I think Alessandro stated, I think correctly, that we are seeing evidence that SFE is an acceptable counterparty by Bank of BBPM having done the full due diligence on the new structure to flow through.

1:24:08 But we replaced all of that. That is the funding, if you like, the legal funding transactional infrastructure from the, you know, sourcing in the money into the transactions. Whereas the fintech platform is really about the origination, the monitoring, onboarding, trading, doing the trades, you know, everything that is underneath, if you like, the funding infrastructure, the on the on the nitty gritty basis. Yeah. Just it's just because of the comments that's all. We'll continue I mean, hopefully, this is a clarification useful. Right? It was it was good enough for you guys. I understand that there will be upgrades in the future, and you always analyze the data. Would you guys are happy with other back end problems for the platform. Yeah. I think we wanted to bring you the man because, you know, it's all fine and good. You know, what should I be you know, I'm not not executive. I shouldn't be speaking about this. And, Alessandro, you've heard for many years, and there's a degree of skepticism. I think we bring in Mark, who's actually directly responsible for this. Yeah. Just wanted to clarify. Yeah.

1:25:07 That's right. So Fantastic. Let me let me confirm again. We can ingest the data at the necessary level. We have automated rules so that if a client tries to accidentally submit or purposefully submit noneligible items, they get excluded out. We submit the deal as the video shows in a digital document using e using e signature software, including advanced electronic signature protocols where necessary, because some different countries have different requirements. And we organize the data. We get updates from the client as required in the contracts and agreed in the contracts. We run scripts, and we can spot the anomalies. We discuss it with the stock company director, and then we remediate with the client.

1:25:54 Hi, guys. I'm a shareholder. Two part question. Albert, first of all, you know, share price movements suggest automatic trading, shorting. Are you or any of the other directors aware of any companies offering loans secured against SYME stock? Sorry. Are we aware of any companies? Companies offering loans secured against SYME stock. Absolutely not. Okay. Documents submitted to the court in Utah, which were obviously online for everyone to read. Name, Jacob Fernand, who worked to ex he's an ex Stock Loan Solutions guy who worked there for seven years as a key witness.

1:26:42 Six, seven months ago, I was in a bit in need of money. I'm quite a big shareholder as most people know here, and Alessandro introduced me to Jacob. And Jacob offered me the deal to take some of my shares in in exchange for money, which, obviously, he can trade, do what he likes. Before that deal happened, the share price was up, say, nought point $1.00 or nought point 9. Since then, we've had a 90% downfall. Since that trigger has been pulled, obviously, Jacob owns my shares per se. They're still in my name through Hargreaves, but Jacob can do what he likes to them, trades them, getting tipped off by whatsoever to decline the share price.

1:27:33 So my question is, I'm one shareholder who owns 900,000 900,000,000 shares. Who else's shares has Jacob been introduced to to trade and automatic execute different trading patterns through his through his platform to drop the share price? Can can I ask you just a point? Of course. You can't, mate. I understand. You took the loan or not? I I don't understand because you asked the some loan against shares. You you have to to say what happened. No. No. I just said I need some money. Yeah. I sell my shares for the current price. Basically, an adviser. Public public providers. You know? Yeah. Yeah. But, obviously, SLS, you've got a problem with now. And all of a sudden, you you introduced me you introduced me to an ex SLS employee No. No.

1:28:24 No. No. No. Who you dealt with before. No. No. No. It's different. Maybe we can What's different, please? We can take a separate point. But if a shareholder happen always can ask some questions regarding, you know, there are platform, there are lenders, there are broker. I also got some questions about the other shareholder that they're asking me brokers. You know? It's normal. There are public names without any interest. And you know that what I told you, if you you are you see the the what I told you is normal. If we can share some names, we will do without any interest because we are not taking any remuneration to taking SLS to court right now Yeah. But SLS is not Jacob. SLS is SLS was Jacob for seven years. It's not true. Sorry. It's not true. Jacob worked there for seven years. But if he's an employee, he's not I can't I can't follow the events of You're the person of witness in the Utah documents. SLS is Jacob's name. And you give me Jacob's name to buy my shares with But no.

