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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tmt Acquisition Plc | LSE:TMTA | London | Ordinary Share | GB00BN7DKC44 | ORD 4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.50 | 21.00 | 24.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2022 to Apr 2024
TIDMTMTA
RNS Number : 2358H
TMT Acquisition PLC
23 November 2022
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 ended 30 September 2022.
Financial Highlights
-- Net cash as at 30 September 2022 of GBP 4,750,869
-- Net assets as at 30 September 2022 of GBP 4,731,814
-- Operating loss and loss before tax of GBP 45,461
-- Basic and diluted loss per share of GBP0.00
Harry Hyman, Non-Executive Chairman of TMT Acquisition, said:
" The impact of the conflict in Ukraine combined with global inflation and rising interest rates has adversely affected global equity markets, resulting in significantly lower valuations, particularly for technology stocks. These macro events and subsequent reduction in valuations are presenting investment opportunities for the Board to evaluate, and we have seen an increase in the number of opportunities in recent weeks and months.
We continue to apply a disciplined approach when evaluating opportunities, focusing on the quality of earnings and the calibre of the management team, with the objective to generate attractive long-term returns for shareholders. We have continued to look at opportunities in the technology space and we hope to have identified a suitable acquisition in the next 6 months or so. We have just under GBP5m available to invest in a suitable target company looking for a listing.
With the rise in interest rates the Board has recently assessed various product offers to maximise the return on cash on deposit. The directors believe current rates will broadly offset the ongoing administrative expenses and listing fees.
We believe that our strong cash position, the current economic downturn combined with our disciplined and patient approach, puts us in a prime position to execute on our strategy.
Finally, I would like to take this opportunity to thank all my fellow shareholders for their continued support"
- Ends -
For further information please contact:
TMT Acquisition plc via Vox Markets Harry Hyman Dowgate Capital Limited - Financial Adviser and Broker David Poutney / Nicholas Chambers +44 (0)20 3903 7715 Vox Markets - Investor Relations TMTAcquisition@voxmarkets.co.uk Kat Perez
Interim Management Report
TMT Acquisition was incorporated 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.
In October 2021, 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 GBP5 million (net proceeds of GBP4.73 million) from institutional investors.
During the period ended 30 September 2022, the Company recorded a net loss of GBP45,461 being the minimal running costs of the Company. The Directors draw no salary, so any ongoing costs relate to administrative expenses and listing fees.
As at 30 September 2022, current assets were approximately GBP4.76 million.
Harry Hyman
Non-Executive Chairman
22 November 2022
Statement of Comprehensive Income
For the period ended 30 September 2022
Hot Features
Premium
Unaudited Unaudited Audited
1 April 25 Mar 25 Mar
22 to 21 to 21
30 Sep 30 Sep to
22 21 31 Mar
22
GBP GBP
------------------------------ ---------- ---------- ----------
Continuing operations
Administrative expenses (45,461) (41,080) (101,532)
---------- ---------- ----------
Operating loss before
tax (45,461) (41,080) (101,532)
---------- ---------- ----------
Taxation - - -
----------
Total comprehensive loss
for the period attributable
to the equity owners (45,461) (41,080) (101,532)
========== ========== ==========
Loss per share
Basic and diluted (0.00) (0.02) (0.01)
---------- ---------- ----------
The above results were derived from continuing operations.
Statement of Financial Position
As at 30 September 2022
Unaudited Unaudited Audited
As at As at As at
30 Sep 30 Sep 31 Mar
22 21 22
GBP GBP GBP
----------------------------- ---------- ---------- ----------
ASSETS
Current assets
Trade and other receivables 13,582 - 6,563
Cash and cash equivalents 4,750,869 68,520 4,804,060
Total current assets 4,764,451 68,520 4,810,623
---------- ---------- ----------
Total assets 4,764,451 68,520 4,810,623
---------- ---------- ----------
LIABILITIES
Current liabilities
Trade and other payables 32,637 9,600 33,348
Total current liabilities 32,637 9,600 33,348
---------- ---------- ----------
Total liabilities 32,637 9,600 33,348
---------- ---------- ----------
NET ASSETS 4,731,814 58,920 4,777,275
========== ========== ==========
EQUITY
Share capital 1,100,000 100,000 1,100,000
Share premium 3,778,807 - 3,778,807
Accumulated losses (146,993) (41,080) (101,532)
---------- ---------- ----------
TOTAL EQUITY 4,731,814 58,920 4,777,275
========== ========== ==========
The Interim Report and Financial Statements were approved by the Board of Directors and authorised for issue on 22 November 2022.
