No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Supply@ME Capital, the fintech company specialising in inventory monetisation services, announced on Friday that it would be ignoring a shareholder vote to get rid of its founder and chief executive despite a small majority of those at its AGM voting against his re-appointment.
Shareholders representing 54.58% of voting rights voted against the re-appointment of Alessandro Zamboni as an executive director of the company on Friday.
However, Supply@ME said the removal of Zamboni would have a "detrimental impact" on its business would therefore not be in the best interest of shareholders and other stakeholders, and as such he would be re-appointed to the board.
"Mr. Alessandro Zamboni is the founder of the group and the business relationships and contacts that he has have been important in finalising the IM transactions that have been facilitated to date using the Group's IM Platform. Without these business relationships, it will be difficult for the business to continue to execute its business plan in the short to medium term," the company said.
As the only exec director - all other board members are independent non-execs - the company said sacking Zamboni would not be "appropriate governance for a listed entity". Zamboni is also the sole director of Supply@ME's Italian subsidiaries.
What's more, a $5.15m loan agreed with Nuburu in March stipulated that Zamboni would remain CEO until at least six months after full repayment.
SYME shares were down nearly 11% at 0.0027p by 1215 GMT.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.