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RCS - Tally Central Ltd - Activities & Objectives 2022, Q2 Update

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RNS Number : 0997R  Tally Central Ltd  01 July 2022

TALLY CENTRAL LTD

("Tally Central" or the "Company")

Activities & Objectives 2022 - end of Q2 Update

1 July 2022

Tally Central Ltd, the money innovator and non-fiat monetary authority behind
the Tally physical gold digital currency and payments ecosystem, is pleased to
provide shareholders this quarterly update.

tally® is a tangible asset-based digital currency (not debt-based fiat
currency, nor a cryptocurrency) that, through the Company's platform
technology, works seamlessly with the fractional-reserve banking system and
payments infrastructure.  1 tally® = 1 milligram of physical gold vaulted on
the customer's behalf.  Customers make transfers in and out, and save and
spend tally® using their individual Tally Account with IBAN (International
Bank Account Number) and linked debit Mastercard®, just like they do their
local fiat currency, but using money that protects and benefits depositors and
savers, not banks.

Cameron Parry, Chief Executive Officer and Founder, commented: "In Q2 we've
taken some strong steps in growing the business and implemented Tally's
updated UK pricing model in the first month of this quarter to include Tally's
one-off £19 account and debit card activation fee whilst reducing the
customer account keeping fee to 0.9%p.a. for unlimited transactions, storage
and security.

Tally is now generating over 40,000 unique visits to our website each month
and had an average of 10,000 app downloads across the three months of Q2. We
have been adding over 2,000 new onboarded customers each month this quarter
with circa 25% activating their accounts. Tally in circulation (TIC) has also
been consistently increasing.

Through additional marketing channels, messaging and data reporting, the
business has been able to demonstrate metrics for customer growth, CAC
(customer acquisition cost) and LTV (lifetime value), as part of demonstrating
a compelling commercial opportunity.  This work will continue into the new
quarter to support the intended IPO of the Company.  The other workstreams
that continue concurrently are: development and phasing in features of the
Company's platform technology 'Teco', consolidation of our investment assets,
integrating our new cards vertical, and IPO-related corporate and financial
work.  A lot of this work will go beyond Q3 and with the resources available
to complete the audited accounts, the end of year 30 June 2022 financials
should be available at the end of October.  This means, along with other
financial and corporate information being prepared, we should be IPO-ready for
investor presentations in November and that, subject to a successful IPO
capital raise, should see the Company's shares admitted to trading in December
on the London Stock Exchange.

Tally is a product that is made even more compelling in these times of rampant
inflation and negative real interest rates, and no doubt the rising cost of
living is shifting the mindset of many people to consider using a Tally
Account as an alternative to the status quo for everyday payments and savings,
to insulate them from the inherent risks in the banking system and the chronic
loss of value that occurs in their fiat currency.   As part of our IPO plans
and increasing customer numbers and revenues, the Company is likely to conduct
a pre-IPO round to apply, in the main, to increasing marketing spend and our
customer base, and to provide for fixed non-performance-based IPO costs.

Regarding the Company's investment assets, negotiations are ongoing with
Bombay Stock Exchange-listed Deccan Gold Mines Ltd and the major shareholders
of Geomysore Services India Pvt Ltd (of which Tally Central is the third
largest).  We are also still working on finalising the sale of Tally
Central's Finnish joint venture asset, which has had the site visit delayed
due to the buyer's travel visa availability.  We were hopeful both deals may
have been completed in Q2, but this activity now carries into Q3.

On to operational matters, this quarter saw Tally sign contracts directly with
Mastercard® as our card scheme provider and we're excited to be building a
broad and long direct working relationship with them.  We were also extremely
pleased this quarter to commence working with Stripe® (the world's most
valuable unlisted fintech) to offer card acquiring for customer account
activation fee payments, as Stripe have historically not provided services for
financial services businesses.

Organisationally in Q2 we expanded our platform operations team with
additional analysts along with a Head of Operations who fulfilled that role at
ClearBank® for five years during which time they grew from a team of circa 20
people to over 300.

I'm pleased to say that life at Tally HQ is returning to 'normal' after the
disruption of these past couple of years, with most of the team physically
being in the office at least three days a week over Q2 and we'll look to
continue with this trend of in-person collaboration and activity as our team
grows.  Several of the team also featured in an article in City AM in late
May, speaking about the benefits of having their salary being paid in tally
(as opposed to GBP) and it was great to see this article was syndicated and
ultimately appearing in over 100 news publications over a period of two weeks
and reaching not only across the UK, but as far abroad as India and Argentina.

Lastly, it is my pleasure to announce that our CTO, Arun Ranganathan, joined
the Board of Tally Central Ltd as an Executive Director in June.  Arun adds
to Tally's Board his 20+ years' experience in digital transformation, SaaS,
mobile banking and payments, across start-ups, scale-ups and large
corporates.  Among his previous roles he was Chief Technology Officer at
Oakam®, Chief Information Officer at Fuel3D® and Director of Engineering at
WEX®.  Arun has been with Tally Central since the start of 2021 and leads
the Company's technology strategy and engineering operations and we welcome
his well-deserved appointment."

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

·    1 tally® = 4.77 pence

·    £1.00 = 20.96 tally®

 

o  As at 01 April 2022 announcement, 1 tally® = 4.71 pence (approx. £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

·   Expanded our in-house team with the appointment of a Head of
Operations and added new platform operations analysts, taking our team to over
20 FTE (full time employees or equivalent).

·    Entered into a direct working relationship with Mastercard® and
commenced working with Stripe® for card acquiring payment services at the
point of customer account activation.

·     Augmented the Board with the appointment of the Company's CTO,
Arun Ranganathan, as an Executive Director.  The Board of Tally Central Ltd
now comprises two executive directors (the CEO and the CTO) and two
non-executive directors.

Ongoing Business Activities

·     Continue building our customer base of onboarded and activated
customers and demonstrating the growing monetary ecosystem.

·     Secure remaining cards partners required and integrate with Teco,
for roll out of new cards under the new vertical to all active customers in
Q4.

·    Complete the site visit and negotiations for the sale of the
Company's Finland mining interests and assist where possible to finalise
negotiations between Deccan Gold Mines Ltd and Geomysore's major shareholders
to see Tally Central's Indian mining interests convert from non-current assets
on the Company's balance sheet to listed securities.

·      Continue the development of Teco and phasing in of features into
the backoffice and mobile app.

·      Progress the corporate, legal and financial work necessary for
the Company's planned IPO and appoint all advisors to the listing.

Appendix

 

The following details are disclosed in relation to the appointment of Mr
Ranganathan:

Current
directorships
Past directorships held within the last five years

None
None

Mr. Ranganathan owns 6,000,000 warrants exercisable at 2x the IPO price for a
period of 3 years from the date of IPO.

 

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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