1:29:24 It's not true. It's not true. I've got the contracts. Yeah. I'm signed. Right? I'm telling you. I'm telling you. Just and I want to argue this because maybe he's a separate. It's just You're dealing with the devil, and you're giving me the devil. No. No. No. It's totally different. What tag entry in 2020 was a normal stock stock loan with a well reputable platform. It wasn't reputable. If you look at the history, they've been sued. They've been sued. No. No. No. Let let me to finish. If in 2020, you know, you need you need to take some loans. You know? Stock loan solution was an upper running platform, right, basically. Okay? When the loan made and we made the tag made its, let's say, due diligence. Okay? Regardless of the names of employees or who worked because, you know, the the contract was signed by if you see the Utah claim with the the authorized signature that was different. Right? Because the owner of of a stock loan solution is another person as you see it from the the the document.

1:30:24 This is the the history of stock loan solutions. If then an investor like you, but also other investors in the past asking me, do you know a broker? Do you know a stop a lender because I needed to monetize something? And if I have some names, I can share names in literally. Then everyone can take its due diligence, its assessment. I didn't recommend nothing. This is the reality because I have your my message with you, and you remember what I I I wrote to you. Full stop. It's a service. I if I know someone, I can share names without any recommendation. This is the reality. Then the question to Albert who is shorting, the register is public. So and everyone, I think Not really. If Albert didn't know about you introducing Jacobs, certain investors I I didn't definitely use an automatic system to trade the shares. I don't know. I if, again, somewhat somewhat not know Alessandro. You know?

1:31:20 How you've introduced me to the guy. He's a mate of yours. You know? He's seven years. If if if an investor ask me some names and share solutions to try in a good faith to help if you need money, you you send generic terms. Someone needed to sell or buy shares because there are also investors that ask me to buy shares. And if we can suggest some names to enter in contact and then individually made its personal diligence, I just share names. I'm not interested to share you know? There are multiple options. You know? But what I'm saying is if you've done me that intro Yeah. You've probably done it to other people who who are giving giving Jacob the shares to trade. No. No. No. That's what Jacob does. He trades the shares that you are lending to him. There's no ifs or buts about that. No. But I I'm I'm saying just to I don't want to to invest too much time. But if maybe I'm wrong to share solutions to investors that wrote me, maybe I'm wrong.

1:32:19 I will never do this if this is the the the outcome that I'm trying good faith to support an investor, say, because it needs an help and share some names. And then the outcome is that you think that we are suggesting a better better solutions, I will never reply to no one. And then, you know, this is the outcome. You know? Because but, again, we we And it would be my preference that he doesn't talk to you. Yeah. Yeah. Like, I I'm I'm not aware of that. But you gotta understand how a stock loan solutions, you're taking him to court now, and then the main guy there is obviously dealing with him still behind closed doors. It doesn't look right. Yeah. But I think these things are complicated, to be honest. I don't know about it, but, you know, there's there's a dispute commercial dispute, and they're going to court. Yeah. Yeah. But is it or may not be related to others. But the commercial dispute could just be a front if you're still dealing with it behind closed doors. That's what I'm saying.

1:33:12 Well, I think the the the what I'm saying is differently in my point of view. From one end, there is the Stock Loan Solution agreement with the, you know, the owner of Stock Loan Solution, you know, that is that is an owner that signed a contract. And this is the interest of Target to recover, let's say, this agreement. Right? On the other hand, if an investor is asking some helps or some solutions, you know that you asked also other, and I'm I don't want to share publicly, but you asked also other helps, you know, to me. Yeah. Yeah. Yeah. So, basically and and I don't want to share because it's a private private discussion. So mind, you can share anything publicly. No. No. No. I'm saying if in me, in good faith, I can list some names and then with a clear message that everyone is independent to the decision, it's just that Was since that since that introduction, the share price have deteriorated.

1:34:07 But this is your theory. This is your theory. You know, the register is is is public, you you can see it. Okay. I'm Sasha, shareholder. You did pick up about the you know, we're gonna lose our start up tag during the course of the, you know, the previous twelve months. We haven't. Mark, you mentioned the the the platform's live. Yes. It is. Yep. Transactions are going through. Yes. Revenue generation. Yes. Then, obviously, the the contractual parties are the stock company and the client. Okay. But you said revenue generation revenue generating transactions are being taken place.

1:34:58 So that means that that'll have a direct impact on the revenue of the company. Can I just clarify that? Or is it just a a test bed and you're just doing what are, on one hand, live transaction, but not actually real live revenue, money, cash going into SUPPLYME's bank account? So that's that's kind of can you clarify that? I can clarify that. No. The it's a it's a straightforward yes or no. Can you clarify that the transactions that are going through the platform now will have direct cash material impact on the revenue of the business? Yes or no? I can clarify. So No. Is that a yes or no? That yes or Hold on. Hold on a sec. You've changed you changed your question. No. Haven't. No.

