8 Nov 2021 07:00
TMT Acquisition plc
("TMT Acquisition" or the "Company")
Unaudited Interim Results
TMT Acquisition (LSE: TMTA), the investment business established to pursue opportunities in the technology, media and telecom sector, today announces its unaudited interim results for the period from 25 March to 30 September 2021.
Harry Hyman, Non-Executive Chairman of TMT Acquisition, said:
"We are delighted with outcome of the listing and the support shown from institutional shareholders. In the short time we have been on the market we have already started evaluating a number of investment opportunities and look forward to updating shareholders with developments when appropriate."
Excerpts of the interim results are set out below.
- Ends -
For further information please contact:
TMT Acquisition plc Harry Hyman
| via Vox Markets |
Dowgate Capital Limited - Financial Adviser and Broker David Poutney / Nicholas Chambers
| +44 (0)20 3903 7715 |
Vox Markets - Investor Relations Kat Perez | TMTAcquisition@voxmarkets.co.uk |
Interim Management Report
TMT Acquisition was incorporated in March 2021 to pursue opportunities to acquire businesses in the technology, media and telecom sector with a focus on disruptive digitally enabled media and technology businesses. The Directors have stated their intention to consider making an acquisition of the following types of businesses:
- Platform and marketplace businesses;
- Tech-enabled disruptive businesses;
- E-Commerce businesses; and
- On-line B2B and enterprise solutions businesses.
From incorporation on 25 March 2021, the Company prepared for a listing on the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of London Stock Exchange plc (the "LSE"). The interim results for the period ending 30 September 2021 reflect part of the costs to list. During this period the Company recorded a net loss of £0.04 million being the minimal running costs of the Company. The Directors draw no salary, so any ongoing costs relate to administrative expenses and listing fees.
On 11 October, the Company was admitted to listing on the standard segment of the Official List and to trading on the main market for listed securities of the LSE, raising gross proceeds of £5 million (net proceeds of £4.73 million) from institutional investors. As at 31 October 2021, current assets were approximately £4.83 million.
Harry Hyman
Non-Executive Chairman
5 November 2021
Statement of Comprehensive Income
For the period ended 30 September 2021
Unaudited 25 Mar 21 to 30 Sep 21 | ||
£ | ||
Continuing operations | ||
Administrative expenses | (41,080) | |
Operating loss before tax | (41,080) | |
Taxation | - | |
Total comprehensive loss for the period attributable to the equity owners | (41,080) | |
Loss per share | ||
Basic and diluted | (0.02) |
The above results were derived from continuing operations.
The notes form part of these Interim Financial Statements.
Statement of Financial Position
As at 30 September 2021
Unaudited As at 30 Sep 21 | ||||
£ | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 68,520 | |||
Total current assets | 68,520 | |||
Total assets | 68,520 | |||
LIABILITIES | ||||
Current liabilities | ||||
Trade and other payables | 9,600 | |||
Total current liabilities | 9,600 | |||
Total liabilities | 9,600 | |||
NET ASSETS | 58,920 | |||
EQUITY | ||||
Share capital | 100,000 | |||
Accumulated losses | (41,080) | |||
TOTAL EQUITY | 58,920 |
The Interim Report and Financial Statements were approved by the Board of Directors and authorised for issue on 5 November 2021.
Harry Hyman
Non-Executive Chairman
The notes form part of these Interim Financial Statements.
Statement of Changes in Equity
For the period ended 30 September 2021
Share Capital | Accumulated Losses | Total Equity | |
£ | £ | £ | |
As at 25 March 2021 | - | - | - |
Transactions with owners | |||
Issue of ordinary shares | 100,000 | (41,080) | 58,920 |
As at 30 September 2021 | 100,000 | (41,080) | 58,920 |
The notes form part of these Interim Financial Statements.
Statement of Cash Flows
For the period ended 30 September 2021
Unaudited 25 Mar 21 to 30 Sep 21 | ||||
£ | ||||
Cash flow from operating activities | ||||
Operating loss | (41,080) | |||
Cash outflow from operating activities | (41,080) | |||
Changes in working capital | ||||
Increase in trade and other payables | 9,600 | |||
Net cash used in operating activities | (31,480) | |||
Cash flows from financing activities | ||||
Proceeds from issue of shares | 100,000 | |||
Net cash generated from financing activities | 100,000 | |||
Net increase in cash and cash equivalents | 68,520 | |||
Cash and cash equivalents at the beginning of the period | - | |||
Cash and cash equivalents at the end of the period | 68,520 |
The notes form part of these Interim Financial Statements.
Notes to the Interim Financial Statements
1. Company information
TMT Acquisition plc is a public company listed on the London Stock Exchange in England and Wales. The Company is domiciled in England and its registered office is 15 Fetter Lane, London, United Kingdom, EC4A 1BW.
The principal activity of the Company is that of identifying and acquiring investment projects.
The Company was incorporated on 25 March 2021 and as such the interim financial results cover the period from 25 March 2021 to 30 September 2021. There are no comparative figures as this is the Company's first interim period.
2. Accounting policies
2.1 Basis of preparation
These financial statements of the Company have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations issued by the International Accounting Standards Board (IASB), in accordance with the Companies Act 2006.
Measurement bases
The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
The preparation of the financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates and management judgements in applying the accounting policies. The significant estimates and judgements that have been made and their effect is disclosed in note 3.
2.2. Significant accounting policies
The accounting policies applied in preparing the Interim Financial Statements are consistent with those that have been adopted in the historical financial information included in the Company's Prospectus, which is available at www.tmtacquisition.com.
3. Significant judgments and estimates
The preparation of the Company's financial statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the statement of financial position date, amounts reported for revenues and expenses during the period, and the disclosure of contingent liabilities, at the reporting date.
Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Directors consider that there are no critical accounting judgements or estimates relating to the financial information of the Company.
4. Loss per share
The loss per share has been calculated using the loss for the period and the weighted average number of ordinary shares entitled to dividend rights which were outstanding during the period, as follows:
30 September 2021 | |||
Loss for the period attributable to equity holders of the Company (£) | (41,080) | ||
Weighted average number of ordinary shares | 1,851,852 | ||
Loss per share (£) | (0.02) |
5. Share capital
Allotted and issued
The Company was incorporated on 25 March 2021. On incorporation, 2 ordinary shares of £0.04 par value were issued at par.
On 13 May 2021, 2,499,998 ordinary shares of £0.04 par value were issued at par.
6. Subsequent events
On 11 October 2021, the Company issued 25,000,000 ordinary shares, raising £5 million before expenses. On the same day, the Company announced that the entire issued share capital of 27,500,000 ordinary shares was admitted to trading on the main market for listed securities of the London Stock Exchange.
7. Approval of the Interim Report
The Interim Report, which includes the Interim Financial Statements, were approved by the Board of Directors on 5 November 2021.
8. Availability of the Interim Report
The results for the period from 25 March to 30 September 2021 will be available shortly on the Company's website: www.tmtacquisition.com.