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REG - Tap Global Group PLC - Half-Year Report

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RNS Number : 7169Y  Tap Global Group PLC  31 March 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

31 March 2026

 

Tap Global Group PLC

("Tap Group", the "Company" or the "Group")

 

Half-Year Report for the Six Months Ended 31 December 2025

 

Tap Global Group PLC (AIM: TAP), an innovative digital finance hub that brings
money payments and crypto settlement services together in a single
user-friendly app, announces its financial results for the six months ended 31
December 2025 ("H1 26").

 

Financial Highlights

 

·    Revenues of £1.7 m (H1 25: £1.8m)

·    Other income of £208k (H1 25: nil)

·    EBITDA loss of £153k (H1 25 profit: £324k)

·    Loss Before Tax of £500k: (H1 25: £8k)

·    Cash at 31 December 2025 of £433k (30 June 2025: £810k)

·    Registered users at 31 December 2025 of 398k (H1 25: 380k)

 

Operational Highlights

 

·    Strategic partnership with tell.money to integrate its open banking
gateway into the Tap platform

·    Strategic partnership with Moorwand to support enhanced payments and
card infrastructure, enabling dedicated GBP and EUR accounts with full IBANs
and sort codes

·    Launched enhanced corporate customer programme

·    Launched Bitcoin Treasury as a Service for publicly listed companies

·    Appointed FinTech and blockchain executive Manuel De Luque Muntaner
as Non‑Executive Chairman

 

Manuel De Luque Muntaner, Chairman of Tap Group, commented:

"Despite some challenging months for businesses exposed to the recent drawdown
of crypto assets, the first half of the financial year for Tap Group has seen
stable revenues and meaningful operational progress, building stronger
foundations for future growth. Looking ahead, the Board remains focused on
disciplined execution, strong governance and ensuring the business is well
positioned for sustainable long-term growth."

 

Enquiries:

 Tap Global Group plc

 Arsen Torosian, Chief Executive Officer                   via Vigo Consulting
 SPARK Advisory Partners Limited (AIM Nominated Adviser)   +44 (0)20 3368 3555

 Andrew Emmott

 Angus Campbell
 Tennyson Securities (Joint Broker)                        +44 (0)20 7186 9030

 Peter Krens

 Alan Howard

 AlbR Capital (Joint Broker)                               +44 (0)20 7469 0930

 Gavin Burnell

 Jon Belliss

 Colin Rowbury
 Vigo Consulting (Investor Relations)                      +44 (0)20 7390 0230

 Ben Simons                                                tapglobal@vigoconsulting.com (mailto:tapglobal@vigoconsulting.com)

Amelia Thorn

Georgina Moul

 

Investor website:  investor.tap.global (https://investor.tap.global/)

 

About Tap Global Group plc

 

Tap Global Group plc bridges the gap between traditional finance and
blockchain technology. It offers over 400,000 registered individual and
business customers an innovative and fully integrated fiat payments and
cryptocurrency settlement service including access to several major
cryptocurrency exchanges. Through the Tap app, customers can trade over 70
cryptocurrencies and store them directly in their customer wallet, while
benefiting from proprietary AI middleware for real-time best-execution and
pricing.

 

Tap Group's European business, Tap Global Limited, was the first
cryptocurrency FinTech company to be approved by Mastercard in Europe.
Through the Tap card, European users can convert their cryptocurrencies to
fiat and spend at more than 37 million merchant locations worldwide.

 

Tap Group's operating subsidiaries

 

Tap Global Limited serves the European customer base and is registered in
Gibraltar and licensed and regulated by the Gibraltar Financial Services
Commission under the DLT with licence No. 25532.

 

Tap's Bulgarian subsidiary has been granted a VASP registration by the
National Revenue Agency of Bulgaria in order to qualify for the EU MiCA
regulations grandfathering provisions.