1:35:45 No. You added material. No. No. You added material. Oh, so oh, okay. Are we gonna be pathetic about it? Okay. I think it's that simple. How much has the company raised via revenue, not through all these airy fairy share trading things and collateralizing loan notes and things like that, which are debt spirals? They've been the, you know, the the murder of plenty of companies before, SupplyMe. And what you're saying, to this guy here, I think, you know, it's a bit of a disservice. You know, we can talk about Chinese walls and things and how you were doing it as a a person, the human to human. No. No. No. No. No. You've got an extremely big responsibility. You are the CEO of a publicly listed company in London. Now that's not the big up London, but it is the most respected financial market in the world. Okay? And you're doing this kind of side side conversation.

1:36:37 Okay? And at the end no. No. No. You can you can do this. But at the end of the day, you're I think you're in But what is the question? Sorry. I I you started with a question with Mark, and now you're changing question. Please do a question, then I'll reply to the second one. Okay. Okay. We will I've already asked the can you clarify, yes or no, whether money will be generated for the company from the transactions that are going through now? We haven't had a straight yes or no. And then you picked up on the material thing. Okay? So we put that question to one side because I think we know the answer. If you wanna answer yes or no, that's entirely your prerogative. However, from what the company is doing right now for the last four years, the memorandum of understanding with The UAE, that's at Shariah or you know, that's when it rocketed, and we're all thinking, you know what? Something's happening there. Nothing. Storm Harbor. We stuck with you on that. Where are they now? And you talked about remarketing. I thought Storm Harbor were gonna be remarketing.

1:37:29 And then you also we we lived and sat through and trusted you on a suspension of shares, if you remember. People aren't forget are forgetting that one. And then we've had numerous ready to fly comments. There's been the demolition of value with the trade flow deal. Okay? When actually, in principle, why don't why isn't the company doing more of that? Why aren't you doing more acquisitions? Amazon do. Google do. Facebook do. If there's something that can bring revenues to the company, why aren't you doing it? It's all very well you're working all the hours, god sends, but it's all about working smarter, not harder. And that's not to disrespect you, but at the end of the day, you're sitting in a you know, you got a room for the people here who have lost an absolute shared load of money. You know? And it's why based on your words and your actions, not us. We're you know, we can sit here.

1:38:16 And, you know, I know this is a long statement slash question, but it needs to be said. At the end of the day, you've been resting on the laws too long. And now that this is actually the most we've known, what you've said earlier about this dominant white business. Okay. That's the this should have been said three, four years ago that this was in the background. It's not. So this is a massive reason. It's taking your focus off, Alessandro. It's taking your focus off this business because you let's face it. That is a bigger deal to you right now. The pressure and the stress of that is more than revenue generating here. So at the end of the day, you gotta take a long hard look at yourself and think what is the best for the company and the shareholders. You know what? You got an opportunity here. But, you know, we've we've sat in these meetings now. This is the third year since COVID where we've had the meeting, and we've had all these promises. We're ready to fly. You know, we're we're losing the start up tag. And still, how much as a company, We should be in the millions now in terms of revenue.

1:39:15 I've got 15 different companies. I'm not being a big head about that. I'm building up a couple of groups. I've got more revenue by a factor of, yeah, a 100 nearly on what this company is. I'd love to just reverse my company into this one. And straight away, guess what? It solves everyone's problem because we got revenues. But would you would you even consider that? Let's face it. The birth of this company listed is was through a reverse takeover, which actually didn't cost you an awful lot money to do, having a look. But you know? And it's a lot to say, and I appreciate you listening. But there's a few questions and points that need, you know, addressing. Thank you. What is so so thank you. Thank you for that.

1:40:01 Think I think this one simple question we can answer is if the transaction are flowing through the platform, platform, are we issuing invoices and collecting money? So Yes. Yes. I'm asking the CFO. It's a yes. And you can see the you can see the impact of that in our financial statements. So if you look in the financial statements that we issued for FY 'twenty three, it's not a big amount of revenue by any means. The two transactions that we've got live on the platform are relatively small transactions. Okay? So I don't think anyone sitting here today is going to dispute that. They're small I'm transactions that were done through the platform. They are generating revenue. We are issuing invoices, both to the client for origination fees, and to the stock company for license fees and service fees. You can see the impact of that in the accounts.

