TALLY CENTRAL LTD
("Tally Central" or the "Company")
Activities Summary 2023, Q4 Update & AGM Results
03 January 2024
Tally Central Ltd, the non-bank money innovator and central authority of the Tally full-reserve non-fiat monetary system, and physical-gold digital currency, tally®, is pleased to update shareholders about the Company's activities and objectives.
Tally Central's monetary system design is peerless in providing the public with everyday accounts, each with a unique account number and sort code, delivering sound money, and providing an easy and convenient way for individual gold ownership. Every unit of tally® (the currency, spelt with a lowercase 't') represents 1 milligram of ethically sourced physical gold from London Bullion Market Association (LBMA)-accredited brokers and stored with LBMA-accredited high security vaulters, held on behalf of Tally customers. The gold-based full-reserve monetary system works independently to the debt-based fiat-currency fractional-reserve banking system, whilst operating seamlessly with the established global payments infrastructure. Tally Accounts are the first in the world to offer individual customer IBANs (International Bank Account Numbers) denominated in a currency that is not issued by a government.
Cameron Parry, Chief Executive Officer and Founder, commented: "TallyMoney is on a mission to deliver a mainstream alternative money that better serves and protects the public where national debt-based currencies are coming up short. Competition delivers better outcomes, and it is through innovation and competition that we are looking to have a positive impact on people's individual financial wellbeing and encourage more economic productivity in society.
2023 saw significant milestones achieved by the Company against a difficult capital raising environment. May 2023 saw Tally's proprietary platform technology 'Teco' (short for Tally ecosystem) go live with card payments authorisation and integrate directly with our entire debit cards vertical (processing, issuing, and manufacturing). And the Company is currently in the process of further increasing its capabilities through integration with new BaaS (banking as a service) providers. 2023 also saw Tally Central complete the consolidation of its privately held mining and exploration interests through the sale of the Company's Indian and Finnish assets for shares in Bombay Stock Exchange-listed company, Deccan Gold Mines Limited ("Deccan"). Tally Central was able to fund its working capital requirements by raising £2.9m over the course of calendar year 2023, through convertible loan notes at an average coupon of 16%p.a. with a conversion price of 3p per share.
In Q1 2023, the sale of Tally's shareholding in private exploration company Geomysore Services (India) Pvt Ltd to Deccan was confirmed by the Indian regulator and the share swap completed. Operationally, Tally Central continued its technology and organisational development.
In Q2 2023, after more than two years of design, development and incremental integration, the Company's proprietary platform technology 'Teco' went live fully integrated on 2nd May 2023, seeing Tally Central running all tally ledgers on its in-house architecture and directly operate its debit card vertical as the payment authoriser. In June, the 'piece of art in your pocket' Tally debit Mastercard® designs were released to customers.
Q3 2023 saw Tally complete the consolidation of the group's mining investment assets with the sale of the Company's Finnish JV (Joint Venture) company to Deccan. Combined with participation of approximately US$100,000 in Deccan's concurrently held placing, Tally increased its total holding in Deccan to approximately 14 million shares representing 9.4% of Deccan.
Q4 2023 saw Tally commence work to change Banking-as-a-Service ("BaaS") providers to increase its capabilities for B2B monetary solutions and use of tally® in jurisdictions beyond the UK.
With the timing of changing BaaS providers occurring sooner than expected, the Company's focus this quarter is to complete the integration work during January and February and re-establish B2C revenue growth over three months, as well as commence first B2B revenues. We are currently working on securing a final tranche of funding and in Q2, Tally Central's shareholding in Deccan comes out of lock-in and can be used to support working capital needs, if required. Tally Central will then be a self-funded fintech with global application and growth trajectory. It is on this basis that the Board believes the Company will be attractive to IPO, and although subject to factors outside of the Board's control, we aim to have Tally's shares trading on the LSE main market by 30 June (the Company's financial year end). We thank shareholders for their patience and support. There is much to accomplish over the next two quarters, but it's exciting to see the Company in this opportune position as we start 2024."
tally® priced in GBP at time of this announcement (and previous announcements):
· 1 tally® = 5.23 pence
· £1.00 = 19.12 tally®
o As of 02 October 2023 announcement, 1 tally® = 4.86 pence (approx. £1 = t21)
o As of 03 July 2023 announcement, 1 tally® = 4.86 pence (approx. £1 = t21)
o As of 01 April 2023 announcement, 1 tally® = 5.11 pence (approx. £1 = t20)
o As of 31 December 2022 announcement, 1 tally® = 4.85 pence (approx. £1 = t21)
o As of 30 September 2022 announcement, 1 tally® = 4.77 pence (approx. £1 = t21)
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® = 4.33 pence (approx. £1 = t23)
o As of 30 September 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)
AGM Results
The Annual General Meeting of Shareholders for Tally Central Ltd was held on Friday the 29th of December 2023 at the Company's registered office in Guernsey and all Ordinary Resolutions and Special Resolutions were unanimously passed.
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 Central Ltd is the central monetary authority and innovator behind the independent monetary system, 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 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).
· Tally Savings & Everyday Accounts can be accessed via Tally's Smartphone App, 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 Bombay Stock Exchange-Listed Deccan Gold Mines Limited (BO:DECNGOLD).
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