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RCS - Tally Central Ltd - Activities & Objectives 2022 - end of Q1 Update

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RNS Number : 0083H  Tally Central Ltd  01 April 2022

TALLY CENTRAL LTD

("Tally" or the "Company")

Activities & Objectives 2022 - end of Q1 Update

1 April 2022

Tally Central Ltd, the money innovator and operator of the Tally full-reserve
monetary system and commodity currency, is pleased to provide shareholders
this quarterly update.

tally® is a commodity currency (not a cryptocurrency and not government
issued debt-based fiat currency), that works independently of the traditional
banking system, but seamlessly interacts with its global payments
infrastructure.  1 tally® = 1 milligram of physical gold vaulted on the
customer's behalf.  Tally customers make payments in, payments out, save and
spend tally® using their individual Tally Account with IBAN (International
Bank Account Number) and linked debit Mastercard®, like they use their local
fiat currency but using money that protects and benefits the customer, not the
bank.

Cameron Parry, Chief Executive Officer and Founder, commented: "Q1 has seen an
exciting upswing in momentum for Tally as a trusted alternative money for UK
consumers and sought after fintech for public market listing.

Throughout Q1, Tally has evidenced the controlled take up of hundreds of new
customers per week whilst reducing the average cost per account open and
expanding its distribution channels of customer acquisition.  We continue
building data to evidence the economic viability of the core business model
and optimising various metrics including CAC (customer acquisition cost), ROI
(return on investment), LTV (lifetime value), and growing TIC (tally in
circulation i.e. assets under management).

Following the shareholder AGM held 30 December 2021 where all resolutions were
unanimously passed and granting permission to do so, the Company adopted new
articles of association suitable for listing on the London Stock Exchange
(LSE) Main Market and changed its name from TALLY LTD to TALLY CENTRAL LTD.

Organisationally we continued to develop the team and structure and during the
quarter Tally appointed our Chief Technology Officer and expanded the
engineering team.  The Board and CEO agreed and implemented a
performance-based 'carrot and stick' structure to lock in the key person
behind the Company's vision and secure the intellectual property for the
Company into its next phase of product and commercial development.

Tally's investment assets have continued to make good progress with Railsbank
Technology Ltd targeting a new funding round at a value of circa double their
last funding round, and negotiations for the sale of Tally's 32% interest in
its Finland JV, Kalevala Gold Oy, making good headway.  As previously
announced, in Q3 2021 Tally entered into an agreement to sell its shareholding
in Indian gold exploration private company, Geomysore Services ("India") Pvt
Ltd to Bombay Stock Exchange listed, Deccan Gold Mines Limited.  This
transaction continues to progress through the regulatory channels required
whilst concurrently new investment interest in Geomysore is being negotiated
directly.

There are numerous work programs running in parallel, from implementation of
our next generation platform technology, building business model data,
converting private company mining interests into listed securities,
strengthening the team structure and the Board, and completing negotiations to
change our cards vertical in line with development of our new platform
technology to meet the needs of Tally's vision as a B2C offering and B2B
global currency provider.

Preparatory work for the Company's IPO commenced in Q1. From various planning
meetings it is apparent that a definitive timeline to listing can not yet be
given as all of the above workstreams dovetail into the Company demonstrating
a value that exceeds the LSE's minimum main market valuation requirements.
The Board and I, like all shareholders, are champing at the bit to see the
Company listed and utilise exposure as a publicly traded company to increase
Tally's brand presence and product awareness.  I eagerly look forward to
having more definitive information to provide Shareholders on all fronts in
our next update."

 

tally® priced in GBP at time of this announcement (and previous
announcements):

o  1 tally® = 4.71 pence (i.e. t1 = £0.0471)

o  Approx. 21 tally® = 1 GBP (i.e. £1 = t21)

o  As at 31 December 2021 announcement, 1 tally® = 4.17 pence (approx. £1 =
t24)

o  As at 30 June 2021 announcement, 1 tally® = 4.10 pence (approx. £1 =
t24)

o  As at 31 March 2021 announcement, 1 tally® = 4.00 pence (approx. £1 =
t25)

o  As at 31 December 2020 announcement, 1 tally® = 4.47 pence (approx. £1 =
t22)

o  As at 30 September 2020 announcement, 1 tally® = 4.71 pence (approx. £1
= t21)

o  As at 30 June 2020 announcement, 1 tally® = 4.63 pence (approx. £1 =
t22)

o  As at 31 March 2020 announcement, 1 tally® = 4.21 pence (approx. £1 =
t24)

o  As at 02 January 2020 announcement, 1 tally® = 3.71 pence (approx. £1 =
t27)

o  As at 25 November 2019 announcement, 1 tally® = 3.67 pence (approx. £1 =
t27)

o  As at 02 September 2019 announcement, 1 tally® = 4 pence (approx. £1 =
t25)

o  As at 10 June 2019, the initial release date, 1 tally® = 3.33 pence
(approx. £1 = t30)

 

Product and Operational Development

·   Company's platform technology ("Teco") commenced being phased in for
back-office operations management.

·    Engineering team expanded and Chief Technology Officer appointed.

·    Optimised affiliation partners output whilst maintaining new account
openings and reducing CAC (customer acquisition cost).

Ongoing Business Activities

·    Continue to optimise the customer journey from acquisition to
activity.

·    Continue phasing in of Tally's new platform technology, Teco.

·    Conclude card migration and changes to the Company's cards vertical.

·   Progress negotiations to see the Company's Indian mining and Finland
mining interests convert from non-current assets on the Company's balance
sheet to listed securities.

IPO Plans

·    Complete interim accounts and agree IPO professional costs and work
schedule.

·    Commence drafting the Company's prospectus.

·   Complete the conversion of mining interests so they can be valued
mark-to-market and not require independent geological expert opinions to
appear in the Company's prospectus.

·    Complete the organisational structure for public company listing
suitability.

·    Continue discussions with potential strategic cornerstone investors.

 

For further information or if shareholders have any queries, please contact
our office via corporate@tallymoney.com

 

Enquiries:

 Cameron Parry (Chief Executive Officer)   Tel: +44 (0)20 3490 6210

 corporate@tallymoney.com                  www.tallymoney.com (http://www.tallymoney.com)

 

 

About TALLY

·    Tally Ltd is the non-fiat monetary system innovator behind the
full-reserve payments platform and physical-asset digital money, tally®, that
operates seamlessly with government-issued fiat currency (e.g. pounds, euros,
dollars) and the fractional-reserve banking system.

·     Each unit of tally® = 1 milligram of LBMA-accredited gold vaulted
in Switzerland with Brinks® on behalf of the customer and utilised by the
customer via their Tally Account with individual IBAN (International Bank
Account Number) and contactless Tally debit Mastercard®.

·     tally® is not a fiat currency and tally® is not a cryptocurrency.

·    Tally's platform technology enables customers to use physical gold as
spendable money and  save, send and spend physical asset value in real time.

·    Tally's wholly owned UK subsidiary company, TallyMoney Ltd, is a
recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial
Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No.
900594).

·    The Tally App is available on iPhone and Android by searching
TallyMoney on the Apple App Store or Google Play Store.

·   Tally Central Ltd currently holds shares as investment assets in
UK-based Banking-as-a-Service fintech Railsbank Technology Ltd, leading India
gold exploration company Geomysore Services India Pvt Ltd and Finland gold
exploration joint venture company Kalevala Gold Oy.

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