1:40:49 We are also doing due diligence on various new companies, and we are issuing invoices for that due diligence work as well. So and I think the other part of it is materiality. And, you know, we talked about this upfront. I know given where everybody is emotionally, it's difficult, but we said it upfront that emotionally. It's factually. Factually and emotionally, I think also given where we are, we've said it is our plan to generate, you know, more significant revenue, basically. It is part of our plan. This is what we have. Do acquisitions coming now?

1:41:35 I didn't know why not. Acquisition of what? Of an another company. Boltons anything. What? So That's what I do. I just basically I I as long as the business has got stable revenues and employees, I will look at anything to acquire. Now if you look at what you're trying to do here, there must be other companies that actually you know what? Like TradeFlow. We haven't really we've had a kind of an explanation, but, you know, we had a 31,000,000 valuation on that, and then we're letting it go. Well, it's different that the flow just to to spend in few seconds because I thank you for all these points because I appreciate that, you know, we are all frustrated, so makes sense to to discuss. But Treflow, the reason on Treflow acquisition, as we we wrote in some announcement, was for the funding infrastructure that Albert explained. You you know that the in our initial model was the the the big issue was the fact that investors want segregated inventories.

1:42:38 Right? This was the big issue in in 2020 when, basically, you remember the stock companies were under the balance sheet of SUPPLY ME. If you see the in accounts, stock companies are the the the vehicles, you know, that buys inventory to be simple. Initially, we founded the stock companies under the balance sheet, the accounts of the the the or the PLC. And this was a big issue for the investors to invest into a vehicle that becomes owner of inventory, but is part of a start up, you know, in 2020. Then the decision to buy a segregated ring fenced structure, the infrastructure that Albert was referring, it was the decision to buy Treflo because Treflow is running a ring fenced, let's say, funding business, asset management business that, by definition, manage assets that are ring fenced to servicer.

1:43:36 This is the only reason big reason to buy Treflow in combination to the opportunity to to create an end to end inventory monetization service because there are the in transit phase and then the warehouse phase. You know? We have recently also some pipeline, some clients that are in transit and they are looking for be monetized. So this is the reason of the flow. The the the evaluation that we discussed, the the company, I think, that the manager and user internal processes to get the right evaluation, to assess the independence of the assessor. So all that you are referring to duties of a CEO or directors of a listed companies, we follow all, let's say, policy and procedures, external advisory to manage the evaluation of the flow, understand the devaluation also in this, let's say, buyback from Tom and John. So this is what we can ensure. You know, if you put in the shoes of the director, the director want to follow, let's say, procedures and policies or take advice that support the decisions, you know, at the end of the day. So this is the point of acquisitions.

1:44:43 To see other acquisitions, honestly, we don't see some other opportunities, you know, in the market regarding our space. As I told earlier, if you you see some other, let's say, competitors or potential, let's say, opportunities, We are always happy to hear everybody, you know, as usual. It's the reason because I I I try to hear every shareholders that maybe bring some good idea. But for the moment, we are not seeing any situation, any opportunity. This is the the reality. Personally, I don't see any opportunity. I I think that's right. I think we're not really considering at at the moment acquisitions as the short answer because, you know, you can talk about vertical acquisitions, which TradeFlow was an example of, and it basically didn't quite work for the company. And we needed to untangle that and redo it redo the infrastructure.

1:45:45 And we haven't seen anything else vertical in our correct, you know, correct space that would make make a difference to our business that we could not do ourselves. And I think, horizontally, I mean, this is not it's my it's not it's not my understanding. This is what our shareholders want us to do. It's just to buy some other random companies that have nothing to do with our core task of making this proposition a success. But maybe we are not getting the point, so we should consider. So so it's all about revenue. So at the end of the day, you know, you haven't generated any significant revenue in four years. And I know you've been working on the the idea and that proposition for years before that. So, you know, it's kind of like, you've got we how long do you expect in this to hand hand off? How many more times can we go to market with dilution of shares, etcetera, getting loans in, what you were saying about, you know, the Italian tax man owing you money in in another entity, and that's what is holding the company back. It's like, you know, it's not long.