 

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/tapglobal/
(https://www.linkedin.com/company/tapglobal/)  |
X: https://x.com/TapGlobalPlc (https://x.com/TapGlobalPlc)

 

The person responsible for arranging the release of this announcement on
behalf of the Company is John Taylor, Non-Executive Director.

References herein to "Tap Group", the "Group" or the "Company" refer to Tap
Global Group Plc.

References to "Tap" or "Tap Global" refer to Tap Global Limited and/or Tap
Technologies Limited, which are wholly owned operating subsidiaries of Tap
Global Group Plc.

 

Tap Global Group Plc

Chairman's Statement

For the six-month period ended 31 December 2025 ("H1 26")

 

Introduction

 

I am pleased to present the financial results of Tap Group for the six months
ended 31 December 2025. From the Board's perspective, the period was one of
continued strategic development, investment in core capabilities and careful
focus on governance and execution. Despite some challenging months for
businesses exposed to the recent drawdown of crypto assets, the first half of
the financial year for Tap Group has seen stable revenues and continued
operational progress.

 

During the period, Tap Group strengthened platform capabilities, expanded
partnerships and began delivering new solutions for both retail and
institutional clients. Early contributions from strategic initiatives aimed at
growing the B2B side of the business, including our institutional Bitcoin
Treasury as a Service platform, demonstrate the growing impact of our business
model.

 

The admission to AIM has strengthened the Company's public market profile and
supports the next phase of disciplined growth. Our focus remains on  scaling
the B2B vertical and supporting the continued development of a broader and
more integrated digital financial offering  for our c.400,000 registered
users. Having laid the foundations, we are now poised to convert capability
into sustained commercial momentum.

 

Operations

 

This period saw good progress in Tap Group's strategy to build a broader, more
integrated and scalable customer proposition, seamlessly bridging traditional
fiat financial systems and the digital asset economy. In September 2025, the
Company entered into a Revised Payment Services Directive ("PSD2") compliant
partnership with tell.money to integrate its open banking capabilities into
the Tap Group platform. Customers are now able to use Tap accounts for
everyday financial activity, including salary receipt and bill payments,
positioning the platform as a genuine bridge between fiat financial systems
and digital assets.

 

This was followed in October 2025 with a strategic partnership with
FCA-regulated Moorwand, launching dedicated GBP and EUR IBANs. The partnership
is intended to strengthen infrastructure capabilities and support the Group's
ability to broaden customer services over time. Customers were now able to
receive income, set up Direct Debits, and manage day-to-day financial activity
directly through the Tap Group platform, extending the utility of the platform
beyond cryptocurrency into mainstream financial use. These steps reinforced
Tap Group's position as a trusted bridge between fiat and digital assets.

 

Following the Moorwand integration, the Company relaunched its corporate
customer programme, securing over 25 business clients from the outset. This
early adoption demonstrates the market demand for a fully regulated, seamless
solution for managing both fiat and digital assets in a single platform. This
initiative is expected to support diversification of revenue streams and
broaden the Group's commercial reach.

 

Also in October 2025, Tap Group, following a successful pilot phase, launched
its Bitcoin Treasury as a Service platform to provide publicly listed
companies with institutional-grade access to Bitcoin as a primary treasury
reserve. It offers global liquidity, seamless fiat-to-crypto conversion, and
comprehensive reporting, ensuring full compliance and robust custody. The
platform's first institutional client, London BTC Company Limited (LSE: BTC),
a London Stock Exchange Main Market-listed firm, validates the strength of our
infrastructure and the relevance of our regulated framework. The Company's
Bitcoin Treasury as a Service offering exemplifies how the Company is
translating strategic investments into tangible, scalable solutions for an
emerging market.

 

Tap customers now have access to over 70 cryptocurrencies across more than 40
countries, supported by improved trading optimisation and execution
capabilities. The expansion of XTP token utility, including cashback
functionality and subscription tiers, aims to deepen engagement and encourage
long-term participation in the Tap ecosystem. The Board remains focused on
ensuring that growth in ecosystem participation is matched by appropriate
governance, compliance, and operational oversight.

