Half-year Report
08/11/2021 07:00
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RNS Number : 5718R TMT Acquisition PLC 08 November 2021
TMT Acquisition plc
("TMT Acquisition" or the "Company")
Unaudited Interim Results
TMT Acquisition (LSE: TMTA), the investment business established to pursue
opportunities in the technology, media and telecom sector, today announces its
unaudited interim results for the period from 25 March to 30 September 2021.
Harry Hyman, Non-Executive Chairman of TMT Acquisition, said:
"We are delighted with outcome of the listing and the support shown from
institutional shareholders. In the short time we have been on the market we
have already started evaluating a number of investment opportunities and look
forward to updating shareholders with developments when appropriate."
Excerpts of the interim results are set out below.
- Ends -
For further information please contact:
TMT Acquisition plc via Vox Markets
Harry Hyman
Dowgate Capital Limited - Financial Adviser and Broker +44 (0)20 3903 7715
David Poutney / Nicholas Chambers
Vox Markets - Investor Relations TMTAcquisition@voxmarkets.co.uk
Kat Perez
Interim Management Report
TMT Acquisition was incorporated in March 2021 to pursue opportunities to
acquire businesses in the technology, media and telecom sector with a focus on
disruptive digitally enabled media and technology businesses. The Directors
have stated their intention to consider making an acquisition of the following
types of businesses:
- Platform and marketplace businesses;
- Tech-enabled disruptive businesses;
- E-Commerce businesses; and
- On-line B2B and enterprise solutions businesses.
From incorporation on 25 March 2021, the Company prepared for a listing on the
standard segment of the Official List of the Financial Conduct Authority and
to trading on the main market for listed securities of London Stock Exchange
plc (the "LSE"). The interim results for the period ending 30 September 2021
reflect part of the costs to list. During this period the Company recorded a
net loss of £0.04 million being the minimal running costs of the Company. The
Directors draw no salary, so any ongoing costs relate to administrative
expenses and listing fees.
On 11 October, the Company was admitted to listing on the standard segment of
the Official List and to trading on the main market for listed securities of
the LSE, raising gross proceeds of £5 million (net proceeds of £4.73
million) from institutional investors. As at 31 October 2021, current assets
were approximately £4.83 million.
Harry Hyman
Non-Executive Chairman
5 November 2021
Statement of Comprehensive Income
For the period ended 30 September 2021
Unaudited
25 Mar 21 to 30 Sep 21
£
Continuing operations
Administrative expenses (41,080)
Operating loss before tax (41,080)
Taxation -
Total comprehensive loss for the period attributable to the equity owners (41,080)
Loss per share
Basic and diluted (0.02)
The above results were derived from continuing operations.
The notes form part of these Interim Financial Statements.
Statement of Financial Position
As at 30 September 2021
Unaudited
As at
30 Sep 21
£
ASSETS
Current assets
Cash and cash equivalents 68,520
Total current assets 68,520
Total assets 68,520
LIABILITIES
Current liabilities
Trade and other payables 9,600
Total current liabilities 9,600
Total liabilities 9,600
NET ASSETS 58,920
EQUITY
Share capital 100,000
Accumulated losses (41,080)
TOTAL EQUITY 58,920
The Interim Report and Financial Statements were approved by the Board of
Directors and authorised for issue on 5 November 2021.
Harry Hyman
Non-Executive Chairman
The notes form part of these Interim Financial Statements.
Statement of Changes in Equity
For the period ended 30 September 2021
Share Capital Accumulated Losses Total Equity
£ £ £
As at 25 March 2021 - - -
Transactions with owners
Issue of ordinary shares 100,000 (41,080) 58,920
As at 30 September 2021 100,000 (41,080) 58,920
The notes form part of these Interim Financial Statements.
Statement of Cash Flows
For the period ended 30 September 2021
Unaudited
25 Mar 21 to 30 Sep 21
£
Cash flow from operating activities
Operating loss (41,080)
Cash outflow from operating activities (41,080)
Changes in working capital
Increase in trade and other payables 9,600
Net cash used in operating activities (31,480)
Cash flows from financing activities
Proceeds from issue of shares 100,000
Net cash generated from financing activities 100,000
Net increase in cash and cash equivalents 68,520
Cash and cash equivalents at the beginning of the period -
Cash and cash equivalents at the end of the period 68,520
The notes form part of these Interim Financial Statements.
Notes to the Interim Financial Statements
1. Company information
TMT Acquisition plc is a public company listed on the London Stock Exchange in
England and Wales. The Company is domiciled in England and its registered
office is 15 Fetter Lane, London, United Kingdom, EC4A 1BW.
The principal activity of the Company is that of identifying and acquiring
investment projects.
The Company was incorporated on 25 March 2021 and as such the interim
financial results cover the period from 25 March 2021 to 30 September 2021.
There are no comparative figures as this is the Company's first interim
period.
2. Accounting policies
2.1 Basis of preparation
These financial statements of the Company have been prepared on a going
concern basis in accordance with International Financial Reporting Standards
(IFRS) and IFRIC interpretations issued by the International Accounting
Standards Board (IASB), in accordance with the Companies Act 2006.
Measurement bases
The financial statements have been prepared under the historical cost
convention. Historical cost is generally based on the fair value of the
consideration given in exchange for assets.
The preparation of the financial statements in compliance with adopted IFRS
requires the use of certain critical accounting estimates and management
judgements in applying the accounting policies. The significant estimates and
judgements that have been made and their effect is disclosed in note 3.
2.2. Significant accounting policies
The accounting policies applied in preparing the Interim Financial Statements
are consistent with those that have been adopted in the historical financial
information included in the Company's Prospectus, which is available at
www.tmtacquisition.com (http://www.tmtacquisition.com) .
3. Significant judgments and estimates
The preparation of the Company's financial statements under IFRS requires the
Directors to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the statement of financial position date, amounts
reported for revenues and expenses during the period, and the disclosure of
contingent liabilities, at the reporting date.
Estimates and judgements are continually evaluated and are based on historical
experiences and other factors, including expectations of future events that
are believed to be reasonable under the circumstances.
The Directors consider that there are no critical accounting judgements or
estimates relating to the financial information of the Company.
4. Loss per share
The loss per share has been calculated using the loss for the period and the
weighted average number of ordinary shares entitled to dividend rights which
were outstanding during the period, as follows:
30 September 2021
Loss for the period attributable to equity holders of the Company (£) (41,080)
Weighted average number of ordinary shares 1,851,852
Loss per share (£) (0.02)
5. Share capital
Allotted and issued
The Company was incorporated on 25 March 2021. On incorporation, 2 ordinary
shares of £0.04 par value were issued at par.
On 13 May 2021, 2,499,998 ordinary shares of £0.04 par value were issued at
par.
6. Subsequent events
On 11 October 2021, the Company issued 25,000,000 ordinary shares, raising £5
million before expenses. On the same day, the Company announced that the
entire issued share capital of 27,500,000 ordinary shares was admitted to
trading on the main market for listed securities of the London Stock Exchange.
7. Approval of the Interim Report
The Interim Report, which includes the Interim Financial Statements, were
approved by the Board of Directors on 5 November 2021.
8. Availability of the Interim Report
The results for the period from 25 March to 30 September 2021 will be
available shortly on the Company's website: www.tmtacquisition.com
(http://www.tmtacquisition.com) .
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