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Monday 03 July, 2017

Teathers Financial

£1million raised via Teathers App & Interim Report

RNS Number : 9635J
Teathers Financial PLC
03 July 2017
 

03 July 2017

 

Teathers Financial plc

("Teathers" or the "Company")

 

£1million raised through Teathers App & Interim Report

 

Teathers Financial Plc, the owner of the Teathers App ("the App"), is pleased to announce the following update and release of its Interim Report for the period 01 November 2016 to 31 May 2017.

 

£1million raised since relaunch of the Teathers App

On Friday 30 June the fully subscribed £100,000 fundraise for Ironveld Plc (AIM:IRON) closed on the Teathers App. This was the ninth deal offered through the App since it was relaunched in December 2016 and over £1million has now been raised on behalf of listed companies. Teathers has now reached reached a significant milestone in the establishment of its business model.

 

Teathers App update

The new version of the App, which will be available on Android and iOS devices and through web browsers, is currently undergoing initial User Acceptance Testing. Once this is complete the test-version of the new App will be released to a selected test user group for final analysis and modification.

The new version of the Teathers App is expected to be made available for general release by the end of July 2017.

 

Interim Report

A full copy of Teathers Financial's Interim Report, for the first seven months of the financial year, can be found at the end of this announcement. Highlights include:

·    Turnover £116,818, including:

o £28,479 revenue generated through the App

o £52,771 cash surplus generated from trading the Company's stock portfolio

o £35,567 of "sales" includes sums the board negotiated off legacy debts, which were reversed as revenue back into the P&L

·    Net profit of £28,399 for the period

·    Net R&D Tax Credit received of £59,992

·    Net assets £98,188 as of 31 May 2017

o Net current assets of £76,968 versus £48,569 on 31 Oct 2016

·    8 deals offered through the relaunched App*

o £921,500 raised for companies*

·    Held Annual General Meeting, all resolutions passed, David Kipling retired from the board

·    Acquired 95% of the website www.valuethemarkets.com

* As of 9/6/17

 

Ben Turney, Chief Executive Officer of Teathers, commented:

"The Teathers App presents an extremely exciting opportunity for the Company. Now that we have nearly paid off the debts inherited from the former board and slashed Teathers' operating costs we are primed for accelerated growth. We have moved into the second half of 2017 as a reinvigorated, profit-making Fintech business.

The new App is currently being tested and we have ambitious plans for the ValueTheMarkets website. Our ultimate goal for Teathers is to build a company, which generates fundamental returns for its shareholders. We are well on the way to achieving this."

 

 

Teathers Financial Plc

 

Ben Turney

E: [email protected]

T: +46 (0) 7697 406 06

CEO | Teathers Financial PLC

83 Ducie Street, Manchester M1 2JQ

 

Teathers App

W: www.teathersapp.com

Twitter: @teathersapp

 

 

About the Teathers App

The Teathers App is a mobile application designed to give qualified private investors access to placements & Initial Public Offerings (IPOs), predominantly on the London Stock Exchange's Alternative Investment Market (AIM).

The Teathers App is an execution only platform. When an AIM-listed company raises money by private placement, "onboarded" users of the Teathers App have the opportunity to participate in the placement on the same terms as other investors. An "onboarded" user of the Teathers App is one who has already opened a brokerage account with Shard Capital. Shard Capital is the broker supporting the Teathers App and provides the necessary environment, including compliance oversight and client identification. Shard Capital is regulated by the FCA.

The Teathers App is currently available in the App Store for iOS devices.  A version of the Teathers App will be released in Google Play imminently.

 

Becoming an onboarded user of the Teathers App

The Teathers App is available for free download for iOS smartphone devices from the iTunes App Store (https://itunes.apple.com/gb/app/teathers/id973433084).   New users can on-board from within the App. 

Shard Capital is the broker supporting the Teathers App. By completing the onboarding process, users of the Teathers App set up an execution only brokerage account with Shard Capital. Shard Capital is regulated by the FCA.

Becoming an onboarded user of the Teathers App is simple. Only onboarded users can participate in deals offered through the Teathers App. To become an onboarded user of the Teathers App, download the App from the App Store and complete the account application process.

The Teathers App is currently available in the App Store.  A version of the Teathers App will be released in Google Play shortly.

 

Teathers Financial Interim Report 01 November 2016 - 31 May 2017

 

Teathers Financial Plc ("Teathers") ("the Company") is pleased to report its unaudited results for the seven-month period to 31 May 2017.

