TIDMBWN
RNS Number : 4300O
Bowen Fintech PLC
31 January 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310).
31 January 2023
Bowen Fintech Plc
("Bowen" or the "Company")
Interim Results
Bowen (LSE: BWN), a special purpose acquisition company formed
to acquire businesses in the technology innovations market with a
focus on the financial services sector, announces its interim
results for the six months ended 31 October 2022.
Summary
-- Joined the Official List of the London Stock Exchange (by way
of a Standard Listing) on 31 October 2022
-- Raised gross proceeds of GBP2 million through a placing of
new ordinary shares of 1 penny each in the Company ("Ordinary
Shares")
-- Post period, the Board commenced its search for acquisition
opportunities in the technology innovations market with a focus on
companies that own products or applications that are relevant to
the financial services sector
-- As of 31 October 2022, the Company had cash and cash
equivalents of GBP1.3 million, with GBP1.8 million held at 31
December 2022
Aamir Quraishi, Non-executive Chairman of Bowen, said: "This was
a milestone period for Bowen as we became listed on the London
Stock Exchange, marking the true start of our journey. While it is
early days, we are excited at the prospect of evaluating the
acquisition opportunities that we are being presented with so far.
Whether it is for businesses or consumers, industries are being
fundamentally transformed through innovation in technology - which
is happening globally. This creates a substantial market
opportunity for Bowen to acquire a business and to generate
shareholder value through participating in that growth."
Enquiries
Bowen Fintech Plc c/o +44 (0)204 582
3500
Aamir Quraishi, Non-executive Chairman
--------------------
Optiva Securities Ltd - Broker +44 (0)203 137 1903
--------------------
Vishal Balasingham
--------------------
Gracechurch Group - Financial PR +44 (0)204 582 3500
--------------------
Harry Chathli, Claire Norbury
--------------------
Website publication
A copy of this announcement, together with the full Interim
Report with financial statements and notes to the financial
statements, can be found on the Company's website at:
https://ukbowen.com/
Introduction
Bowen was formed as a special purpose acquisition company to
acquire businesses, or assets, in the technology innovations market
with a focus on companies that own products or applications that
are relevant to the financial services sector, such as digital
payment systems, trading platforms and other related
infrastructure. The Company raised gross proceeds of GBP2.0 million
through a placing of Ordinary Shares was admitted to trading on the
Official List of the London Stock Exchange (by way of a Standard
Listing) ("Admission") on 31 October 2022.
Since Admission, the Board has begun screening and identifying
potential acquisition targets and will update the market, as
appropriate, in due course.
Financial Review
The loss for the period to 31 October 2022 was GBP0.1 million.
This reflects the transaction costs of GBP11.9 thousand and
share-based payment charge of GBP88.1 thousand associated with the
Company's Standard Listing and fundraising as well as day-to-day
administration expenses of GBP8.5 thousand.
The basic loss per share for H1 2023 was 2.1 pence.
As of 31 October 2022, the Company had cash and cash equivalents
of GBP1.3 million (30 April 2022: GBP9,463) derived from the
placing in relation to the Company's admission to the Standard
Listing segment of the London Stock Exchange. As at 31 December
2022, cash and cash equivalents had increased to GBP1.8 million,
reflecting the timing of receipt of the proceeds from the
fundraising associated with the IPO on 31 October 2022.
Strategy & Outlook
As noted, Bowen is seeking to acquire businesses or assets in
the technology innovations market, with a focus on companies that
own products or applications that are relevant to the financial
services sector, such as digital payment systems, trading platforms
and other related infrastructure. Applications relating to other
sectors may also be considered. While not limited to a particular
geographic region, the Directors expect they will acquire a company
mostly likely located in the UK, Europe, Asia or the US.
The Directors intend to consider businesses that are:
-- founder or entrepreneur-led, typically with a buy-and-build strategy;
-- preferably already revenue generating and within the small to
medium cap range where the Board believes it has greater access and
where the negotiation process is generally less time consuming than
companies that are much larger;
-- at an inflection point, such as those requiring additional
management expertise, are able to innovate by developing new
products or services, or where the Board believes it can drive
improved financial performance and it may help facilitate growth;
and are
-- well positioned to benefit from being a public company and
leverage the Board's capital markets experience.
The Board, collectively, has significant experience in
establishing and growing businesses along with significant
experience of managing public companies and risks associated with
such ventures both operationally and financially. The Board
believes that it has a broad network of contacts and corporate
relationships that makes it efficient at sourcing and evaluating
businesses and bridging cultural differences to negotiate and
execute a transaction in a timely and professional manner.