Harry Hyman
Non-Executive Chairman
Statement of Changes in Equity
For the period ended 30 September 2022
Share Capital Share Accumulated Total Equity
Premium Losses
GBP GBP GBP GBP
-------------------------- -------------- ---------- ------------ -------------
As at 25 March 2021 - - - -
Comprehensive Income
Loss for the period - - (101,532) (101,532)
Transactions with owners
Issue of ordinary shares 1,100,000 4,000,000 - 5,100,000
Cost to issue shares - (221,193) - (221,193)
-------------- ---------- ------------ -------------
As at 31 March 2022 1,100,000 3,778,807 (101,532) 4,777,275
-------------- ---------- ------------ -------------
Comprehensive Income
Loss for the period - - (45,461) (45,461)
Transactions with owners
Issue of ordinary shares - - - -
-------------- ---------- ------------ -------------
As at 30 September 2022 1,100,000 3,778,807 (146,993) 4,731,814
============== ========== ============ =============
Statement of Cash Flows
For the period ended 30 September 2022
Unaudited Unaudited Audited
1 April 25 Mar 25 Mar
22 21 to 21
to 30 Sep to
30 Sep 21 31 March
22 21
GBP GBP GBP
----------------------------- ---------- ---------- ----------
Cash flow from operating
activities
Operating loss (45,461) (41,080) (101,532)
----------
Cash outflow from operating
activities (45,461) (41,080) (101,532)
----------
Changes in working capital
Increase in trade and
other receivables (7,020) - (6,563)
Increase in trade and
other payables (711) 9,600 33,348
---------- ---------- ----------
Net cash used in operating
activities (53,192) (31,480) (74,747)
---------- ---------- ----------
Cash flows from financing
activities
Proceeds from issue of
shares - 100,000 5,100,000
Share issue costs - - (221,193)
---------- ---------- ----------
Net cash generated from
financing activities - 100,000 4,878,807
---------- ---------- ----------
Net increase in cash
and cash equivalents (53,192) 68,520 4,804,060
Cash and cash equivalents 4,804,060 - -
at the beginning of the
period
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 4,750,869 68,520 4,804,060
========== ========== ==========
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 comparative interim financial figures cover the period from 25 March 2021 to 30 September 2021.
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 UK-adopted International Accounting Standards (IFRS) 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 in the prior period Annual Report, 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 30 31
September September March
2022 2021 2022
---------------------------------- ----------- ----------- -----------
Loss for the period attributable
to equity holders of the
Company (GBP) (45,461) (41,080) (101,532)
Weighted average number
of ordinary shares 27,500,000 1,851,852 13,692,724
----------- ----------- -----------
Loss per share (GBP) (0.00) (0.02) (0.01)
=========== =========== ===========
5. Share capital
Allotted and issued
Number of Share Share Premium
shares Capital GBP
GBP
----------------------------- ------------ ----------- --------------
Issued and fully paid
Ordinary shares of GBP0.04
each 27,500,000 1,100,000 3,778,807
------------ ----------- --------------
As at 30 September 2022 27,500,000 1,100,000 3,778,807
============ =========== ==============
6. Subsequent events
There have been no subsequent events since the period end.
7. Approval of the Interim Report
The Interim Report, which includes the Interim Financial Statements, were approved by the Board of Directors on 22 November 2022.
8. Availability of the Interim Report
The results for the period end 30 September 2022 will be available shortly on the Company's website: www.tmtacquisition.com .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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(END) Dow Jones Newswires
November 23, 2022 02:00 ET (07:00 GMT)
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