 

Highlights

 

·    Turnover £116,818, including:

o £28,479 revenue generated through the Teathers App ("the App")

o £52,771 cash surplus generated from trading the Company's stock portfolio

o £35,567 of "sales" includes sums the board negotiated off legacy debts, which were reversed as revenue back into the P&L

·    Net profit of £28,399 for the period

·    Net R&D Tax Credit received of £59,992

o Not reflected in P&L, as is a balance sheet item

·    Net assets £98,188 as of 31 May 2017

o Net current assets of £76,968 versus £48,569 on 31 Oct 2016

·    8 deals offered through the relaunched App*

o £921,500 raised for companies*

·    Held Annual General Meeting, all resolutions passed, David Kipling retired from the board

·    Acquired 95% of the website www.valuethemarkets.com

* As of 9/6/17

 

Chief Executive's report

In Teathers' most recent Annual Report I stated that your board has three strategic aims for 2017. These are:

 

1.   To re-launch the Teathers App and initiate an income stream for the business

2.   To increase the value of the Company's stock portfolio

3.   To introduce a new project to the Company and seek a re-listing.

 

I am extremely pleased to report that we have made excellent progress on all three fronts, during the first seven months of the current financial year.

 

The Teathers App

We successfully re-launched the Teathers App service on 19 December 2016, raising £292,000 for the Big Sofa Technologies (AIM:BST) IPO. We have since completed another 7 deals through the App (of which 6 were fully subscribed), generating £28,479 in revenue and raising £921,500 for companies. We achieved this while impeded by the technology we inherited from the former Teathers board.

 

Tactu Applico ("Tactu"), a company controlled by Teathers' former CEO Jason Drummond, built the current version of the App. Sadly, despite the former Teathers board having spent the best part of £300,000 with Tactu, the current version of the App is not fit for purpose. It is only available on iOS devices and suffers from a number of design defects. We've managed to fix some of these, but took the decision that continuing development work on this was throwing good money after bad.

 

As such, we replaced Tactu with a new development team, Sputnik Digital (https://sputnik.digital), to rebuild the App and the broker console. We are delighted with the progress that Sputnik has made. The new version of the console went live in May and we expect the new version of the App to be completed in June.

 

The new version of the App will be available on iOS and Android devices. We also plan to release a browser-based version of the App. With the new App in place this will remove the technological shackles we have found ourselves locked in and will better position us to accelerate Teathers' growth. 

 

Our working relationship with Shard Capital Stockbrokers continues to flourish. Both Shard and Teathers continue to take care to ensure that our respective business models maintain their independence, but Stuart and I believe Shard is an ideal partner to help Teathers grow.

 

The Teathers asset-trading arm

During the first seven months of the current financial year your board has generated a cash surplus of £52,771, through trading the Company's stock portfolio. We achieved this through certain proprietary trades and participating in a number of deals through the App.

 

Frustratingly this positive performance has not yet been fully reflected in the Company's net assets, as we have had to use any spare capital to repay the legacy debts and liabilities incurred by the former board. The good news is that the surplus we have generated through trading has significantly contributed to the stabilisation of Teathers' financial position, as I explain in more detail below.

 

We have also secured a number of warrants in several listed Plcs. These warrants are not reflected on the balance sheet and we have assigned a carrying value of zero to them. However, they do offer the potential for further upside to the Company.

 

Plan to relist Teathers

Throughout the period we have received a number of unsolicited approaches, concerning potential direct investment into Teathers. Although we have not actively sought yet to raise money for the Company, we have had initial discussions to get a feel for the level of interest.

 

Under your board's direction, Teathers is currently exploring a number of possible funding routes to introduce new working capital to the business to accelerate the Company's growth. One of the possible options currently being considered is to combine a fundraising with an application to join the NEX Exchange. This process is at a very early stage and may or may not be taken further. I will provide further updates on any possible future fundraising, as plans develop into shape.

 

Legacy debts

As galling as it has been to be forced to pay debts and liabilities accrued by the former board, I am pleased to report that Teathers is nearly free of the legacy debts. During the period your board completed negotiations with all legacy creditors to the Company. As a result of these discussions, your board has:

 

·    Saved Teathers £83,332, in cash balances forgiven by various creditors

·    Saved Teathers a further £92,700, in waived notice periods due under the terms of former board members' service agreements

·    Has repaid all but £16,000 of the legacy debts. The outstanding balance will be settled in Q3 this year.

 

With respect to the Chelsea office lease, we had reached an agreement with Jason Drummond's company Gametech Ltd, whereby it would assume responsibility for the lease. Gametech paid one month's worth of rent, only subsequently to go into administration. We have made a claim to Gametech's administrator for the outstanding balance of just over £55,000, but have limited expectations what we might be able to recover on behalf of the Company. We have reflected this expenditure as an cost to Teathers, which cannot be reclaimed.

 

As of writing, we have paid the latest quarter's rent in advance. This leaves one final payment due, estimated to be £14,800. We have confirmed in writing with the landlord's agent that Teathers will not renew the lease when it expires in December this year.

 

Financial Performance

As shown in the profit and loss table below, Teathers made a profit of £28,399 during the period. This is extremely pleasing and reflects the success we've had navigating Teathers out of the difficult waters it found itself in.

 

Your board has gone to great lengths to slash Teathers cost base. Fixed monthly running costs are currently roughly £7,000 per month. To put this into context this figure is less than the monthly salary former CEO Jason Drummond took from the company in Full Year 2015.

