Tintra PLC Update on proposed sale of Lottery & Funding Round (9309G)
01 Abril 2022 - 2:04AM
UK Regulatory
TIDMTNT
RNS Number : 9309G
Tintra PLC
01 April 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
1 April 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on proposed sale of Lottery Business & Funding
Round
Update on proposed sale of Lottery Business
Further to the Company's previous announcements, most recently
on 25 February 2022, the board of directors of Tintra (the "Board")
would like to provide an update in respect of the proposed sale of
certain assets of Prize Provision Services Limited (the "Lottery
Administration Business") to Sterling Management Centre Ltd (the
"Buyer" or "Sterling").
The Company continues to work closely and constructively with
Sterling to conclude the transaction and the Board expects a
successful outcome on the terms set out in the Company's
announcement of 21 October 2021, however the transaction has not
yet completed. The regulatory complexity of liaising with the
Gambling Commission to complete a transaction that includes some
746 charitable societies, whilst equally importantly ensuring that
none of those worthy causes are disadvantaged during the transfer
of control, has proven to be a very complex endeavour. The Company
will provide further updates in due course.
Conditional on the sale of the Lottery Administration Business
is an investment from a strategic Gulf-based investor for
US$2,000,000 through the issue of 297,022 new Ordinary Shares
announced on 10 January 2022.
This subscription agreement in respect of this investment has a
long stop date of 1 April 2022 that gives the investor the right to
withdraw from the transaction should they wish after this date. The
investor has verbally confirmed to the Board their intention to
continue with the transaction and not exercise that right at this
time. Their investment remains conditional on the sale of the
Lottery Administration Business by the Company. A further
announcement will be made in the event of any change.
Receipt of Funds
The Board has received confirmation that the US$250,000 in
settlement of the subscription for 37,128 new ordinary shares of 1
pence each ("Ordinary Shares") in the capital of the Company (the
"Subscription Shares") at a subscription price of 504p per share,
as set out in the announcement of 7 March 2022, has been sent by
the investor's bank. A further announcement will be made on receipt
of the funds. An application for the Subscription Shares to be
admitted to trading on AIM ("Admission") will be made shortly, with
Admission expected to become effective on or around 7 April 2022.
The subscriber will also be issued 74,256 Warrants on the terms set
out in the announcement of 7 March 2022.
Total Voting Rights
On Admission, the Company will have 14,551,647 Ordinary Shares
in issue, each with one voting right. There are no shares held in
treasury. Therefore, the Company's total number of Ordinary Shares
and voting rights will be 14,551,647 and this figure may be used by
shareholders from Admission as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
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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