 

Financial Performance

 

The Group delivered a strong trading performance in the early part of the
period through October 2025; however, market conditions softened thereafter,
reflecting reduced trading activity across digital asset markets following
stronger conditions in the prior year. As a result, for the six months ended
31 December 2025, the Group generated revenue of £1.67 million, representing
a decrease of 6.9% compared with the corresponding period in the prior year.

 

During the period, the Group continued to benefit from previously implemented
cost optimisation initiatives, with gross profit margins maintained at over
75%. Gross profit for the period was £1.28 million (H1 2024: £1.31 million),
a decrease of 2.9%. In addition, the Group recognised £0.21 million of other
income relating to the final settlement of the agreement with Bitfinex.

 

Operating expenses increased year-on-year to £1.94 million, an increase of
35%. This was predominantly driven by higher legal and professional fees,
compliance costs and insurance.

 

Tap Group's EBITDA for the six-month period was a loss of £0.15 million.

 

The Group's cash position at 31 December 2025 was £0.43 million, a decrease
of 46.5% from 30 June 2025. The reduction was principally driven by the cash
payment of the £0.15 million GFSC regulatory settlement accrued in the prior
year, increased legal and compliance expenditure, and ongoing investment in
platform infrastructure and software development. The cash position is
expected to be strengthened by the post-period acquisition of XTP tokens, as
referred to below.

 

Following a strategic review, the Board has resolved to wind down the
Company's partnership with Zero Hash, the third-party provider of
cryptocurrency services for Tap Americas LLC. The arrangement, which had been
in place for approximately three years, did not generate meaningful revenue
and incurred annual operating costs of approximately $300,000. The termination
of this partnership is expected to reduce ongoing cost and working capital
requirements. The Company believes its existing European platform
infrastructure and regulatory capabilities position it well to re-enter the US
market directly through its own licensing, removing the need for third-party
technology and licence providers and enabling greater control over the
customer experience and unit economics.

 

 

Board and Management Changes

I would like to reiterate our thanks to Peter Wall, my predecessor as
Chairman, who stepped down in October 2025 to pursue a position within the
Government of Canada. Peter played an instrumental role in guiding Tap Group
through a pivotal stage of its development, and his strategic insight and
leadership were central to strengthening the Group and laying the foundations
for its successful admission to trading on AIM. In my role as Non-Executive
Chairman, my focus is on supporting the Board and management as we continue to
execute on the Group's growth strategy, building on the strong foundations
already established and ensuring we capitalise on the significant
opportunities ahead as a regulated platform bridging traditional finance and
digital assets.

 

I would also like to thank Steven Borg, who resigned from the Board in January
2026. The Board is grateful for Steven's contribution to the Group and wishes
him well in his future endeavours. Following this change, Andrew Milmine was
appointed Head of Finance. He will be working closely with the Board and
senior management team to support the Group's financial reporting, internal
controls, and ongoing compliance with the AIM Rules and applicable regulatory
requirements.

 

The Board remains focused on ensuring the leadership structure, capabilities,
and oversight framework are appropriate for the Group's next phase of
development.

 

Post-Period End

 

In March 2026, the Board (including myself) and members of senior management
voluntarily agreed to a comprehensive three-year lock-in and orderly market
arrangement covering, in aggregate, approximately 63.0% of the Company's
issued share capital. We believe this decision reflects alignment with
shareholders and the Board's confidence in the longer-term development of the
business, while maintaining appropriate governance standards. This step
reflects the Board's commitment to alignment, accountability and long-term
shareholder value.

