Tally Central Ltd

Management Reports • Oct 3, 2022

National Storage Mechanism | Additional information

RNS Number : 4573B

Tally Central Ltd

03 October 2022

TALLY CENTRAL LTD

("Tally Central" or the "Company")

Activities & Objectives 2022 - end of Q3 Update

3 October 2022

Tally Central Ltd, the money innovator and non-fiat monetary authority behind the Tally physical gold digital currency and payments ecosystem, is pleased to provide shareholders this quarterly update.

tally® is a tangible asset-based digital currency (not debt-based fiat currency, nor a cryptocurrency) that, through the Company's platform technology, works seamlessly with the fractional-reserve banking system and payments network.  1 tally® = 1 milligram of physical gold vaulted on the customer's behalf.  Customers make funds transfers and save and spend tally® using their individual Tally Account with IBAN (International Bank Account Number) and linked debit Mastercard®, just like they do their local fiat currency, but using money that protects and benefits depositors and savers, not banks.

Cameron Parry, Chief Executive Officer and Founder, commented: "Tally continued to evidence it's core business model in Q3 and build on key metrics around customer acquisition, activation and retention. We maintained controlled month-on-month results of approximately 10,000 app downloads and continued to add over 2,000 new onboarded customers per month with over 500 account activations, whilst reducing direct marketing spend to optimise customer acquisition cost.

Q3 saw Tally's public relations work gain some excellent exposure with coverage in major titles such as The Times, The Daily Telegraph, The Daily Mail, and The Express.  And the number of our website visitors were through 70,000 site visits per month.

A key corporate objective has been to complete the sale of the group's gold exploration and mining interests in India and Finland.  Progress was made in Q3 although completion was not. However, I am pleased to report that we are now moving to documentation stage which should see the sale of our current holding in Indian exploration company - Geomysore Services (India) Pvt Ltd, as well as the sale of our interest in Finnish exploration company - Kalevala Gold Oy, completed by the end of this calendar year.  

Work to complete our audited accounts for the full year ending 30 June 2022 continues in Q4 along with going live in phases with our platform technology, to broaden our accessible consumer markets for 2023 and beyond. 

As shareholders know, along with raising new equity capital, we see an Initial Public Offering ("IPO") of Tally shares as part of our strategy for increasing brand and product awareness and giving customers the additional confidence of dealing with an NBFI (Non-Bank Financial Institution) that is listed on the LSE (London Stock Exchange).  Further it is to enable people to own part of the tally central monetary authority.  Assessing the likelihood of a successful IPO at a share price that appropriately reflects value for existing shareholders, has been a quarter-by-quarter exercise.  At the end of June this year our expectation was, subject to several factors, that we should be able to list the Company on the LSE Main Market by the end of 2022.  During Q3 we have had multiple broker meetings and it is apparent from those meetings and our own observations of market conditions for IPOs, that it is in the best interests of the Company to use Q4 to continue growing revenues and customer numbers. This timing corresponds with other relevant milestones such as the sale of our investment assets, implementation of our independent new cards vertical and a pre-IPO funding.

We continue to build a valuable disruptive fintech and much-needed alternative money that favours savers, instead of banks and borrowers.  We thank all shareholders for their support and patience as we drive Tally forwards, building shareholder value and delivering a safe and beneficial monetary environment for our customers."

tally® priced in GBP at time of this announcement (and previous announcements):

·    1 tally® = 4.77 pence

·    £1.00 = 20.96 tally®

o  As of 30 June 2022 announcement, 1 tally® = 4.77 pence (approx. £1 = £21)

o  As of 01 April 2022 announcement, 1 tally® = 4.71 pence (approx. £1 = t21)

o  As of 31 December 2021 announcement, 1 tally® = 4.17 pence (approx. £1 = t24)

o  As of 30 June 2021 announcement, 1 tally® = 4.10 pence (approx. £1 = t24)

o  As of 31 March 2021 announcement, 1 tally® = 4.00 pence (approx. £1 = t25)

o  As of 31 December 2020 announcement, 1 tally® = 4.47 pence (approx. £1 = t22)

o  As of 30 September 2020 announcement, 1 tally® = 4.71 pence (approx. £1 = t21)

o  As of 30 June 2020 announcement, 1 tally® = 4.63 pence (approx. £1 = t22)

o  As of 31 March 2020 announcement, 1 tally® = 4.21 pence (approx. £1 = t24)

o  As of 02 January 2020 announcement, 1 tally® = 3.71 pence (approx. £1 = t27)

o  As of 25 November 2019 announcement, 1 tally® = 3.67 pence (approx. £1 = t27)

o  As of 02 September 2019 announcement, 1 tally® = 4 pence (approx. £1 = t25)

o  As of 10 June 2019, the initial release date, 1 tally® = 3.33 pence (approx. £1 = t30)

Product and Operational Development

·    Continue to optimise and expand the public company organisational structure

·  Continue the phasing in of Teco (Tally Ecosystem technology platform) and integration with relevant technology partner platforms. 

·    Integrate new partners with Teco, for release of new cards under the new cards vertical to all active customers in Q4. 

Ongoing Business Activities

·    Continue building the active customer base and expanding the capabilities of the Tally monetary ecosystem.

·    Complete pre-IPO funding round

·    Complete audited accounts for the financial year ending 30 June 2022.

·   Conclude the sale of the Company's interest in Geomysore Services (India) Pvt Ltd to Deccan Gold Mines Ltd and complete the sale of Tally's Finland mining interests, to see the Company's Finnish and Indian mining interests exchanged for listed securities able to be valued mark-to-market on the Company's balance sheet in its IPO disclosure document.

For further information or to register for the Company's online monthly shareholder Q&A events, please contact our office via [email protected]

Enquiries:

Cameron Parry (Chief Executive Officer)	Tel: +44 (0)20 3490 6210
[email protected]	www.tallymoney.com

About TALLY

·    Tally Central Ltd is the monetary authority and innovator behind the full-reserve payments 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 network.

·   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 Tally Account with individual IBAN (International Bank Account Number) and contactless Tally debit Mastercard®.

·    tally® is not a fiat currency and tally® is not a cryptocurrency.

·   Tally's platform technology enables customers to use physical gold as spendable money and  save, send and spend physical asset value in real time.

·   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 App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.

·   Tally Central Ltd currently holds shares as investment assets in UK-based Banking-as-a-Service fintech Railsbank Technology Ltd, India's leading private gold exploration company Geomysore Services (India) Pvt Ltd and Finland gold exploration joint venture company Kalevala Gold Oy.

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