TALLY CENTRAL LTD
("Tally" or the "Company")
Activities & Objectives 2022 - end of Q1 Update
1 April 2022
Tally Central Ltd, the money innovator and operator of the Tally full-reserve monetary system and commodity currency, is pleased to provide shareholders this quarterly update.
tally® is a commodity currency (not a cryptocurrency and not government issued debt-based fiat currency), that works independently of the traditional banking system, but seamlessly interacts with its global payments infrastructure. 1 tally® = 1 milligram of physical gold vaulted on the customer's behalf. Tally customers make payments in, payments out, save and spend tally® using their individual Tally Account with IBAN (International Bank Account Number) and linked debit Mastercard®, like they use their local fiat currency but using money that protects and benefits the customer, not the bank.
Cameron Parry, Chief Executive Officer and Founder, commented: "Q1 has seen an exciting upswing in momentum for Tally as a trusted alternative money for UK consumers and sought after fintech for public market listing.
Throughout Q1, Tally has evidenced the controlled take up of hundreds of new customers per week whilst reducing the average cost per account open and expanding its distribution channels of customer acquisition. We continue building data to evidence the economic viability of the core business model and optimising various metrics including CAC (customer acquisition cost), ROI (return on investment), LTV (lifetime value), and growing TIC (tally in circulation i.e. assets under management).
Following the shareholder AGM held 30 December 2021 where all resolutions were unanimously passed and granting permission to do so, the Company adopted new articles of association suitable for listing on the London Stock Exchange (LSE) Main Market and changed its name from TALLY LTD to TALLY CENTRAL LTD.
Organisationally we continued to develop the team and structure and during the quarter Tally appointed our Chief Technology Officer and expanded the engineering team. The Board and CEO agreed and implemented a performance-based 'carrot and stick' structure to lock in the key person behind the Company's vision and secure the intellectual property for the Company into its next phase of product and commercial development.
Tally's investment assets have continued to make good progress with Railsbank Technology Ltd targeting a new funding round at a value of circa double their last funding round, and negotiations for the sale of Tally's 32% interest in its Finland JV, Kalevala Gold Oy, making good headway. As previously announced, in Q3 2021 Tally entered into an agreement to sell its shareholding in Indian gold exploration private company, Geomysore Services ("India") Pvt Ltd to Bombay Stock Exchange listed, Deccan Gold Mines Limited. This transaction continues to progress through the regulatory channels required whilst concurrently new investment interest in Geomysore is being negotiated directly.
There are numerous work programs running in parallel, from implementation of our next generation platform technology, building business model data, converting private company mining interests into listed securities, strengthening the team structure and the Board, and completing negotiations to change our cards vertical in line with development of our new platform technology to meet the needs of Tally's vision as a B2C offering and B2B global currency provider.
Preparatory work for the Company's IPO commenced in Q1. From various planning meetings it is apparent that a definitive timeline to listing can not yet be given as all of the above workstreams dovetail into the Company demonstrating a value that exceeds the LSE's minimum main market valuation requirements. The Board and I, like all shareholders, are champing at the bit to see the Company listed and utilise exposure as a publicly traded company to increase Tally's brand presence and product awareness. I eagerly look forward to having more definitive information to provide Shareholders on all fronts in our next update."
tally® priced in GBP at time of this announcement (and previous announcements):
o 1 tally® = 4.71 pence (i.e. t1 = £0.0471)
o Approx. 21 tally® = 1 GBP (i.e. £1 = t21)
o As at 31 December 2021 announcement, 1 tally® = 4.17 pence (approx. £1 = t24)
o As at 30 June 2021 announcement, 1 tally® = 4.10 pence (approx. £1 = t24)
o As at 31 March 2021 announcement, 1 tally® = 4.00 pence (approx. £1 = t25)
o As at 31 December 2020 announcement, 1 tally® = 4.47 pence (approx. £1 = t22)
o As at 30 September 2020 announcement, 1 tally® = 4.71 pence (approx. £1 = t21)
o As at 30 June 2020 announcement, 1 tally® = 4.63 pence (approx. £1 = t22)
o As at 31 March 2020 announcement, 1 tally® = 4.21 pence (approx. £1 = t24)
o As at 02 January 2020 announcement, 1 tally® = 3.71 pence (approx. £1 = t27)
o As at 25 November 2019 announcement, 1 tally® = 3.67 pence (approx. £1 = t27)
o As at 02 September 2019 announcement, 1 tally® = 4 pence (approx. £1 = t25)
o As at 10 June 2019, the initial release date, 1 tally® = 3.33 pence (approx. £1 = t30)
Product and Operational Development
· Company's platform technology ("Teco") commenced being phased in for back-office operations management.
· Engineering team expanded and Chief Technology Officer appointed.
· Optimised affiliation partners output whilst maintaining new account openings and reducing CAC (customer acquisition cost).
Ongoing Business Activities
· Continue to optimise the customer journey from acquisition to activity.
· Continue phasing in of Tally's new platform technology, Teco.
· Conclude card migration and changes to the Company's cards vertical.
· Progress negotiations to see the Company's Indian mining and Finland mining interests convert from non-current assets on the Company's balance sheet to listed securities.
IPO Plans
· Complete interim accounts and agree IPO professional costs and work schedule.
· Commence drafting the Company's prospectus.
· Complete the conversion of mining interests so they can be valued mark-to-market and not require independent geological expert opinions to appear in the Company's prospectus.
· Complete the organisational structure for public company listing suitability.
· Continue discussions with potential strategic cornerstone investors.
For further information or if shareholders have any queries, please contact our office via [email protected]
Enquiries:
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Cameron Parry (Chief Executive Officer)
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Tel: +44 (0)20 3490 6210
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About TALLY
· Tally Ltd is the non-fiat monetary system 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 system.
· 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, leading India gold exploration company Geomysore Services India Pvt Ltd and Finland gold exploration joint venture company Kalevala Gold Oy.
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