TIDMBWN
RNS Number : 6580J
Bowen Fintech PLC
17 August 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).
17 August 2023
Bowen Fintech Plc
("Bowen" or the "Company")
Final Results and Publication of Annual Report
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 final results
for the year ended 30 April 2023 and the publication of its annual
report.
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")
-- 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, although applications relevant to other sectors
may be considered
-- As of 30 April 2023, the Company had cash and cash equivalents of GBP1.7 million
Publication of Annual Report
Today the Company has published its annual report for the year
ended 30 April 2023 on the Bowen website in the 'Financial Reports'
section at: https://ukbowen.com/investors/#reports
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
--------------------
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 net loss for the year to 30 April 2023 was GBP0.2 million.
This primarily respects day-to-day administration expenses of
GBP0.2 million.
The basic loss per share for 2023 was 0.8 pence.
As at 30 April 2023, the Company had cash and cash equivalents
of GBP1.7 million derived from the placing in relation to the
Company's admission to the Standard Listing segment of the London
Stock Exchange.
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.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 April 2023
For the year ending For the period from
30 April 2023 21 April 2021 to
30 April 2022
GBP GBP
Administrative expenses (160,125) (64,976)
Share-based payment charge (88,050) -
Loss from operations (248,175) (64,976)
Loss before taxation (248,175) (64,976)
Income tax - -
-------------------- --------------------
Loss for the period and total comprehensive income for the period (248,175) (64,976)
==================== ====================
Basic and diluted loss per Ordinary Share (0.008) (0.013)
==================== ====================
STATEMENT OF FINANCIAL POSITION
As at 30 April 2023
As at As at
30 April 2023 30 April 2022
GBP GBP
ASSETS
Current assets
Cash and cash equivalents 1,730,544 9,463
Trade and other receivables 9,167 -
---------------
Total assets 1,739,711 9,463
=============== ===============
Liabilities
Current Liabilities
Trade and other payables (62,769) (9,000)
Director's Loan - (15,439)
Total Liabilities (62,769) (24,439)
--------------- ---------------
Net assets / (liabilities) 1,676,942 (14,976)
--------------- ---------------
EQUITY
Equity attributable to owners
Ordinary Share capital 550,000 50,000
Share premium 1,352,043 -
Warrant reserve 88,050 -
Retained losses (313,151) (64,976)
--------------- ---------------
Total equity 1,676,942 (14,976)
=============== ===============
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2023
Ordinary share capital Share premium Warrant Reserve Retained losses Total equity
GBP GBP GBP GBP GBP
Comprehensive loss for
the period
Loss for the period - - - (64,976) (64,976)
----------------------- -------------- ---------------- ---------------- -------------
Total comprehensive loss
for the period - - - (64,976) (64,976)
Transactions with owners
Ordinary shares issued on
incorporation 50,000 - - - 50,000
Total transactions with
Shareholders 50,000 - - - 50,000
----------------------- -------------- ---------------- ---------------- -------------
As at 30 April 2022 50,000 - - (64,976) (14,976)
======================= ============== ================ ================ =============
Comprehensive loss for
the period
Loss for the period - - - (248,175) (248,175)
----------------------- -------------- ---------------- ---------------- -------------
Total comprehensive loss
for the period - - - (248,175) (248,175)
Transactions with owners
Issue of ordinary shares 500,000 1,500,000 - - 2,000,000
Cost of share issue - (147,957) - - (147,957)
Share-based payments - - 88,050 - 88,050
Total transactions with
Shareholders 500,000 1,352,043 88,050 - 1,940,093
----------------------- -------------- ---------------- ---------------- -------------
As at 30 April 2023 550,000 1,352,043 88,050 (313,151) 1,676,942
======================= ============== ================ ================ =============
STATEMENT OF CASH FLOWS
For the year ended 30 April 2023
Year ended 30 April 2023 Period ended 30 April 2022
GBP GBP
Cash flows from operating activities
Loss before income tax (248,175) (64,976)
Share-based payment charge 88,050 -
Increase in other receivables (9,167) -
Increase in other payables 53,769 9,000
-------------------------
Net cash from operating activities (115,523) (55,976)
========================= ===========================
Cash flows from financing activities
Cash received from issue of Ordinary Shares 2,000,000 50,000
Issue costs settled during the period (147,957) -
Director's loan (paid) / received (15,439) 15,439
------------------------- ---------------------------
Net cash inflow from financing activities 1,836,604 65,439
========================= ===========================
Net increase in cash and cash equivalents 1,721,081 9,463
Cash and cash equivalents at beginning of period 9,463 -
------------------------- ---------------------------
Cash and cash equivalents at end of period 1,730,544 9,463
========================= ===========================
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END
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August 17, 2023 07:00 ET (11:00 GMT)
Bowen Fintech (LSE:BWN)
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