Tintra PLC Update re Lottery Business (7802C)
25 Febrero 2022 - 1:00AM
UK Regulatory
TIDMTNT
RNS Number : 7802C
Tintra PLC
25 February 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
25 February 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update re Lottery Business
Sale of Lottery Business
Further to the Company's announcements of 21 October 2021 and 27
January 2022, the board of directors of Tintra (the "Board") would
like to provide an update in respect of the sale of certain assets
of Prize Provision Services Limited (the "Lottery Administration
Business") to Sterling Management Centre Ltd (the "Buyer" or
"Sterling").
The regulatory and administrative complexities outlined in the
announcement of 27 January 2022 have now been materially addressed
and the Company and the Buyer are moving into the final phase of
the transaction. It was hoped that completion would have occurred
by now but that has not been the case.
However, now these variables are known, the parties are moving
along to drafting of the final sale and purchase agreement for the
transaction. The Board, and indeed the Buyer, are confident that
the transaction will be completed in a timely fashion.
Further the Board are comfortable based on the facts that the
transaction will be completed within the time parameters required
to satisfy the investment that is contingent upon the sale of the
Lottery Administration Business as set out in the announcement of
10 January 2022.
A tight deadline was set to achieve the disposal of the Lottery
Administration Business in an environment with regulatory
complexity. Along with equally, or perhaps more importantly, the
good order and unhindered continuance of the charities and
societies that rely upon the Lottery Administration Business for
their various benevolent causes.
And whilst this non-binding tight timeline added into the Heads
of Terms has moved slightly, the Board and the Buyer both are
pleased with the speed and air of collaboration with which the
challenges have been addressed and overcome.
To this end Richard Dixon the Managing Director of Sterling
commented "We at Sterling are enjoying working collaboratively with
the Tintra Team and very much look forward to completing the
transaction."
Dissolving of PPS Blockchain Ltd.
Further to the above, and in preparation for the disposal of
PPSL, the Board has resolved to dissolve the Company's wholly owned
subsidiary PPS Blockchain Ltd.
This subsidiary, announced on 8 March 2019, was established for
a proposed lottery joint venture based around blockchain
technology. It has not progressed in any meaningful way and as such
the Board has decided to dissolve PPS Blockchain Ltd as the final
part of the Company's exit from the lottery sector.
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
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END
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February 25, 2022 02:00 ET (07:00 GMT)
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