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
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 |