 

Later in the month, the Company announced it had acquired three billion XTP
tokens from Tap N Go Ltd ("Tap N Go") for nil cost. The Company has over
32,850 users with an XTP balance on its platform, demonstrating the high level
of existing and potential future integration between Tap and the token. The
acquisition strengthens Tap Group's balance sheet and digital asset treasury
and deepens the Tap-XTP ecosystem integration as the tokens can be used for
cashback rewards and customer other incentives. Our aim is to build a scaled
and differentiated digital financial services platform with long-term
relevance in the crypto and fintech sector.

 

In March 2026, the Company commenced charging inactivity fees to certain
customer accounts in accordance with provisions contained within its existing
terms and conditions. While such provisions have historically formed part of
the Company's contractual framework, they had not previously been enforced in
practice. The Company generated approximately £0.44 million of revenue from
inactivity fees following the implementation of this policy. The application
of these fees was implemented after the reporting period and is therefore
considered a non-adjusting post-balance-sheet event. Accordingly, no amounts
have been recognised in the financial statements for the period ended 31
December 2025.

 

Outlook

 

While market conditions may remain variable, the Group is focused on
disciplined delivery, operational resilience and building sustainable
long-term value.

 

Thanks to its strong foundations, platform investment and lean operating
structure, the business has continued to strengthen its operational framework
and strategic direction and is in very good shape going into the second half
of the year. The Company is well positioned to benefit from a recovery in
crypto markets.

 

Our focus remains on scaling the platform and building a leading bridge
between traditional finance and digital assets. The Board will continue to
support growth while maintaining a strong focus on governance, capital
discipline, and long-term shareholder returns.

 

 

Manuel De Luque Muntaner
Non-Executive Chairman

31 March 2026

 

Tap Global Group Plc

Interim Consolidated Statement of Comprehensive Income

For the six-month period ended 31 December 2025

 

 

                                                 Dec-25       Jun-25       Dec-24
                                                 6 months     12 months    6 months
                                                 unaudited    audited      unaudited
                                                 £            £            £
                                          Notes
 Revenue                                         1,672,891    3,479,286    1,797,189

 Cost of sales                                   (396,692)    (862,850)    (482,851)

 Gross profit                                    1,276,199    2,616,436    1,314,338

 Other Income                                    208,000      419,755      -

 Operating expenses                       1      (1,947,514)  (3,800,110)  (1,446,580)

 Administrative Expenses                         -            (150,000)    -

 Impairment loss on goodwill                     -            (4,702,649)  -

 Exchange difference                             28,546       97,562       (43,849)

 Gain on disposal of investment                  -            -            -

 Fair value adjustments                          -            -            -

 Gain/(Loss) on sale of cryptoassets      8      (65,578)     (180,820)    167,477

 Loss before income tax                          (500,347)    (5,699,826)  (8,614)

 Tax on loss                                                                                                -

                                                 (3,677)      (14,576)

 Total comprehensive loss for the period         (504,024)    (5,714,402)  (8,614)

 

 Loss per share                0.0678  0.77  0.0012

 Basic and diluted (pence)

 

 

 

Group operations are classed as continuing.

The notes form part of these interim consolidated financial statements.

Tap Global Group Plc

Interim Consolidated Statement of Financial Position

As at 31 December 2025

 

                                                         Dec-25        Jun-25        Dec-24
                                                         unaudited     audited       unaudited
                                                         £             £             £
 ASSETS                                            Note
 Non-current assets
 Tangible assets, including right-of-use assets    3     17,287        34,176        52,105
 Investments                                       5     1,987         1,987         1,987
 Intangible assets - cryptoassets                  8     662,861       732,322       713,663
 Intangible assets - software and website domains        1,418,046     1,394,324     1,351,142
 Goodwill                                                1,286,228     1,286,228     5,988,877
 Total non-current assets                                3,386,409     3,449,037     8,107,774

 Current assets
 Cash and cash equivalents                               433,488       810,729       889,701
 Trade and other receivables                       6     400,107       597,525       199,338
 Total current assets                                    833,596       1,408,254     1,089,039

 Total assets                                            4,220,005     4,857,291     9,196,813

