TECC Capital Plc - Interim Results to 30 September 2021 PR Newswire

9 December 2021

TECC Capital plc

("TECC" or the "Company")

Interim Report for the six months ended to 30 September 2021

TECC Capital Plc, (AQSE: TEC), a special purpose acquisition company, established for the purpose of identifying and acquiring a business developing and/or supporting the application of technology in an innovative sector today announces its unaudited interim results for the six months ended 30 September 2021.

The highlight of the period was the successful admission of the Company to trading on the Access segment of the AQSE Growth Market on 3 June 2021. The Company raised £1.25m before expenses through the issue of 25,000,000 ordinary shares to a range of investors at an issue price of 5 pence per share on Admission. The modest uplift from cash raised to the market value on listing is a reflection on the Board’s desire to align the interests of Directors and founders with those of our shareholders.

During the period under review the Board has conducted early stage negotiations and preliminary due diligence with a number of companies in disruptive technology sectors. The Board continues to perform due diligence on certain prospects as well as identifying a variety of further opportunities.

John Taylor, Executive Director, said:

“In the short time we have been admitted to the AQSE Growth Market we have already started evaluating a number of investment opportunities and look forward to updating shareholders with developments when appropriate.”

Financial Summary

During the period the majority of the Company’s administrative expenditure has related to one-off expenses incurred in connection with Admission.  The loss for the period was £124,187.

Trade and other receivables as at 30 September 2021 were £12,515, of which a significant proportion relates to VAT. The cash balance as at 30 September 2021 was £1,099,550.

Trade and other payables at 30 September 2021 were £12,026.

Overall, at the period-end, net assets were £1,101,071.

The interim results to 30 September 2021 have not been reviewed by the Company auditor.

John Taylor

Executive Director

8 December 2021

This announcement contains inside information for the purposes of the Market Abuse Regulation (EU) NO. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The Directors of the Company accept responsibility for the contents of this announcement.

– Ends –

For further information please contact:

TECC Capital plc
John Taylor
+44 (0)20 7469 0930
AQSE Growth Market Corporate Advisor
Peterhouse Capital Limited
Guy Miller/Mark Anwyl
+44 (0)20 3475 1847

Statement of Comprehensive Income

For the period ended 30 September 2021

Unaudited
01 April to 30 Sep 21
Audited
Incorporation to 31 Mar 21
£
Continuing operations
Administrative expenses (124,187) (11,242)
Operating loss before tax (124,187) (11,242)
Taxation - -
Total comprehensive loss for the period attributable to the equity owners (124,187) (11,242)
Loss per share
Basic and diluted (0.013) (5,621)

The above results were derived from continuing operations.

Statement of Financial Position

As at 30 September 2021

Company Number: 13277385 Unaudited
As at
30 Sep 21
 Audited
As at
31 March 21
£
ASSETS
Non-current assets
Property, Plant and Equipment 1,032 -
Total non-current assets 1,032 -
Current assets
Trade and other receivables 12,515 16,499
Cash and cash equivalents 1,099,550 2
Total current assets 1,112,065 16,501
Total assets 1,113,097 16,501
LIABILITIES
Current liabilities
Trade and other payables 12,026 11,242
Total current liabilities 12,026 11,242
Total liabilities 12,026 11,242
NET ASSETS 1,101,071 5,259
EQUITY
Share capital 300,000 2
Shares to be issued - 16,499
Share premium 934,619 -
Warrant reserve 1,881 -
Accumulated losses (135,429) (11,242)
TOTAL EQUITY 1,101,071 5,259

The Interim Report and Financial Statements were approved by the Board of Directors and authorised for issue on 8 December 2021.

John Taylor

Executive Director

Statement of Changes in Equity

For the period ended 30 September 2021

Share Capital Share Premium Shares to be issued Warrant reserve Accumulated
Losses
Total Equity
£ £ £ £ £ £
Balance as at 01 April 2021 2 16,499 - (11,242) 5,259
Comprehensive income
Loss for the period - - - - (124,187) (124,187)
Transactions with owners -
Issue of ordinary shares and subdivision of shares 299,998 1,000,000 (16,499) - - 1,283,499
Cost to issue shares - (65,381) - - - (65,381)
Share based payment - - - 1,881 - 1,881
As at 30 September 2021 300,000 934,619 - 1,881 (135,429) 1,101,071

   

Share Capital Share Premium Shares to be issued Warrant reserve Accumulated
Losses
Total Equity
£ £ £ £ £ £
As at incorporation 2 - - - - 2
Comprehensive income
Loss for the period - - - - (11,242) (11,242)
Transactions with owners
Ordinary shares to be issued - - 16,499 - - 16,499
As at 31 March 2021 2 - 16,499 - (11,242) 5,259

Statement of Cash Flows

For the period ended 30 September 2021

Unaudited Six months to 30 September 2021 Audited
Incorporation to 31 March 21
£ £
Cash flow from operating activities
Operating loss (124,187) (11,242)
Adjustments for non-cash/non-operating items:
Depreciation 167 -
Share based payments 1,881 -
Cash outflow from operating activities (122,139) (11,242)
Changes in working capital
Decrease in trade and other receivables 3,983
Increase in trade and other payables 784 11,242
Net cash used in operating activities (117,372) 11,242
Cashflows from investing activities
Purchase of property, plant and equipment (1,198) -
Net cash used in investing activities (1,198) -
Cash flows from financing activities
Proceeds from issue of shares 1,283,499 2
Cost of share issue (65,381) -
Net cash generated from financing activities 1,218,118 2
Net increase in cash and cash equivalents 1,099,548 2
Cash and cash equivalents at the beginning of the period 2 -
Cash and cash equivalents at the end of the period 1,099,550 2