TALLY LTD Activities Summary 2021, Q4 Update and AGM Results

31 December 2021 Tally Ltd, the money innovator that developed the Tally full-reserve non-fiat banking platform and physical-gold digital money, tally®, is pleased to update shareholders about the Company’s activities and objectives.

tally® is an asset-based money (not government-issued debt-based fiat currency, nor a  cryptocurrency), designed to protect and benefit the customer, not the bank.

The Tally monetary system is independent of the traditional banking system but seamlessly works with its global infrastructure. 1 tally® = 1 milligram of physical gold vaulted on the customer’s behalf. The value of tally® is protected from inflation and bank risk and insulated from the economic consequences of the fiat currency fractional-reserve banking system. Tally customers save, send and spend tally® using their Tally account (and linked debit Mastercard®) like any other foreign currency in a personal account with an IBAN (International Bank Account Number) but with no FX mark ups and no
transaction fees.

Cameron Parry, Chief Executive Officer and Founder commented: “2021 has been a transformative year for Tally’s platform technology and vision of a full-reserve banking and asset-based monetary system. Tally is a potential disruptor to the global banking and payments space as it is a mainstream alternative that protects customers from the inflation and fragility of the incumbent fiat currency fractional-reserve banking system.

In Q1 we expanded the team by recruiting engineering and data resources and implemented procedures and processes to enhance platform development and strengthen treasury, governance, finance and corporate functions. We released easy access savings “safes” in App and completed the design and technology assessment of our tech stack for the build of the Company’s new internal ledger architecture.

In Q2 we released our upgraded pricing model for B2B customers, updated branding and released our new website design. We continued to recruit and built our in-house marketing team and work was ongoing in relation to the divestment of non-core assets to provide additional cash resources for growth. We also commenced the build of Tally’s banking engine architecture, “Teco”. Tally also completed an equity round of £398,832 at 2p per share (£271,667 in cash investment and £127,166 in settlement of external developer charges) seeing the Company issue 19,941,611 new ordinary shares that rank pari-passu with all existing ordinary shares.

In Q3 saw significant activity regarding our investment assets. Tally completed the sale of part of its remaining shareholding in Railsbank Technology Ltd (“Railsbank”), injecting net proceeds of £2.73m and increasing our total cash return from our original £1.27m investment in early 2018 to over £5 million, with approximately one quarter of our original holding remaining. Tally also entered into an agreement to sell its shareholding in Geomysore Services (India) Pvt Ltd (“Geomysore”) to Bombay Stock Exchange-listed Deccan Gold Mines Ltd (“Deccan”) that, subject to regulatory permissions, would see Tally’s investment asset converted into a current asset of approximately double the value that can be valued mark-to-market.

In Q4 we started to implement the use of our proprietary platform technology “Teco”, phasing in back office and data sourcing in December. This quarter also saw the release to the UK public of Tally’s market-leading 2%p.a. on the GBP value, 1-year fixed-rate savings product and this product continues to be available for Tally customers.

The Company’s AGM was held on 30 December and resolutions were unanimously passed to update the company name to better identify the Company as the developer, operator and issuer of the Tally monetary system and to adopt new articles aligned with listing the Company in the new year on a recognised investment exchange in London.

The key external news for this quarter was the FCA concluding its determination of a minimum market capitalisation (“market cap”) requirement for Standard List IPOs on the LSE Main Market. Having suggested £50m in July, following industry feedback, in December the FCA announced the minimum would be £30 million (for reference: https://www.fca.org.uk/news/press releases/fca-confirms-newlisting-rules-boost-growth-and-innovation). This was at the top end of our range of expectations and
provides us with a challenging but achievable goal for listing the Company on the London Stock Exchange in the coming months, albeit that it may push the date of listing in to the second quarter of 2022 to satisfy that valuation requirement. In any case, I can now confirm the LSE is our desired market and this is the market we’re targeting to list the Company on.

We look forward to what should be an exciting and positive 2022 for Tally and its shareholders. I would like to thank all of our team for their commitment and hard work in 2021 and I’d like to thank shareholders for their support and patience as we continue to build value in the Company and commence our IPO work.”

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

o 1 tally® = 4.33 pence (i.e. t1 = £0.0433)
o Approx. 23 tally® = 1 GBP (i.e. t23 = £1.00)
o As at 30 September 2021 announcement, 1 tally® = 4.17 pence (approx. 24 tally® = £1)
o As at 30 June 2021 announcement, 1 tally® = 4.10 pence (approx. 24 tally® = £1)
o As at 31 March 2021 announcement, 1 tally® = 4.00 pence (approx. 25 tally® = £1)
o As at 31 December 2020 announcement, 1 tally® = 4.47 pence (approx. 22 tally® = £1)
o As at 30 September 2020 announcement, 1 tally® = 4.71 pence (approx. 21 tally® = £1)
o As at 30 June 2020 announcement, 1 tally® = 4.63 pence (approx. 22 tally® = £1)
o As at 31 March 2020 announcement, 1 tally® = 4.21 pence (approx. 24 tally® = £1)
o As at 02 January 2020 announcement, 1 tally® = 3.71 pence (approx. 27 tally® = £1)
o As at 25 November 2019 announcement, 1 tally® = 3.67 pence (approx. 27 tally® = £1)
o As at 02 September 2019 announcement, 1 tally® = 4 pence (approx. 25 tally® = £1)
o As at 10 June 2019, the initial release date, 1 tally® = 3.33 pence (approx. 30 tally® =£1)

AGM Results

The Annual General Meeting of Shareholders was held yesterday 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
corporate@tallymoney.com

Enquiries:
Cameron Parry (Chief Executive Officer)

Tel: +44 (0)20 3490 6210
corporate@tallymoney.com

 www.tallymoney.com

About TALLY
• Tally Ltd is the non-fiat money and banking system innovator behind the full-reserve banking platform and physical-asset digital money, tally®, that operates seamlessly with governmentissued 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 individually issued bank account and contactless Tally debit card.
• tally® is not a fiat currency and tally® is not a cryptocurrency.
• The Tally banking platform connects physical asset ownership to the global banking system and enables instant liquidity to save, send and spend the physical asset value as money.
• 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 banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
• Tally Ltd currently has a significant investment 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.


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned
Share Talk
Share via
Copy link
Malcare WordPress Security