1:46:53 We've only got a few months left of revenue in the in the past and few months left of expenses, sorry, in the past with somebody made raise that earlier about their high salaries. It's not inconceivable that this company goes pop before the end of this year. So what are you doing to address that short term need for revenue? Because at the end of the day, whether you do it via acquisitions or selling the product or the service, which, you know, by the sounds of it, you know, does look I won't even won't dwell on that because we all know where it's at as a product offering. But, you know, you need to address that, like, now. It's not it's not a question of, you know, when we're ready to fly, we got this with the bank in Italy, etcetera. But right now, there is no feasible side of considerable revenue coming into this company. And it unless, you know, correct me if I'm wrong, if I miss something glaringly obvious here, then, you know, I'm I'm you know, I'll stand to be corrected. But right now, there's there's nothing on the horizon that is definite that's gonna put us into 7 figure revenue. Right. That's what we're getting a few few $100 or whatever. I can go and sell it. I don't know. I've got facilities management group, for example, as one of our project. I'm gonna sell a commercial cleaning contract to any one of these office blocks around there. I'll learn more than that.

1:48:13 So Well, I I respect your your activity. But, you know, the company announced the business update commitments achieved regarding the capital, you know, because the important point for us is to have capital to deploy to generate revenue through the pipeline. This is the model, right? So I think that we announced that these, we informed, I think, in the right manner the the the progress. And I I understand that it's not overnight, this, let's say, outcome. But the last announcement, I think that as a shareholder or as an investor, you can see the trajectory. If, you know, we are not satisfied of this situation is normal. You know, I think that the frustration that is good to know is not a surprise.

1:49:05 The frustration of the director, the management team to, you know, be keen to see revenue, I think that we are in the same boat on the same page. We have it's not a different point of view that we are saying you, we are happy of this outcome. We are happy of the revenue. We are happy of the share price. We are not telling this. We are saying we made we are making we made some progress, and we we put our energy to, you know, speed up as we want to see this term, the revenue generation path that, as I told you earlier, is the only way, natural way for a company to increase its intrinsic value regardless it's listed or unlisted. But this is the normal path that I think that the board and the management team want you to work on it. You know?

1:49:57 We can't control all the processes, you know, because I've I would like to tomorrow to do the wet label transaction. But if I need to wait a response for a commercial bank, Bank of EPM, to gave to give us the green light, you can understand that I can't enter, you know, in the headquarter of the bank and ask to sign something. We need to wait. What we achieved is good. We we are committed to push our partners, inventory funders, to speed up. But you know that you are you are entrepreneurs. I haven't found this so well. You know that some processes are not 100% in your control. Right? This is the the the reality. Yeah. I understand.

1:50:44 Yeah. Sorry to interrupt. Can I just touch the point you said about banker? Yeah. You used the word imminent on on the release. Yeah. And we're five months down the road from that release Yeah. Six months down the road. The conversations you have with Banco that you can't talk about with us, I appreciate that. Yeah. But at what point did they come across that it was gonna be imminent that gave you the confidence to release it as an imminent statement to the public? Well, basically, we we we announced that in January the commitment with Banco BPM. Right? And we explained that I remember also in the right manner the structure that we discussed about the producer of cheese, the role of the remarketer. And let let's tell this. If we have the obligation to inform the market and we know that some information that we got from the counterparties, we wanted to be transparent and share with the market participants.

1:51:38 Obviously, everyone in into a chain of information, we have two option or we we not inform the market because the directors thinks that are not material, some progress, But the result, you know what it is, that the shareholders are asking updates, are asking to be informed because radio silence, as usual, create other issues in particular when the company is in some status, or we tried to be, let's say, very informative and share the information that we had in the right manner. So and again, in the into a chain of process when someone provided some commitments and also provide some agreed time timetable. And then we thought that is good, regarding Banco BPM or other cases, to share some, let's say, timetable like end of March, you know, that we we we wrote in the market. This was in agreement with Banco BPM.

1:52:37 And I appreciate that, but there's also been other agreements that we've seen over the last four years that have not materialized. Yeah. Know. But last two years three years, I can tell you also in 2017, you know, when we discussed that to found SUPPLY ME and then we thought the founding in '16 then happened in '17. So as usual, you know, the the the the time frame is not a simple exercise not to to manage. But stay in the recent approach when Albert told after, let's say, the the the the Albert joined the style of the company to to, you know, to inform the market maybe in into, let's say, new code of communication. I think that the company tried to be informative.