 LIABILITIES AND EQUITY

 Non-current liabilities
 Lease liability                                   4     -             -             13,276
 Director's loan                                         1,042,320     1,042,320     900,109
 Total non-current liabilities                           1,042,320     1,042,320     913,385

 Current liabilities
 Trade and other payables                          7     620,584       554,268       510,269
 Accruals                                                115,358       385,670       258,340
 Director's current account                              -             -             -
 Lease liability                                   4     8,778         26,330        30,144
 Total current liabilities                               708,349       966,268       798,753

 Equity
 Capital and reserves
 Called up share capital                                 2,274,666     2,273,466     2,223,466
 Share premium                                           28,616,258    28,587,458    27,685,458
 Option & warrant reserve                                501,688       492,715       374,898
 Profit and loss account                                 (28,959,647)  (28,504,936)  (22,799,148)
 Equity shareholders' funds                              2,432,965     2,848,703     7,484,674

 Total liabilities and equity                            4,220,005     4,857,291     9,196,812

 

 

The notes form part of these interim consolidated financial statements.

Tap Global Group Plc

Interim Consolidated Statement of Changes in Equity

For the six-month period ended 31 December 2025

 

 

                                          Called up share capital                                             Share premium                                                       Option & warrant reserve                                              Profit and loss account  Total
                                          £                                                                   £                                                                   £                                                                     £                        £
 As at 1 July 2024                        2,223,466                                                           27,685,458                                                          374,898                                                               (22,790,534)             7,493,288
 Total comprehensive loss for the year                                  -                                                                    -                                                                    -                                     (5,714,402)              (5,714,402)
 Issue of shares                          50,000                                                              902,000                                                             -                                                                     -                        952,000
 Share options issued                     -                                                                   -                                                                   117,817                                                               -                        117,817
 As at 30 June 2025                       2,273,466                                                           28,587,458                                                          492,712                                                               (28,504,936)             2,848,703

 As at 1 July 2025                        2,273,466                                                           28,587,458                                                          492,715                                                               (28,504,936)             2,848,703
 Total comprehensive loss for the period                                 -                                                                   -                                                                    -                                     (504,024)                (504,024)
 Issue of shares                          1,200                                                               28,800                                                              -                                                                     -                        30,000
 Share options expired                    -                                                                   -                                                                   (51,502)                                                              49,313                   (2,189)

 Share options granted                    -                                                                   -                                                                   60,475                                                                -                        60,476
 As at 31 December 2025                   2,274,666                                                           28,616,258                                                          501,688                                                               (28,959,647)             2,432,965

 

 

 

 

 

 

The notes form part of these interim consolidated financial statements.

Tap Global Group Plc

Interim Consolidated Statement of Cash Flows

For the six-month period ended 31 December 2025

 

                                                     Dec-25             Jun-25       Dec-24
                                                     unaudited          audited      unaudited
                                                     £                  £            £
  Cash flow from operating activities

  Loss after taxation for the period                 (504,024)          (5,714,402)  (8,614)

  Adjustment for:
  Depreciation                                       18,681             37,191       18,684
  Amortisation                                       345,800            654,361      328,102
  Finance costs                                      448                1,818        908
  Share option charge                                58,286             117,817      -
  Cryptoassets clawed back                           -                  (419,755)    -
  Unrealised gain on sale of cryptoassets            21,301             -            -
  Loss on sale of cryptoassets                       (65,578)           182,622      (167,477)
  Impairment of goodwill                             -                  4,702,649    -

  Change in:
  Trade and other receivables                        197,418            (218,939)    179,247
  Trade and other payables                           (203,996)          472,802      159,263
  Cash generated from operations                     (131,665)          (183,836)    510,113
  Tax paid                                           -                  -            -
  Net cash used in operating activities              (131,665)          (183,836)    510,113

