Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Yup. Just reading headline I thought we had been bent over again for over a million, but we haven't.
He has made himself liable for the amount plus interest if this fails, if it succeeds he gains profit, rightly so.
Honestly wouldn't have ever thought parry would do this, must admit to maybe believing this will come good now! If it doesn't the man is about 1.5M in debt/poorer come 2025!
Plus being made to pay the value off from any asset sale will stop him profiting from them. This is a big positive this RNS
Founder Director Loan & Placing
Following market close on 31 December 2021, a Placing, funded by a loan from the Company, was completed by Tally Founder and CEO, Cameron Parry, that saw the Director enter into a loan agreement with the Company for £1,300,000 (“Loan”) for the sole purpose of participating in a Placing of Tally Ltd shares and warrants on the same terms and conditions as the previous funding round concluded by the Company.
Upon entering into the Loan, Mr Parry immediately applied for 65,000,000 new ordinary shares at 2p each in the Company ("New Shares”) in the name of the trustee of his family trust, Yarramen Corp Limited, and 65,000,000 warrants to purchase new ordinary shares in the Company at 2x the IPO price within 3 years of the IPO date.
It is part of the Company’s corporate strategy to Standard List on the Main Market of the London Stock Exchange (“IPO”), albeit the final share price and listing date is not yet known.
The Board notes this is a large financial commitment made by Tally’s Founder & CEO that will reward success and punish failure, and that the arrangement does not represent a cash outflow of the Loan principal and any outstanding principal will appear as an asset on the Company’s balance sheet.
The Loan principal of £1,300,000 is due for full and final repayment by the Director on the earlier of (i) 31 October 2025, or (ii) the date falling 12 months after the Director ceases to be employed by the Company, or (iii) the date falling 12 months after a Change of Control of the Company (“Repayment Date").
The Director is permitted to make repayments in part or in full prior to the Repayment Date.
The Loan arrangement attracts interest at the current HMRC official guidance rate of 2% p.a. and interest is payable by the Director monthly to the Company for the term of the Loan.
As security for the Loan, the Director has entered into a Pledge Deed with the Company that provides an undertaking that any proceeds from the sale of:
the 65,000,000 New Shares, and
the existing 35,545,988 Tally Ltd shares held in the name of Yarramen Corp Limited (acquired since the Director became CEO of the Company in July 2016 and for which a total of £375,413 was paid), and
any new Tally Ltd shares acquired by the CEO (less direct cost) during the term of the Loan, and
the entire balance of the 600,100 Railsbank Technology Ltd shares held in the name of the trustee of the CEO’s family trust, Yarramen Corp Limited;
shall be used to repay any outstanding amount of Loan principal during the term of the Loan
No. Re read it
This is actually very positive! He has made himself liable for it should it fail, he hasn't took money from the company but shares that must be paid for and stipulated that any sale of stake including RB shares he owns must pay for this "loan"
It's actually a massive show of confidence and I'm surprised. This is a big positive in my opinion
Well that's something I suppose. Not much trust here for Parry MJ.
Do you really think 30M is achievable for us to IPO?
Bet Parry's family trust ain't sold any RB shares. Wouldn't surprise me if that's where they ended up after the discount sale too.
And the railsbank stake is the biggest chunk of valuation we have! So need to IPO before any more is sold! More that gets tapped up the harder 30m will be to achieve.
Well whatever happens this is the year
It either comes back to market or it will fold. Won't go into 2023 off market I don't think. Railsbank money tree will die off this year if no IPO and lights will be turned off.
Make or break 2022. Only chance have is to IPO to be able to place shares to raise money. 28k per annum ain't gonna last long when the asset are sold off.
Maybe Big MJ and CP can go halves on the extra 10M needed?
Well the latest RNS has already kicked the can now to Q2 2022 for relist while they "satisfy the valuation requirements"
So yeah. All depends if they can hit 30M.
I haven't had anything to vote on
What were the motions to vote for?
Well let's hope Parry has decided what market to list on now and can confirm work in progress to make it happen.
AIM hasn't changed. We can do that tomorrow.
Back on AIM then
https://www.kitco.com/news/2021-12-01/Gold-price-at-10k-silver-at-500-due-to-a-decade-of-shortage-says-Goehring-Rozencwajg.html
Check out that prediction! Some gloomy news for it to come true mind
Nothing worth discussing.
Still improving the app, increasing the team.
Still hoping for relist in 2022
My mum for example hates risk. Won't invest for fear of loss and loves a saving account.
I'm 40 btw. She's 75.
Needs to not rely on twitter and social media to get traction on the saving account. The people with money who are happy to drop it in a fixed rate 2% or whatever it is account won't be on twitter. Nor social media. Know my folks aren't. And they are the market for this I think. Younger won't be interested as will either be on the markets or crypto.
Dunno BB
He probably will do. Once he winds this company up and starts a crypto scam, sorry, new company.
I honestly think it was BS handy excuse. I don't think company was or is in IPO state. The app is apparently being upgraded but it's the same as always.
God knows if or when we will be in a state to list.
There are some upcoming IPO that I have found but seem to be on AIM. Not sure if there is a hold on main market currently or just none planned.
If not then we really should have just proceeded, as any ruling would likely have a future implementation date, they wouldn't just scupper existing in progress IPOs surely?