Certain
information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the
United Kingdom. Upon publication
of this Announcement, this information is now considered to be in
the public domain.
15 November 2024
Tap
Global Group Plc
(“Tap
Group” or the “Company”)
Appointment
of Company Strategic Adviser
Trading
Update and Share Price Rise
Tap Global
Group Plc (AQSE:
TAP), the regulated crypto app bridging the gap between traditional
finance and blockchain technology, is pleased to announce the
appointment of Peter
Wall as
Strategic Adviser to the Company with immediate effect. Peter has
already begun acting in an advisory capacity to the Company.
The
Company intends to appoint Peter as Non-Executive Chairman of the
Company, subject to satisfactory due diligence checks being
completed.
Peter is a
seasoned executive with extensive experience in scaling early-stage
tech companies. Formerly the CEO of Argo Blockchain plc, he
successfully led the company through a period of rapid growth,
including a public listing on Nasdaq following its initial success
on the London Stock Exchange.
In his new
role with Tap Group, Peter will focus on building high-performing
teams and positioning the Company as an attractive investment
proposition, underpinned by accelerated business growth, improving
operational efficiencies, and stronger investor
engagement.
John Taylor, Non-Executive Director, will assume the role of
Interim Chairman whilst regulatory due diligence is being completed
on Peter.
Grant
of Options
To
incentivise Peter to drive long-term growth reflected in Company
valuation, he will be granted 30,000,000 share options exercisable
for up to 10 years at a price of 2.5p per ordinary share. The
options will vest according to the schedule below:
|
25%
|
Six months
after date of grant
|
|
25%
|
On share
price reaching a bid-price of 15p
|
|
25%
|
On share
price reaching a bid-price of 25p
|
|
25%
|
On share
price reaching a bid-price of 50p
|
The
vesting criteria requires the recipient to remain engaged by the
Company at the time of vesting. Share price targets require the
share price to close at or above each target for at least five days
in a 20-day period.
Taking
into account the vesting conditions attaching to the proposed
options, having exercised reasonable care, skill and diligence, the
directors consider that the proposed share option grant is fair and
reasonable insofar as the shareholders of the Company are
concerned.
Trading
Update and Share Price Rise
Tap Group
announces its unaudited revenue for the financial year ended
30 June 2024 (“FY24”) was £2.67m, up
33.5% from £2.0m the prior financial year (“FY23”) (which included
a six-month contribution from Tap Global Limited, acquired
mid-period). This was achieved while navigating regulatory changes
and payment processing disruptions, and alongside strategic cost
optimisation initiatives to improve profitability in the current
financial year and beyond.
Tap Group
is also pleased to confirm the first four months of the current
financial year
have each
produced increasing revenue figures, reflecting product
improvements, market sentiment, and fee calibration.
The
Company notes the recent share price movements and confirms that,
except for the above trading update, and the appointment of
Peter Wall, there is no material
information to report to the market.
Company
CEO to assume CEO position of wholly owned
subsidiary
Arsen Torosian will, subject to regulatory approval, assume
the role of CEO of Tap Global Limited, the Company’s wholly owned
subsidiary in Gibraltar.
Arsen Torosian, CEO of Tap Group, said:
“We
are delighted that Peter Wall has
agreed to join Tap Group.
It is
evident that Peter intends to take a very hands-on approach in
assisting the business to develop and reach its potential. Peter’s
experience, particularly in relation to leading the growth of
listed tech companies, will be invaluable as Tap Group seeks to
accelerate its growth from the strong foundations that have been
built over the last two years. Peter’s expertise in communications,
culture building, and capital markets will undoubtedly offer Tap
Group a strategic edge in services which are highly demanded by
consumers but challenging for other operators to
deliver.”
Peter Wall, strategic advisor to Tap Group,
said:
“I
believe Tap Group contains all the elements for a real growth story
in the coming months. The foundations laid by the current team,
based on organic growth, a lean operations base, and an
international footprint, provide the ideal springboard for focused
scaling. Communicating the investment opportunity to the wider
markets will be a primary area of focus for me, as will injecting a
culture of operational excellence within the internal team. I look
forward to working closely with the team and engaging our investor
community."
The
Directors of the Company accept responsibility for the contents of
this announcement.
Enquiries:
|
Tap
Global Group Plc
Arsen
Torosian, Chief Executive Officer
|
via Vigo
Consulting
|
|
Peterhouse
Capital Limited (Aquis
Growth Market Corporate Advisor)
|
+44 (0)20
7220 9795
|
|
Tennyson
Securities (Broker)
Peter
Krens
Alan
Howard
|
+44 (0)20
7186 9030
|
|
Vigo
Consulting (Investor
Relations)
Ben
Simons
Kendall
Hill
Peter
Jacob
|
+44 (0)20
7390 0230
tapglobal@vigoconsulting.com
|
About
Tap Global Group Plc
Tap Global
Group Plc (“Tap Group”) bridges the gap between traditional finance
and blockchain technology. It offers over 350,000 individual and
business customers an innovative and fully integrated fiat payments
and cryptocurrency settlement service including access to several
major cryptocurrency exchanges. Through the Tap app, customers can
trade up to 48 cryptocurrencies and store them directly in their
customer wallet, while benefiting from proprietary AI middleware
for real-time best-execution and pricing.
Tap
Group’s European business, Tap Global Limited, was the first
cryptocurrency FinTech company to be approved by Mastercard in
Europe. Through the Tap card,
European users can convert their cryptocurrencies to fiat and spend
at more than 37 million merchant locations worldwide.
Investor
website:
www.investor.tap.global
Tap
Group’s operating subsidiaries
Tap Global
Limited serves the European customer base and is registered in
Gibraltar and licensed and
regulated by the Gibraltar Financial Services Commission under the
DLT with licence No. 25532.
Tap
Americas LLC serves the US customer base and is a limited liability
company organised under the laws of the state of Florida. Cryptocurrency services are provided
by Zero Hash, a Chicago-based
B2B2C crypto infrastructure platform.
Learn
more:
www.withtap.com
Follow
us on social media:
LinkedIn:
https://www.linkedin.com/company/tapglobal/
X
(formerly Twitter):
https://twitter.com/TapGlobalPlc
|
1.
|
Details
of the person discharging managerial responsibilities/person
closely associated
|
|
a)
|
Name
|
Peter
Wall
|
|
2.
|
Reason
for the notification
|
|
a)
|
Position/status
|
Strategic
Advisor
|
|
b)
|
Initial
notification/Amendment
|
Initial
Notification
|
|
3.
|
Details
of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Tap Global
Group Plc
|
|
b)
|
LEI
|
213800BF6GRJEOAQNP31
|
|
4.
|
Details
of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
|
|
a)
|
Description
of the financial instrument
|
Ordinary
Shares of 0.1 pence each
|
|
b)
|
Identification
code
|
GB00BMVSDN09
|
|
c)
|
Nature of
the transactions
|
Grant of
Options
|
|
d)
|
Price(s)
and volume(s)
|
Exercise
price: 2.5 pence
Volume:
7,500,000 vesting on 15 May 2025
7,500,000
vesting on the Company’s share price reaching at least
15p
7,500,000
vesting on the Company’s share price reaching at least
25p
7,500,000
vesting on the Company’s share price reaching at least
50p
|
|
e)
|
Aggregated
information
-
Aggregated
volume
-
Price
|
30,000,000
options
Exercise
price: 2.5 pence
|
|
f)
|
Date of
the transactions
|
15
November 2024
|
|
g)
|
Place of
the transactions
|
Off
market
|