RCS - Tally Ltd - Activities & Objectives 2021 - end of Q2 Update

MasterCardAnnouncement

01/07/2021 09:35

RNS Number : 7995D
  
Tally Ltd
  
01 July 2021
  
 

TALLY LTD
("Tally" or the "Company")
Activities & Objectives 2021 - end of Q2 Update
30 June 2021
Tally Ltd, the money innovator and non-fiat NBFI (Non-Bank Financial Institution) behind the full-reserve banking platform and physical-gold digital money, tally®, is pleased to update shareholders about the Company's activities and objectives.
tally® is a new category of money (not government issued fiat currency, nor a cryptocurrency), designed to protect and benefit the customer, not the bank.  tally® works independently to the traditional banking system, while seamlessly connecting with its global infrastructure.  The value of tally® is protected from inflation and bank risk and insulated from the economic consequences of the debt-based fiat currency fractional-reserve banking system.  Tally customers save, send and spend tally® using their Tally account (and linked debit Mastercard®) like any other currency in a bank account.
Cameron Parry, Chief Executive Officer and Founder, commented: "Tally continued to build strong foundations last quarter by increasing our organisational size and capability and commencing the build of Tally's new internal ledger architecture and banking engine, "Teco".
We have been progressing our plans to convert investments from being non-core fixed assets to current assets with an aim to see the Company fully funded by its investment assets by the end of 2021, as part of making Tally a robust IPO proposition.
Our crowdfunding strategy was deferred last quarter as we look to align that with the Company's planned IPO. As such Tally conducted a pre-IPO private placing at 2p per share in June raising circa £400,000 from investors and an external developer choosing to take shares as part payment for ongoing work.  Whilst it is restricted to professional and/or sophisticated investors, should any shareholders wish to discuss qualifying and participating in the current 2p found, please email corporate@tallymoney.com
We achieved several milestones last quarter, including the release of our upgraded pricing model for B2C customers, updated branding and release of our new website design along with 'how to' videos.  In addition, work has been ongoing in relation to the divestment of non-core assets to provide additional cash resources for growth and to launch the Company's fixed rate savings product.
We are targeting an IPO that would see us make application for listing the Company's shares on the London Stock Exchange Main Market in December 2021.  We haven't spoken of timelines to listing the Company's shares over the last 18 months, but given we're now at the end of our financial year and can proceed with our auditors to prepare audited accounts for Tally's IPO prospectus, the advances being made with our "Teco" platform, and progress being made on converting investment assets to liquid assets, it is a reasonable to start outlining the path to IPO. As previously stated, Tally's IPO strategy is not just about seeing the Company's shares available for trading, it is to add another regulated environment for Tally customer confidence, provide a platform for thought leadership about banking, money and fintech, and as part of our mission toward the democratisation of money."
 
tally® priced in GBP at time of this announcement (and previous announcements):
o  1 tally® = 4.10 pence (i.e. t1 = £0.0410)
o  Approx. 24 tally® = 1 GBP (i.e. t24 = £1.00)
o  As at 31 March 2021 announcement, 1 tally® = 4.00 pence (approx. 25 tally® = £1)
o  As at 31 December 2020 announcement, 1 tally® = 4.47 pence (approx. 22 tally® = £1)
o  As at 30 September 2020 announcement, 1 tally® = 4.71 pence (approx. 21 tally® = £1)
o  As at 30 June 2020 announcement, 1 tally® = 4.63 pence (approx. 22 tally® = £1)
o  As at 31 March 2020 announcement, 1 tally® = 4.21 pence (approx. 24 tally® = £1)
o  As at 02 January 2020 announcement, 1 tally® = 3.71 pence (approx. 27 tally® = £1)
o  As at 25 November 2019 announcement, 1 tally® = 3.67 pence (approx. 27 tally® = £1)
o  As at 02 September 2019 announcement, 1 tally® = 4 pence (approx. 25 tally® = £1)
o  As at 10 June 2019, the initial release date, 1 tally® = 3.33 pence (approx. 30 tally® =£1)
 
Product and Operational Development
·    Expanded organisational structure and team, including building the in-house marketing team and the appointment of a full-time CFO.
·   Commenced building Tally's new internal ledger architecture "Teco" to enable B2B customer integration and to enable an increased velocity of smartphone app product features and developments for B2C customers.
·     Released upgraded B2C pricing model.
·    Continued optimising app onboarding funnel to improve conversion rates and focused on fixing experiential bugs.
·     Website overhauled and multiple creative assets including "how to" videos released.
Ongoing Business Activities
·    Plan to complete the build and go live with Tally's "Teco" platform for new customers by the end of Q3 and run it in parallel with the existing ledger technology for existing B2C customers, with a view to migrating remaining customers across in Q4.
·    New marketing assets being created, testing multiple micro influencers and initial partnership campaigns to commence.
·    Further development and testing of 12-month fixed-rate savings product, security and trading strategies, and finalising legal framework.
·    Recruit new team members to the technology engineering team to expand backend and frontend development capability.
·     Commence work required by auditors for the end of financial year 30 June audited accounts.
·     Progress opportunities to convert the Company's mining interests from non-current assets to listed securities.
IPO Plans
·   Following the end of the Company's financial year, 30 June, preparatory work commences with the Company's auditors and in line with their schedule we aim to have completed audited accounts in October 2021.
·    During next quarter, the Company shall continue to grow the organisation, business and revenue streams, augment the board and concurrently carry out corporate work such as advisor negotiations and appointments, offer document drafting, negotiating the sale or conversion to listed securities of non-core assets, and rationalising the group structure with a view to having the Company's IPO prospectus available for investor roadshows in November 2021.
·    Following completion of the work outlined above, the Company intends to make application to the London Stock Exchange to have its shares listed on the LSE Main Market in December 2021.
Capital Raising Initiatives, TVR & PDMR
·   Tally has completed an equity investment round at 2p per share, which has raised in June £398,832, being comprised of £271,667 in new equity investment and £127,166 in external developer charges settled in shares.
 
·    As part of the funding round completed to date, the Company issued a total of 19,941,611 new ordinary shares that rank pari-passu with all existing ordinary shares.
 
·    As part of the funding round completed to date, the Company has issued a total of 21,041,611 warrants (including 1,100,000 for broker services) for new ordinary shares, each exercisable at 200% of the Company's Initial Public Offering ("IPO") price with a term of three years from the future IPO date ("IPO Warrants").
 
·   In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA, the issued ordinary share capital of Tally Ltd including the issue of the new ordinary shares is 668,064,392 Ordinary Shares with voting rights attached (one vote per share).  There are no shares held in treasury.
 
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




 
 
About TALLY
·    Tally Ltd is the non-fiat money and banking system innovator behind the full-reserve banking 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 individually issued bank account and contactless Tally debit card.
·     tally® is not a fiat currency and tally® is not a cryptocurrency.
·    The Tally banking platform connects physical asset ownership to the global banking system and enables instant liquidity to save, send and spend the physical asset value as money.
·   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 banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
·   Tally Ltd currently has a significant investment 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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