In the unlikely event that an acquisition has not been announced
within two years of Admission, shareholders of the Company will be
given the opportunity to vote to extend the period in which to
identify a relevant acquisition for 12 months or to windup the
Company and return unused cash assets to shareholders.
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the period from 1 May 2022 to 31 October 2022
For the period For the period
1 May 2022 to 21 April 2021
to
31 October 2022 30 April 2022*
(unaudited) (audited)
GBP GBP
Administrative expenses (8,498) (64,976)
Share-based payment charge (88,050) -
IPO related costs (11,888) -
---------------- -----------------
Operating loss (108,436) (64,976)
Loss before taxation (108,436) (64,976)
Income tax - -
---------------- -----------------
Loss for the period and
total comprehensive loss
for the period (108,436) (64,976)
---------------- -----------------
Loss per share
Basic and Diluted loss
per share (0.021) (0.013)
---------------- -----------------
*Comparative information has been included covering the period
from incorporation to Company's first annual reporting date, as
there were minimal transactions in the comparable 6 month
period.
All items in the above statement are derived from continuing
operations.
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION
As at 31 October 2022
31 October 2022 30 April 2022
(unaudited) (audited)
GBP GBP
Current assets
Cash and cash equivalents 1,289,791 9,463
Prepayments & other receivables 718,000 -
------------------- --------------
Total assets 2,007,791 9,463
------------------- --------------
Current liabilities:
Director's Loan - 15,439
Trade and other payables 129,215 -
Accruals 78,000 9,000
------------------- --------------
Total liabilities 207,215 24,439
------------------- --------------
Net Assets (Liabilities) 1,800,576 (14,976)
------------------- --------------
Capital and reserves
Share capital 550,000 50,000
Share premium account 1,335,938 -
Warrant reserve 8,050 -
Retained Losses (93,412) (64,976)
------------------- --------------
Total Shareholders' funds 1,800,576 (14,976)
------------------- --------------
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
For the period from 1 May 2022 to 31 October 2022
Share Share Premium Warrant Retained Total
capital Reserve losses
GBP GBP GBP GBP GBP
As at 1 May 2022 50,000 - - (64,976) (14,976)
Comprehensive loss for the
period - - - (108,436) (108,436)
--------------------- ------------- ------------- ------------- ------------
50,000 - - (173,412) (123,412)
--------------------- ------------- ------------- ------------- ------------
Transactions with owners,
recorded directly in equity
Ordinary Shares issued 500,000 1,500,000 - - 2,000,000
Cost of share issue - (164,062) - - (164,062)
Share-based payments - Broker
Warrants - - 8,050 - 8,050
Share-based payments - Founder
Warrants - - - 80,000 80,000
As at 31 October 2022 (unaudited) 550,000 1,335,938 8,050 (93,412) 1,800,576
--------------------- ------------- ------------- ------------- ------------
For the period from 21 April 2021 to 30 April 2022
Share Share Premium Warrant Retained Total
capital Reserve losses
GBP GBP GBP GBP GBP
As at 21 April 2021 - - - - -
(date of incorporation)
Total comprehensive loss for
the period - - - (64,976) (64,976)
------------------- ------------- ------------- ------------- --------
- - - (64,976) (64,976)
------------------- ------------- ------------- ------------- --------
Transactions with owners,
recorded directly in equity
Ordinary shares issued on
incorporation 50,000 - - - 50,000
As at 30 April 2022 (audited) 50,000 - - (64,976) (14,976)
------------------- ------------- ------------- ------------- --------
Other reserves comprise of share premium representing
consideration received in excess of nominal value of the share and
share-based payment reserve.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
For the period from 1 May 2022 to 31 October 2022
For the period For the period
from 1 May 2022 from 21 April
to 2021 to
31 October 2022 30 April 2022
(unaudited) (audited)
GBP GBP
Cash flows from operating activities
Loss for the period (108,436) (64,976)
Adjustments for:
Share-based payments 88,050 -
Decrease/(Increase) in prepayments
and other receivables (718,000) -
(Decrease)/increase in trade and
other payables (excluding share
issue costs) 118,776 9,000
---------------------- --------------
Net cash outflows from operating
activities (619,610) (55,976)
---------------------- --------------
Cash flows from financing activities
Issue of Ordinary Shares 2,000,000 50,000
Issue costs settled during the period (100,062) -
Director's Loan - 15,439
Net cash inflows from financing
activities 1,899,938 65,439
---------------------- --------------
Net increase in cash and cash equivalents 1,280,328 9,463
Opening balance of Cash and cash
equivalents 9,463 -
---------------------- --------------
Closing balance of Cash and cash
equivalents 1,289,791 9,463
---------------------- --------------
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END
IR NKDBDDBKDODN
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