1:53:23 If a partner told us we are fine to complete the transaction by end of March, I think that was good to inform also the market because it's material information at the end of the day that is also under the market abuse rules. So maybe it's something to to to think about to disclose. Our role running a business that is innovative and and happened in the past and it will happen also in the future that some schedules will not be respected, we have the obligation also to say, sorry, Times things are delayed. Things are now, you know, managed differently. Unfortunately, it's the pros and cons to run a listed business because if we were private, all this stuff, you know, where will be managed differently. Right? But we need obligation to inform the market. If it's a positive news, if it's a negative news.

1:54:17 So the communication's now changing. I get that. But do we think this has had a direct impact on the disgusting share prices we are at the moment? There are false promises, consistently false promises by having a a different approach or maybe being a bit more realistic with timing and and stop using the Well, every everyone has an idea of the share price, you know, level, why is now so depressed. You know, the the register is public. The trades are all public. Unfortunately, we we saw, but it's public. Sales pressure, you know, every day, you know, basically. And this is what is public again. It's not something that is not simple to see. Then, hopefully, thanks to the path of revenue that we are working, good news or update with do hope that someone will be interested also to buy this company, let's say, shares because the path is, again, becoming interesting. Right? Like happened in twenty twenty, twenty one when there was a good, let's say, understanding of the, you know, the potential of the scalability of the business. We are working on this direction, and and and we do think that, you know, the company is still a is still a good business and not to do seek other reverse merger or find other, let's say, solutions to to generate revenue.

1:55:44 Mister chairman, are you okay to be taking questions? I'm aware that you still got some of the formalities more a lot more questions? There's there's Maybe I wanted to because we have a lot also a lot of other stuff to So we're gonna take two questions for these two gentlemen who've not asked a question yet, if I may. Hi, guys. Mark here, shareholder. Just quick one for Alexander for me. You're very positive, and you tell us all the the stuff that's good that's coming out. We never tell us when something doesn't happen. Why is that? Well, I I I'm a part of the board of a listed company. So every announcement was were agreed, you know, into a new process with the procedures assessing the documents. Also during the the restoration process when the company were suspended, all the announcement that that the shareholders are claiming were scrutinized by FCA.

1:56:40 The CAPITAL PLC, you know, the 8,000,000,000 now CAPITAL PLC was documents that were were scrutinized by FCA during the restoration. And we were we've been we've been restored at the end of the day because what we said was true. So we are not positive. We are realistic. We are trying to try to communicate. We are trying to be simple in the communication explaining what we are doing. Hopefully, in the last announcement, the announcement were pretty clear what we are doing. If there is something to communicate negative or delay, we have the obligation to do and we made. If we announced recently some progresses because we got some agreement signed and makes make sense, you know, to update the market.

1:57:25 I'm the founder of this business, and by definition, I'm positive because I know the potential. This is a a more character approach, you know, to see things. I don't think they're meeting the obligation because you never tell if something hasn't happened. It just disappears. What what doesn't happen? 99% of the stuff you've told us in the last four years hasn't happened, and you've never shut it down? You have these statistics mapped there. This is yeah. Yeah. But, actually, if let's let's put in in the shoes. If you were a director together with me, okay, and you signed a and you signed an agreement with the Quadrivio that told this, and he is you read the handbook of SCA. You have the obligation to announce what you were going to do.

1:58:11 Well, I would announce it, but if the deal then came to a cause for whatever reason, I would expect us to announce it to the market as well. But Rather than just ignoring it and coming on to the next story. No. No. We we made we made updates. If there there are something still up and running, we the board decide what type of communication has to do. Right? It's not an an easy exercise as you can understand. You know? Because if, let's say, also the opposite, the pessimistic view, tell let's say that is the deal is broken. And then after one week, it happened the opposite, someone can tell us you told something to the market that was not correct. You know? You can't just leave it open ended because I'll be still I'm and Lenovo But there there are agreements in place. If an agreement terminated, it's correct to say it's terminated. If an agreement is still in place, we the the obligation of us is to assess substantially if there is a opportunity to generate revenue or generate business because it can be also in place. But if no one is keen to progress, makes sense to have an internal, let's say, discussion.