 

We have also improved Teathers net current asset position from £48,569 on 31 October 2016 to £76,968 as of 31 May 2017. This represents solid progress for the company, during a period when it has had to repay the majority of the debt burden amassed by the former directors.

 

Moving forward, your board anticipates running costs might rise once the new version of the App is released and the Company increases deal flow, but we are confident this should also lead to a corresponding increase in profitability and further improvement of the Company's balance sheet.

 

Annual General Meeting

Teathers held its Annual General Meeting on Saturday 11 February 2017. I am pleased to report that all resolutions were passed.

 

Sadly, Professor David Kipling retired from the board at the AGM owing to other work commitments. David made a highly valuable contribution to the saving of Teathers and has remained in communication to help with issues as they have arisen. Once again I would like to thank David for all he has done for Teathers.

 

Acquisition of 95% ValueTheMarkets.com

During the period Teathers acquired 95% of the website www.valuethemarkets.com. As part of your board's plan for growth, we identified the need for the company to own a content driven website. The ValueTheMarkets.com acquisition provides Teathers with an established web-presence for the Company to start delivery of its content strategy. We expect to make further announcements about this and the redevelopment of the website in the coming months.

 

Teathers financial position and outlook

We entered the second half of Full Year 2017 confidently. The new App is nearing completion and we continue to witness an ever-increasing amount of interest in our business, both from retail investors and corporate clients. The one constraint holding us back at the moment is access to sufficient working capital to enable us to grow the business more quickly.

 

June 28 marks the first anniversary since Stuart and I took over the running of Teathers. In our first year in charge we have saved the Company from insolvency, restored value to the balance sheet and turned Teathers into a moderately profitable enterprise. Our aim in the second half is to deliver a full year maiden profit for the Company, since it changed its business model and moved into the crowd equity market.

 

As mentioned above, we are currently exploring different alternatives to introduce new capital to the Company and will update shareholders accordingly.

 

 

Teathers Financial Plc Management Account Profit & Loss for the seven months ended 31 May 2017

 

Teathers Financial Plc

 

 

 

 

 

 

 

 

 

 

 

Management Accounts

 

 

 

 

for the seven months ended 31 May 2017

 

 

 

 

 

 

 

£

£

Turnover

 

 

 

 

 

Sales

 

 

 

 

64,046.05

 

Income from sale of shares

 

 

52,771.84

 

 

 

 

 

 

 

116,817.89

 

 

 

 

 

 

 

Cost of Sales

 

 

 

 

-

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

116,817.89

 

 

 

 

 

 

 

Overheads

 

 

 

 

 

Payroll coss

 

 

 

2,340.34

 

Directors' fees

 

 

 

12,083.35

 

Ex employee compensation

 

 

11,500.00

 

Rent & rates

 

 

 

37,880.37

 

Insurance

 

 

 

935.77

 

Computer expenses

 

 

1,288.83

 

Printing & stationery

 

 

747.80

 

Telephone & postage

 

 

1,489.32

 

Travel & entertainment

 

 

4,045.05

 

Legal & professional

 

 

(3516.22)

 

Audit & accountancy

 

 

8,000.00

 

Bank Charges

 

 

 

(479.32)

 

Donations & subscriptions

 

 

10.00

 

Trade & sundry expenses

 

 

1,700.00

 

Corporation tax

 

 

 

200.00

 

TEA App costs

 

 

 

10,193.17

 

 

 

 

 

 

 

88,418.46

 

 

 

 

 

 

 

Net profit

 

 

 

 

28,399.43

 

 

Teathers Financial Management Accounts Balance Sheet as at 31 May 2017

 

 

 

 

 

 

 

 

 

May 2017

 

Oct 2016

 

 

 

£

 

£

 

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangibles

 

21,220

 

 21,220

 

Total non-current assets

 

21,220

 

21,220

 

Current assets

 

 

 

 

 

Trade and other receivables

 

11,621

 

82,402

 

Investments

 

81,069

 

97,686

 

Cash and cash equivalents

 

35,941

 

658

 

Total current assets

 

128,631128,631

 

180,746

 

TOTAL ASSETS

 

149,851

 

201,966

 

 

 

 

 

 

 

Equity attributable to owners of the company

 

 

 

 

 

Share capital

 

322,709

 

322,709

 

Share premium

 

1,518,752

 

1,518,752

 

Share based payments

 

7,395

 

7,395

 

Retained earnings

 

(1,750,668)

 

(1,779,067)

 

Total equity

 

98,188

 

69,78969,789

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

51,663

 

132,177

 

Total current liabilities

 

51,663

 

132,177

 

TOTAL EQUITY AND LIABILITIES

 

149,851

 

201,966

 

             

 

The financial statements were approved and authorised for issue by the Board on 27 June 2017

 

Matthew Benjamin Turney                                                                                                                                            

Chief Executive                                                                                                           

Teathers Financial plc Registered No.  00092343

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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