Bad time for a float? Not at all, says Italian tech firm

MARKETS are in freefall and takeovers are falling off a cliff so you would think there is surely no way a company could float their business on the stock market right now?

Wrong. One company is planning to float tomorrow – and an Italian business at that.

Supply@Me, a Milanbased fintech company, is set to join the London Stock Exchange.

Its supply chain financing helps companies access funds through its technology platform that they would normally have to go to banks for.

They can get access to funds almost equal to the value of their stock. It is similar to Greensill Capital, the company which has attracted funding from Japanese investment giant SoftBank.

The benefit is that companies receive funding that is not classed as debt on their balance sheets.

Banks, hedge funds and family offices provide the funding to Supply@ Me and get a coupon for doing so.

Supply@Me will float through a reverse takeover of shell company Abal with a market value of around £200 million.

Investors will hope it has dodged the worst of the market rout so that it stays at that level.

GAMBLING companies have been forced to rush out statements about the impact of coronavirus after the pandemic caused the cancellation of key sporting events.

William Hill suspended its dividend, while Ladbrokes owner GVC; and Paddy Power and Betfair owner Flutter both warned that profits would take an almighty hit. The only exception is online betting firm 888 Holdings, which has yet to utter a word about the crisis and the impact on its business.

However, it will have to on Tuesday when it reports its annual results.

Scribblers at Peel Hunt don’t think it has been a ‘head in the sand response’ though, and instead think the company is trading as expected. . .for now.

IT HAS been nothing short of a car crash for Aston Martin chief executive Andy Palmer since the company attempted to park itself on the stock market.

James Bond’s favourite car brand was being revved up for a return to glory when it arrived in October 2018, but instead the shares quickly slammed into reverse and it was just a year before it needed to be rescued by billionaire F1 boss Lawrence Stroll.

Last week’s annual report revealed Palmer will not take a bonus for this year.

But worse could be round the corner.

Rumours are circulating that Stroll is lining up Mercedes F1 boss Toto Wolff for the hotseat.