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AGM Results, Board Changes and Product Update

02 January 2020

TALLY LTD

(“Tally" or the "Company")

AGM Results, Board Changes and Product Update

02 January 2020

TALLY LTD, the money innovator and developer of the full reserve banking platform and mainstream foreign currency designed by the private sector, Tally®, is pleased to notify shareholders of the results of today’s Annual General Meeting (“AGM”) and provide an update regarding Board changes and Version 2.0 of the Tally app (“App 2.0”).

Tally® priced in GBP at time of this announcement (1 Tally® = 1 milligram of physical gold):

• 1 Tally® = 3.71 pence (i.e. t1 = £0.0371)

• Approx. 27 Tally® = £1 (i.e. t27 = £1.00)

• As at 25 November 2019 announcement, 1 Tally® = 3.67 pence (approx. 27 Tally® = £1)

• As at 02 September 2019 announcement, 1 Tally® = 4 pence (approx. 25 Tally® = £1)

• As at 10 June 2019, the initial release date, 1 Tally® = 3.33 pence (approx. 30 Tally® =£1)

Annual General Meeting

At the AGM of the Company held 31 December 2019, all resolutions set out in the AGM notice dated 10 December 2019 were duly passed.

Board Changes

In December 2019, Mr Ralph Hazell was appointed to the board of directors of Tally Ltd (and as such was up for re-election at the AGM, which re-election was duly passed).

Mr Hazell, aged 48, is co-Founder of the Tally full-reserve banking platform and Chief Platform Officer. He is a director of Tally Ltd’s UK-incorporated wholly owned subsidiary TallyMoney Ltd and subsidiary company, The Real Asset Co. Limited.

Mr Hazell’s background includes being a trader and market maker in the fixed income and commodity markets for more than 10 years. He was a founding partner of Jebel Tariq Trading in Dubai, which was the first company to automate market making in gold futures on the DGCX (Dubai Gold and Commodities exchange). He was also the founder of MoneySwap, a P2P currency exchange, which ended up being listed on AIM in 2011. He is co-Founder of The Real Asset Company – an online retail gold and silver exchange created to improve access to those precious metals markets and enable individuals to conveniently trade and hold gold - and is the author of “The Decentralised Renaissance – how the reinvention of money will kickstart a new economic and cultural era”.

Concurrent to this new director appointment, Mr Michael Corcoran has stepped down from Tally’s board. Mr Corcoran will continue to contribute to the development of the Company in his professional capacity as a corporate lawyer. Mr Corcoran joined the board of Tally Ltd (then called Lionsgold Limited) in mid-July 2018 as Non-Executive Director and Interim Chairman, and we are grateful for his efforts and contribution to the Company during his tenure.

Further additions to the board are planned in 2020, including the appointment of a permanent Non-Executive Chairman.

Tally App v2.0 Update

Tally’s App 2.0 is nearing completion and extensive internal testing is ongoing with release now targeted for around the end of January 2020, instead of December 2019 as previously planned. Customers will see a new design of the app and improvements to the customer journey to reduce friction-points and enhance the customer experience, with an improved underlying framework as the foundation for future product development.

Cameron Parry, Chief Executive Officer, commented: “2019 had its challenges but the Company was building the foundations for Tally Ltd as a digital NBFI (Non-Bank Financial Institution) offering an alternative monetary system designed to benefit depositors. The highlight of the year was undoubtedly the inaugural release of the initial version of the Tally® app on 10 June 2019. We are focused on delivering App 2.0 as soon as practicable as this is a key milestone for the business growth strategy and corporate objectives, including the crowdfunding and IPO planned for 2020. Following release of App 2.0 we’ll be able to release updated timelines for the year. We invite all shareholders to join the Tally community and register within the shareholder section for exclusive access to monthly Q&A sessions with the Tally co-Founders.

“It is pleasing to see Ralph appointed as a director of the top company in our group structure. Ralph and I have worked closely together as the co-Founders of Tally® since early 2017, designing and developing a standalone monetary system, that works alongside and seamlessly with the fiat currency global banking system; and we welcome him joining the board of Tally Ltd.

“I would also like to thank Michael Corcoran for all his efforts and input over 18 months as non-executive director and interim chairman of the Company. We look forward to continuing to work with him in regard to Tally, in his professional capacity as a corporate lawyer and on behalf of the Company, I wish him well for the future.

“Lastly, we hope all of Tally’s shareholders and customers and their families had a great Christmas and we wish them a safe and happy new year!”

For further information or if shareholders have any queries, please contact our office via corporate@tallymoney.com 

Enquiries:

Cameron Parry (Chief Executive Officer)

Tel: +44 (0)20 8065 0215

corporate@tallymoney.com 

www.tallymoney.com 

About TALLY

• TALLY is the innovator of Tally® - a standalone monetary system and full-reserve banking platform with a physical asset currency designed by the private sector, that operates seamlessly with central bank-issued fiat currency and the fractional-reserve banking system.

• Each unit of Tally® is one milligram of LBMA-accredited gold held by the customer and utilised via their individually issued banking account and Mastercard® debit card. 

• Tally® is not a fiat currency and Tally® is not a cryptocurrency.

• Tally® is money designed by the private sector for the benefit of savers and protect people’s wealth from inflation, banking risk and hidden bank charges.

• TALLY’s wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).

The Tally® banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.

• TALLY also has significant investment ownership in financial technology company Railsbank Technology Ltd (12.5%), leading India gold exploration company Geomysore Services India Pte Ltd (22%) and Finland gold exploration joint venture company Kalevala Gold Oy (32%).