Final Results and Publication of Annual Report
17/08/2023 12:00
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RNS Number : 6580J Bowen Fintech PLC 17 August 2023
This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
17 August 2023
Bowen Fintech Plc
("Bowen" or the "Company")
Final Results and Publication of Annual Report
Bowen (LSE: BWN), a special purpose acquisition company formed to acquire
businesses in the technology innovations market with a focus on the financial
services sector, announces its final results for the year ended 30 April 2023
and the publication of its annual report.
Summary
· Joined the Official List of the London Stock Exchange (by way of a
Standard Listing) on 31 October 2022
· Raised gross proceeds of £2 million through a placing of new ordinary
shares of 1 penny each in the Company ("Ordinary Shares")
· The Board commenced its search for acquisition opportunities in the
technology innovations market with a focus on companies that own products or
applications that are relevant to the financial services sector, although
applications relevant to other sectors may be considered
· As of 30 April 2023, the Company had cash and cash equivalents of
£1.7 million
Publication of Annual Report
Today the Company has published its annual report for the year ended 30 April
2023 on the Bowen website in the 'Financial Reports' section
at: https://ukbowen.com/investors/#reports
(https://ukbowen.com/investors/#reports)
Enquiries
Bowen Fintech Plc c/o +44 (0)204 582 3500
Aamir Quraishi, Non-executive Chairman
Optiva Securities Ltd - Broker +44 (0)203 137 1903
Vishal Balasingham
Gracechurch Group - Financial PR +44 (0)204 582 3500
Harry Chathli, Claire Norbury
Introduction
Bowen was formed as a special purpose acquisition company to acquire
businesses, or assets, in the technology innovations market with a focus on
companies that own products or applications that are relevant to the financial
services sector, such as digital payment systems, trading platforms and other
related infrastructure. The Company raised gross proceeds of £2.0 million
through a placing of Ordinary Shares was admitted to trading on the Official
List of the London Stock Exchange (by way of a Standard Listing) ("Admission")
on 31 October 2022.
Since Admission, the Board has begun screening and identifying potential
acquisition targets and will update the market, as appropriate, in due course.
Financial Review
The net loss for the year to 30 April 2023 was £0.2 million. This primarily
respects day-to-day administration expenses of £0.2 million.
The basic loss per share for 2023 was 0.8 pence.
As at 30 April 2023, the Company had cash and cash equivalents of £1.7
million derived from the placing in relation to the Company's admission to the
Standard Listing segment of the London Stock Exchange.
Strategy & Outlook
As noted, Bowen is seeking to acquire businesses or assets in the technology
innovations market, with a focus on companies that own products or
applications that are relevant to the financial services sector, such as
digital payment systems, trading platforms and other related infrastructure.
Applications relating to other sectors may also be considered. While not
limited to a particular geographic region, the Directors expect they will
acquire a company mostly likely located in the UK, Europe, Asia or the US.
The Directors intend to consider businesses that are:
· founder or entrepreneur-led, typically with a buy-and-build strategy;
· preferably already revenue generating and within the small to medium
cap range where the Board believes it has greater access and where the
negotiation process is generally less time consuming than companies that are
much larger;
· at an inflection point, such as those requiring additional management
expertise, are able to innovate by developing new products or services, or
where the Board believes it can drive improved financial performance and it
may help facilitate growth; and are
· well positioned to benefit from being a public company and leverage
the Board's capital markets experience.
The Board, collectively, has significant experience in establishing and
growing businesses along with significant experience of managing public
companies and risks associated with such ventures both operationally and
financially. The Board believes that it has a broad network of contacts and
corporate relationships that makes it efficient at sourcing and evaluating
businesses and bridging cultural differences to negotiate and execute a
transaction in a timely and professional manner.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 April 2023
For the year ending For the period from
30 April 2023 21 April 2021 to
30 April 2022
£ £
Administrative expenses (160,125) (64,976)
Share-based payment charge (88,050) -
Loss from operations (248,175) (64,976)
Loss before taxation (248,175) (64,976)
Income tax - -
Loss for the period and total comprehensive income for the period (248,175) (64,976)
Basic and diluted loss per Ordinary Share (0.008) (0.013)
STATEMENT OF FINANCIAL POSITION
As at 30 April 2023
As at As at
30 April 2023 30 April 2022
£ £
ASSETS
Current assets
Cash and cash equivalents 1,730,544 9,463
Trade and other receivables 9,167 -
Total assets 1,739,711 9,463
Liabilities
Current Liabilities
Trade and other payables (62,769) (9,000)
Director's Loan - (15,439)
Total Liabilities (62,769) (24,439)
Net assets / (liabilities) 1,676,942 (14,976)
EQUITY
Equity attributable to owners
Ordinary Share capital 550,000 50,000
Share premium 1,352,043 -
Warrant reserve 88,050 -
Retained losses (313,151) (64,976)
Total equity 1,676,942 (14,976)
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2023
Ordinary share capital Share premium Warrant Reserve Retained losses Total equity
£ £ £ £ £
Comprehensive loss for the period
Loss for the period - - - (64,976) (64,976)
Total comprehensive loss for the period - - - (64,976) (64,976)
Transactions with owners
Ordinary shares issued on incorporation 50,000 - - - 50,000
Total transactions with Shareholders 50,000 - - - 50,000
As at 30 April 2022 50,000 - - (64,976) (14,976)
Comprehensive loss for the period
Loss for the period - - - (248,175) (248,175)
Total comprehensive loss for the period - - - (248,175) (248,175)
Transactions with owners
Issue of ordinary shares 500,000 1,500,000 - - 2,000,000
Cost of share issue - (147,957) - - (147,957)
Share-based payments - - 88,050 - 88,050
Total transactions with Shareholders 500,000 1,352,043 88,050 - 1,940,093
As at 30 April 2023 550,000 1,352,043 88,050 (313,151) 1,676,942
STATEMENT OF CASH FLOWS
For the year ended 30 April 2023
Year ended 30 April 2023 Period ended 30 April 2022
£ £
Cash flows from operating activities
Loss before income tax (248,175) (64,976)
Share-based payment charge 88,050 -
Increase in other receivables (9,167) -
Increase in other payables 53,769 9,000
Net cash from operating activities (115,523) (55,976)
Cash flows from financing activities
Cash received from issue of Ordinary Shares 2,000,000 50,000
Issue costs settled during the period (147,957) -
Director's loan (paid) / received (15,439) 15,439
Net cash inflow from financing activities 1,836,604 65,439
Net increase in cash and cash equivalents 1,721,081 9,463
Cash and cash equivalents at beginning of period 9,463 -
Cash and cash equivalents at end of period 1,730,544 9,463
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