1:59:19 It's not an easy exercise as you can understand, but I think that we we always, you know, follow internal common process assessment, also independent point of view. As usual, in in a family, there is a balance of characters. Someone is more positive, someone is more negative. I think that the board has a good balance point of view regarding how to assess news agreements. Independent directors is also the role. So I think that the in the last years, we worked into a you know, with the right approach. I don't know if this is good or bad, but for sure, we follow internal processes and procedures. Communications. And as When you should call that radio silence. You can't be done. You are but this is another angle. If then we can we went in radio silence, not being voluntary, but because no news happens, you know, at the end of the day.

2:00:31 And the the approach of the directors, prudentially, is not to communicate something that then three months, it's done absolutely nothing. I'm sorry. Nothing is an assessment because maybe every day happens something as you can understand the business. You know? Every day there are news. But, obviously, there is a process to assess. This is a material news. This is something that can help the the, you know, the market participants. This is something that they're sense to say because it's just four years of nothingness. A quarterly update. The least you can do going forward to Last four years? Sorry. Last No. I think what you're saying is based on the last four years, the quarterly update going forward is the absolute minimum you should commit to. No. We we we you you know the journey. The company was part didn't know that you can. I didn't happen.

2:01:20 Sorry. No. No. But let me let me just to to recap is an interesting discussion. Let's to recap a bit the journey. When a company go be is listed part of the rest takeover with a different name, other group, not SUPPLY ME, obviously, they they they, you know, in in the energy or the effort to communicate is different respect to a company that after four years, the inventory monetization model is, I think, clear. Now what we are going to do is is is normal, you know, that the effort to communicate a new business model during the pandemic with a different, let's say, name is different in terms of marketing efforts, communication efforts than last I lost about now. Now going forward Sorry. Can can I just ask Can say Yeah. Those Yeah.

2:02:11 I understand think what you're it's something that we have discussed at all to do a quarterly update. And I think we will continue to discuss that to make to because I think it is one of the process for me to put Mhmm. But I think the board has because of obviously, we've been quite busy trying to sort out a few matters in the last few months, funding being very much up up there. Going forward, it seems quite sensible for us to give you a business update rather than what's gone on in the past. If we could put that to one side and then try and look forward and try to give you some clear messages in the market and update you on what has hasn't happened.

2:02:59 Yeah. I think as a board, we should take that on board. I think it's the unknown that asks a lot of people, and it's probably just the final part of this, which conscious our time. But for the nonexecs, almost independent looking in, why should shareholders trust that anything's gonna change? That was your question. Well, I think, hopefully, by our responses today, but it but it and and we take on board very seriously. We've got the whole board here apart from one. So I think that shows you how seriously we we we we are. So absolutely, we'll debrief after this meeting. We'll we'll look forward and and try to put in place something that will help the communication, the PR.

2:03:50 But it's balanced. As Albert and myself have come on board, we try to balance that a bit more. I'm not saying we're perfect all the time, but we're trying to be more balanced. What I'm saying about yeah. Okay. Sorry. Let let let me let let me we I'm talking about r and s business updates, not PR. We'll take your comments on board. Yeah. Follow a good part of modeling and that Absolutely. Absolutely. Okay. Thank you. Mister chairman, obviously, we you've been going for two hours, and you you may well be here for for some time. Okay. Let's take one last one. It was super out of time. We need to move on. Definitely, absolutely the last time. No comebacks.

2:04:35 Hopefully, a question you'll be able to answer. I I do believe the team are working really hard. I've had communications from members of the team at hours well outside working hours. So I do personally, I do believe you're working really hard. I think we all believe it's a fantastic idea. My sense is the trust has broken down between the company and at least private investors. Okay? We feel we've been misled by RNS. We may have been we may not have been. You know, it's easy to read things and see what you want to to see in RNS. But I am aware that the disclosure committee has three people, and the three people are involved in TAG, SYME, RTOP.

2:05:30 Actually, the independent director was previously working for eight Capital Partners. And the sense among shareholders is this the big deal with Dominic White that needs to be resolved is is at the core of this. Now it may be, it may not be, but there's a perception. Please, can we put a truly independent director on the disclosure committee so that we actually have belief that the RNSs are being issued correctly. Because we do not, at the moment, quite frankly, believe the RNSs are being issued correctly. Okay. And that's Okay. That that's possibly sounds unreasonable. And I can I've been in a start up on on bigger scale than this, and I know how hard it is. But there isn't an independent director. With respect to David, there isn't an independent director on the disclosure committee at this moment in time.

