Appointment of Strategic Adviser, Trading Update & Share Price

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)	[phone]
Tennyson Securities (Broker) Peter Krens Alan Howard	[phone]
Vigo Consulting (Investor Relations) Ben Simons Kendall Hill Peter Jacob	[phone] [e-mail]

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

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