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 £2 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 £1.7 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

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 £2.0 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 £0.2 million. This primarily respects day-to-day administration expenses of £0.2 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 £1.7 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

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 April 2023

STATEMENT OF CASH FLOWS

For the year ended 30 April 2023