  Cash flow from investing activities
  Proceeds from cryptoassets                         1,665,141          2,345,279    642,363
  Additions to cryptoassets                           (1,551,403)       (2,092,574)  (440,655)
  Purchase of intangible assets                      (369,522)          (738,840)    (369,401)
  Purchase of tangible assets                        (1,792)            (579)        -
  Net cash used in investing activities              (257,575)          (486,716)    (167,693)

  Cash flow from financing activities
  Repayment of lease liabilities                     (18,000)           (36,000)     (18,000)
  Issued Capital                                     30,000             952,000      -
  Net cash used in financing activities              12,000             916,000      (18,000)

  Increase/(decrease) in cash and cash equivalents   (377,241)          245,448      324,420
  Cash and cash equivalents at beginning of period   810,729            565,281      565,281
  Cash and cash equivalents at end of period         433,488            810,729      889,701

 

 

The notes form part of these interim consolidated financial statements.

Notes to the Interim Consolidated Financial Statements

For the six-month period ended 31 December 2025

 

Financial Information

 

The financial information set out in these interim consolidated financial
statements does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The Group's consolidated statutory financial
statements for the year ended 30 June 2025 have been filed with the Companies
House.  The auditor's report on those financial statements was unqualified
and did not contain a statement under Section 498(2) of the Companies Act
2006.

 

These interim results have not been audited, nor have they been reviewed by
the Company's auditors under ISRE 2410 of the Auditing Practices Board.

 

These interim consolidated financial statements are for the six-month period
ended 31 December 2025. They have been prepared following the recognition and
measurement principles of International Financial Reporting Standards (IFRS).
They do not include all the information required for full annual financial
statements and should be read in conjunction with the financial statements for
the period ended 30 June 2025.

 

Going concern

 

The directors, having made appropriate enquiries, consider that adequate
resources exist and continued support of the directors is forthcoming for the
Company to continue in operational existence for the foreseeable future,
therefore, it is appropriate to adopt the going concern basis in preparing
these interim financial statements for the period ended 31 December 2025.

 

 

 

1.   Operating expenses

 

                                Dec-25     Jun-25     Dec-24
                                £          £          £
 Salaries                       271,397    707,950    391,806
 Legal and professional fees    275,714    655,782    30,097
 Marketing and communications   64,927     112,032    69,211
 IT Costs                       225,637    381,465    187,709
 Depreciation and amortisation  347,368    654,361    330,901
 Other operating expenses       762,473    1,288,520  436,855

 Total                          1,947,514  3,800,110  1,446,580

 

 

 

2.   Earnings per share

 

The calculation of earnings per share is based on the loss attributable to
shareholders divided by the weighted average number of ordinary shares in
issue, being 743,520,494 during the period. This results in a loss per share
of £0.000678 (2024: £0.000012).

 

The effect of all potential ordinary shares are anti-dilutive for the periods
ended 31 Dec 2025, 30 June 25 and 31 Dec 2024.

 

 

 

3.   Tangible assets - right-of-use assets

 

                            Right-of-use  Computer   Fixtures &      Total
                            asset         equipment  Fittings
 Cost                       £             £          £               £
 Balance as at 30 Jun 2025  190,650       27,914     5,489           224,053
 Additions                  -             1,792      -               1,792
 Balance as at 31 Dec 2025  190,650       29,706     5,489           225,845

 Depreciation
 Balance as at 30 Jun 2025  166,819       19,618     3,440           189,876
 Additions                  15,888        2,382      412             18,681
 Balance as at 31 Dec 2025  182,706       22,000     3,852           208,558

 Net book value
 At 31 December 2025        7,944         7,706      1,637           17,287
 At 30 June 2025            23,831        8,296      2,049           34,176

 

 

 

4.   Lease liability

 

                         Dec-25   Jun-25   Dec-24
                         £        £        £
 Opening balance         26,330   43,420   60,512
 Interest expense        448      909      909
 Payments                -18,000  -18,000  -18,000
 At the end of the year  8,778    26,330   43,420
 Current                 8,778    26,330   30,144
 Non-current             -        -        13,276

