Key points:
- Supply@Me Capital shares plunged 20% on a non-executive departure.
- However, the move was short-lived as buyers started pushing prices higher.
- SYME will publish its annual report later this month and a new strategy.
The Supply@Me Capital PLC (LON: SYME) capital share price fell 20%, based on IG's open and current price, after announcing the departure of a non-executive director to pursue other opportunities.
SYME revealed that Sussane Chishti had tendered her resignation with immediate effect and that her last day with the inventory monetisation company would be 14 April 2022.
Also read: Five Best Starter Stocks For Beginners.
Supply@Me Capital’s board decided to accept Sussane’s resignation immediately and attributed some of the company’s successes to her contributions since joining the firm in March 2020.
Some of the milestones achieved by the firm during Chishti’s two-year term include the acquisition of TradeFlow Capital Management, the expansion of SYME’s geographical presence and the diversification of its business operations.
Chisti also played a role in SYME’s launch of the Global Inventory Monetisation Fund. A key highlight was the planned release of SYME’s 2021 annual report late this month.
Supply@Me Capital revealed that it would unveil its new strategic direction that will usher in a new growth phase after the multiple milestones achieved by the company in the past two years since debuting on the London Stock Exchange in March 2020.
Investors briefly reacted negatively to the news of the board departure, but SYME shares had recouped most of their losses at writing. The company is currently looking for a long-term successor to Sussane.
SYME shares are trading sideways after bottoming in early March and forming a double bottom pattern on the daily chart below. SYME shares are trading in the middle of a wide range marked by a high of 0.12p and 0.6p and could head higher in the future.
Bullish traders could enter new trades at current prices and hold until the price break above 0.12p. However, the best entry price would be the 0.6p support level. But there are no guarantees that we will get a pullback to this level.
Alessandro Zamboni, SYME’s CEO, said: “It has been a pleasure to work with Susanne, who has been with the Company since its public listing. Her contributions to Supply@ME have been invaluable, and on behalf of the whole Board, I would like to offer her our heartfelt thanks for all her hard work and wish her success in all her future endeavours.”
The Former Non-executive Director, Susanne Chishti, said: “I am sorry to be leaving Supply@Me. It has been a pleasure to help guide the Company over the last two years. I look forward to seeing the Company go on to realise its potential.”
Investors who buy at current levels should place their stop-loss orders below the 0.6p support level, with their first targets being a break above 0.12p and onwards to 0.15p.
*This is not investment advice. Always do your due diligence before making investment decisions.
Supply@Me Capital share price.
The Supply@Me Capital share price fell 20% to trade at 0.08p, falling from Thursday’s closing price of 0.10p.
