Interim Results
23/11/2022 07:00
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RNS Number : 2358H TMT Acquisition PLC 23 November 2022
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 ended 30 September 2022.
Financial Highlights
· Net cash as at 30 September 2022 of £4,750,869
· Net assets as at 30 September 2022 of £4,731,814
· Operating loss and loss before tax of £45,461
· Basic and diluted loss per share of £0.00
Harry Hyman, Non-Executive Chairman of TMT Acquisition, said:
"The impact of the conflict in Ukraine combined with global inflation and
rising interest rates has adversely affected global equity markets, resulting
in significantly lower valuations, particularly for technology stocks. These
macro events and subsequent reduction in valuations are presenting investment
opportunities for the Board to evaluate, and we have seen an increase in the
number of opportunities in recent weeks and months.
We continue to apply a disciplined approach when evaluating opportunities,
focusing on the quality of earnings and the calibre of the management team,
with the objective to generate attractive long-term returns for shareholders.
We have continued to look at opportunities in the technology space and we hope
to have identified a suitable acquisition in the next 6 months or so. We have
just under £5m available to invest in a suitable target company looking for a
listing.
With the rise in interest rates the Board has recently assessed various
product offers to maximise the return on cash on deposit. The directors
believe current rates will broadly offset the ongoing administrative expenses
and listing fees.
We believe that our strong cash position, the current economic downturn
combined with our disciplined and patient approach, puts us in a prime
position to execute on our strategy.
Finally, I would like to take this opportunity to thank all my fellow
shareholders for their continued support"
- 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 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.
In October 2021, 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.
During the period ended 30 September 2022, the Company recorded a net loss of
£45,461 being the minimal running costs of the Company. The Directors draw no
salary, so any ongoing costs relate to administrative expenses and listing
fees.
As at 30 September 2022, current assets were approximately £4.76 million.
Harry Hyman
Non-Executive Chairman
22 November 2022
Statement of Comprehensive Income
For the period ended 30 September 2022
Unaudited Unaudited Audited
1 April 22 to 25 Mar 21 to 25 Mar 21
30 Sep 22 30 Sep 21 to
31 Mar 22
£ £
Continuing operations
Administrative expenses (45,461) (41,080) (101,532)
Operating loss before tax (45,461) (41,080) (101,532)
Taxation - - -
Total comprehensive loss for the period attributable to the equity owners (45,461) (41,080) (101,532)
Loss per share
Basic and diluted (0.00) (0.02) (0.01)
The above results were derived from continuing operations.
Statement of Financial Position
As at 30 September 2022
Unaudited Unaudited Audited
As at As at As at
30 Sep 22 30 Sep 21 31 Mar 22
£ £ £
ASSETS
Current assets
Trade and other receivables 13,582 - 6,563
Cash and cash equivalents 4,750,869 68,520 4,804,060
Total current assets 4,764,451 68,520 4,810,623
Total assets 4,764,451 68,520 4,810,623
LIABILITIES
Current liabilities
Trade and other payables 32,637 9,600 33,348
Total current liabilities 32,637 9,600 33,348
Total liabilities 32,637 9,600 33,348
NET ASSETS 4,731,814 58,920 4,777,275
EQUITY
Share capital 1,100,000 100,000 1,100,000
Share premium 3,778,807 - 3,778,807
Accumulated losses (146,993) (41,080) (101,532)
TOTAL EQUITY 4,731,814 58,920 4,777,275
The Interim Report and Financial Statements were approved by the Board of
Directors and authorised for issue on 22 November 2022.
Harry Hyman
Non-Executive Chairman
Statement of Changes in Equity
For the period ended 30 September 2022
Share Capital Share Premium Accumulated Losses Total Equity
£ £ £ £
As at 25 March 2021 - - - -
Comprehensive Income
Loss for the period - - (101,532) (101,532)
Transactions with owners
Issue of ordinary shares 1,100,000 4,000,000 - 5,100,000
Cost to issue shares - (221,193) - (221,193)
As at 31 March 2022 1,100,000 3,778,807 (101,532) 4,777,275
Comprehensive Income
Loss for the period - - (45,461) (45,461)
Transactions with owners
Issue of ordinary shares - - - -
As at 30 September 2022 1,100,000 3,778,807 (146,993) 4,731,814
Statement of Cash Flows
For the period ended 30 September 2022
Unaudited Unaudited Audited
1 April 22 25 Mar 21 to 25 Mar 21
to 30 Sep 21 to
30 Sep 22 31 March 21
£ £ £
Cash flow from operating activities
Operating loss (45,461) (41,080) (101,532)
Cash outflow from operating activities (45,461) (41,080) (101,532)
Changes in working capital
Increase in trade and other receivables (7,020) - (6,563)
Increase in trade and other payables (711) 9,600 33,348
Net cash used in operating activities (53,192) (31,480) (74,747)
Cash flows from financing activities
Proceeds from issue of shares - 100,000 5,100,000
Share issue costs - - (221,193)
Net cash generated from financing activities - 100,000 4,878,807
Net increase in cash and cash equivalents (53,192) 68,520 4,804,060
Cash and cash equivalents at the beginning of the period 4,804,060 - -
Cash and cash equivalents at the end of the period 4,750,869 68,520 4,804,060
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 comparative
interim financial figures cover the period from 25 March 2021 to 30 September
2021.
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 UK-adopted International Accounting Standards
(IFRS) 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 in the prior period Annual Report, 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 30 31
September September March
2022 2021 2022
Loss for the period attributable to equity holders of the Company (£) (45,461) (41,080) (101,532)
Weighted average number of ordinary shares 27,500,000 1,851,852 13,692,724
Loss per share (£) (0.00) (0.02) (0.01)
5. Share capital
Allotted and issued
Number of shares Share Capital Share Premium
£ £
Issued and fully paid Ordinary shares of £0.04 each 27,500,000 1,100,000 3,778,807
As at 30 September 2022 27,500,000 1,100,000 3,778,807
6. Subsequent events
There have been no subsequent events since the period end.
7. Approval of the Interim Report
The Interim Report, which includes the Interim Financial Statements, were
approved by the Board of Directors on 22 November 2022.
8. Availability of the Interim Report
The results for the period end 30 September 2022 will be available shortly on
the Company's website: www.tmtacquisition.com (http://www.tmtacquisition.com)
.
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