 

 

 

5.   Tangible assets - investments

 

                  Dec-25  Jun-25  Dec-24
                  £       £       £
 Opening balance  1,987   1,987   1,987
 Disposals        -       -       -
 Revaluations     -       -       -

 Total            1,987   1,987   1,987

 

 

 

 

6.   Trade and other receivables

 

 

                    Dec-25   Jun-25   Dec-24
                    £        £        £
 Trade receivables  113,336           14,019
 Prepayments        164,041  333,955  166,536
 Other receivables  122,730  263,570  18,784

 Total              400,107  597,525  199,338

 

 

7.   Trade and other payables

 

                 Dec-25   Jun-25   Dec-24
                 £        £        £
 Trade payables  593,143  508,530  466,122
 Other payables  27,441   45,738   44,148

 Total           620,584  554,268  510,270

 

 

8.   Intangible assets - cryptoassets held for investment

 

 

                                          Dec-25       Jun-25       Dec-24
                                          £            £            £
 Opening balance                          732,322      747,894      747,894
 Additions                                1,665,141    2,092,574    440,655
 Disposals                                (1,551,403)  (2,345,278)  (642,363)
 Unrealised gain on sale of cryptoassets  (162,503)    (182,622)    167,477
 Realised gain on sale of cryptoassets    (15,772)     -            -

 Closing Balance                          662,861      732,322      713,663

 

 

 

9.   Share Options and Warrants

 

Share Options

 

The Parent company grants share options to employees as part of the
remuneration of key management personnel and directors to enable them to
purchase ordinary shares in the Parent company. During the period, the
previous Chairman resigned from his position and the 30,000,000 share options
that he held have lapsed. On 19 November 2024 10,000,000 options were awarded
to the new Non-Executive Chairman. In addition to this, four employees who
held share options left the Company during the reporting period and the
4,650,000 options they held have also lapsed.

 

 

 Name of grantee           Expiry Date  Exercise price  Outstanding as at Jun 25  Granted/(lapsed) during the period  Outstanding as at Dec 25

                                        £
 Peter Wall                14 Nov 2034  0.025           30,000,000                (30,000,000)                        -
 Arsen Torosian            17 Nov 2034  0.03            20,000,000                -                                   20,000,000
 John Taylor               17 Nov 2034  0.03            10,000,000                -                                   10,000,000

 Manuel De Luque Muntaner  19 Nov 2035  0.03            -                         10,000,000                          10,000,000
 Various Employees         17 Feb 2035  0.03            28,950,000                (4,650,000)                         24,300,000
                                                        88,950,000                (24,650,000)                        64,300,000

 

Share Warrants

 

The group has 39,444,445 share warrants with each warrant giving the holder
the right to subscribe for one ordinary share in the group at a price of
£0.08 per share, these expired on 9 January 2026.

 

The group also has 2,250,000 share warrants with each warrant giving the
holder the right to subscribe for one ordinary share in the group at a price
of £0.02 per share and will expire on 17 February 2028

 

Furthermore, the group has an additional 1,000,000 share warrants with each
warrant giving the holder the right to subscribe for one ordinary share in the
group at a price of £0.045 per share and will expire on 10 January 2028.

 

 Name of grantee          Expiry Date  Exercise price  Outstanding as at Jun 25  Granted/(lapsed) during the period  Outstanding as at Dec 25

                                       £
 Oliver Wu & Eric Xu      9 Jan 2026   0.08            34,444,445                -                                   34,444,445
 Riverfort Capital        9 Jan 2026   0.08            5,000,000                 -                                   5,000,000

 John Taylor              9 Jan 2028   0.045           1,000,000                 -                                   1,000,000
 Tennyson Securities      17 Feb 2028  0.02            2,250,000                 -                                   2,250,000
                                                       42,694,445                -                                   42,694,445

 

 

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