2:06:22 Okay. Thank you, Martin, for this question, Matthew. Change that, it'd be great. So so I just just to I I I just wanna tell you that it is to me, this is very unreasonable, what you said. You know? I I mean, recognizing this is, you know, slightly rude thing to say, but it is completely unreasonable and and and for the very simple reasons. Right? So disclosure committee in inside a company is just a technical tool that authorizes the release of information. So, actually, the full board is fully involved in all of the of the company. Everything is fully discussed. And, you know, we have majority independent directors in my opinion as it is stated publicly, and they make those decisions.

2:07:08 So but, you know, we're completely happy to look at the optics of the disclosure committee. That that's fine. We will we're happy to look at this. There's no problem at all. But I can just only assure you this is a complete and utter red herring, which I don't mean to direct personally at you just to explain openly and transparently. Okay. Thank you. So so this concludes our live q and a session. Thank you for the opportunity to receive those questions. So I now propose that we move to the ordinary and special business set out in the notice of the AGM and put all the resolutions to be moved today to a vote by poll.

2:07:54 I hereby demand a poll on behalf of myself as a chair in accordance with the article 61 of the company's articles of association. Votes will be cast for the purpose of a poll, votes cast by proxies. It is my intention as a holder of a number of proxies in respect of which no direction had been given to vote the shares represented by such proxies in favor of each of the resolutions. Votes by proxy, discretionary votes, and abstentions are shown on the screen, hopefully. No. So I think what we're I think sorry. Yeah. They're not shown on the screen. Yeah. Because we went with the Q and A first. If you carry on, I'll Okay. Fine.

2:08:41 Resolutions one to six are proposed as ordinary resolutions and require a simple majority to be passed. Resolutions seven to eight are proposed as special resolutions, which require majority of 75% to vote in favor of the resolution. So now I'll just recite the resolutions proposed to the meeting in turn. Resolution one. The first resolution set out in the notice calling for the meeting to receive the annual report and accounts of the company for the financial year end ended 12/31/2023, together with the directors' report, the strategic report and the auditors' reports on those accounts. Resolution number two is to approve the directors' remuneration report for the financial year end ended 12/31/2023.

2:09:31 The third resolution is to appoint CROW, UK, LLP, as auditors of the company. Resolution the fourth resolution is to authorize the directors to determine the amount of auditors' remuneration. The fifth resolution is to appoint mister Enrique Camerinelli as a nonexecutive director of the company. The sixth resolution is to authorize the directors to, a, allot shares or to grant rights to subscribe or to convert any security into shares in relation to any warrants, and b, provide a further general authority. In total, the authorities would permit the directors to allot and issue ordinary share capital of the company, or to grant the rights to subscribe for, or to convert any security into shares up to an aggregate amount of 20% of the total number of issued ordinary shares of the company as set out in the notice of the meeting rather than the chairman's letter, importantly.

2:10:35 The seventh resolution is to appoint the directors to disupply preemption rights in respect of authorities granted pursuant to resolution number six. The eighth resolution is to authorize the company to call, other than an annual general meeting, a meeting of the company on not less than fourteen days, clear days notice. I now put the resolutions to the AGM and would like those of you voting by polling paper to ensure that your names or names of the members you are representing are clearly shown on the polling paper, which will be handed to you and indicate by signing in the appropriate box whether you are whether you vote for or against or withheld the respective resolutions.

2:11:26 A vote withheld is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a resolution. Please then hand your polling paper to a representative from the scrutineers, who will then collect them. In the case of joint holders, would members or proxies representing members please write the names of the other joint holders on the polling paper? I should add that any shareholder present who have submitted proxies by post, who do not wish to alter their votes, need not vote in person. Indeed, it will make the vote count simpler. If those shareholders have already submitted proxies refrain from voting by polling paper.

2:12:12 With those shareholders requiring polling papers, will those will those shareholders requiring polling papers hold up their hands, please? We have a few. Okay.

2:13:10 Okay. So this kinda kinda concludes this poll process. The polling papers will now be processed, which will take some time to complete. The counting of the votes and the results of the poll will be published in the RNS as soon as practicable after the conclusion of this meeting. So ladies and gentlemen, the business of the AGM is now finished. And in concluding, I would like to thank you all for your continued support to the company. And there being no other further business, I declare the AGM closed. Thank you all for attending. Thank you very much to I'd the like to now redirect those online to give the company their thoughts and expectations.

2:13:55 That ends today's AGM. Thank you, and good afternoon.