TIDMTNT
RNS Number : 1724U
Tintra PLC
29 July 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
29 July 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
AGM Statement
The Annual General Meeting for the year ending 31 January 2022
will be held at 9.30 am today (the "AGM"). Richard Shearer, Group
CEO, will make the following AGM Statement and provide a Group
Strategy Update.
"It is a year since I took over as CEO in July 2021, and today
is the date where we draw a line in the sand from the legacy
businesses towards the restructured forward looking Deep Tech &
Banking Business that we are developing, built on the legacy
payments business.
We had intended that today would start with the issuing of the
Annual Report, but this is now expected to be published later
today, and this will be a defining moment in many ways for Tintra
PLC.
Much of my first 6 months as CEO was focused on rationalising a
business that had been ineffectively run for a number of years,
understanding what we had, where we could take it, and what actions
needed to be taken to do so.
The first 90 days involved analysis of business units as diverse
as gambling, payments, legal services and even soccer pitches. The
result of this process saw urgent change management. In my view, to
succeed, a business needs to have a core focus, the right team to
execute, a defined strategy and no distractions of non-contributing
businesses. This is how we proceeded.
During that process, we very quickly disposed of the legal
business, it was non-profit making and had little chance of scaling
to the kind of size that we thought would bring value to
shareholders.
PPSL was analysed and whilst it had been a good contributor to
the Company since its original IPO in 2006, it had not been showing
great growth potential for a number of years, with major
competitors having started more recently and doing better. It was
resolved to dispose of that asset. We were able to reach terms with
one of the premier operators in the country in a deal that provided
decent commercial terms along with the certainty that the many
worthy causes it supported were going to be well looked after by
the new, very capable, owners.
We had envisaged that transaction being smoother than it turned
out to be. Some commercial decisions by the management of PPSL
meant that the regulatory complexity was also increased, coupled
with the client base which includes hundreds of small charities up
and down the country. PPSL now sits outside the Group but we
continue to expect the original sale to be completed on materially
the same terms as previously announced.
The most significant challenge in those first six months was
with St Daniel House ("SDH"). The payment business had reported a
loss in the accounts to 31 January 2021 but it was not until we
undertook a deep dive review that we realised the challenges were
greater than we at first understood. SDH is the tech entity that
forms the foundation for our go forward strategy, so the legacy
issues found here were a major concern.
At the end of that process, it was understood that SDH had
incurred significant losses. By that time, we were very advanced in
our strategy and I did not want to burden Tintra plc with having to
undertake further onerous obligations on behalf of SDH, which it
had become clear it was unable to meet, and, consequently, as
announced on 8 December 2021, Tintra Acquisitions Limited ("TAL"),
the Company's largest shareholder that which I ultimately control,
provided guarantees to support SDH in excess of GBP1.3m. By TAL
taking that burden we were able to ensure that this legacy issue
did not affect our go forward strategy or our ability to raise
funds.
All of these steps meant that we have now right sized the
business, dealt with legacy issues, normalised the operation and
started work on that strategy that will take us well into the
future.
During that same period, a separate team were developing the
Groups operational strategy, publicly evidenced by the signing of
the Strategic Venture Agreement with TMC2 to assist us to build out
our revolutionary banking platform. That relationship has already
proved to be a huge success, resulting in 4 patent applications in
the UK and USA along with some major advancements into web3 and the
metaverse; we will start to share these soon.
This year has seen a laser focus on building for tomorrow. Our
strategy is an unusual one, we are running what in many ways is a
private US style VC strategy from a public UK business. Not least
is this demonstrated in our first main external funding round
earlier this year which raised funds that valued our concept at
$100m.
We intended that round of funding to last through to the end of
2022, as we anticipated quite a long incubation period. However,
during Q2 we undertook a massive project to fast track our
development, the result of which has been reported in small part,
with further updates expected to be released in September.
The result of this process means that we are some 6 months ahead
of our own roadmap. As such immediately after the AGM we will be
commencing a funding round based on these new fundamentals. The
round intends to raise $25,000,000 for not greater than 10% of the
Company.
This fundraising round will see the Company scale to some 130
staff members in 4 countries over the next 12 months and in that
same period deliver more patent applications, likely two of our
primary banking licences, as well as the full tech stack, moving us
toward a launch of these major operations in Q3 2023.
A substantial amount of additional information on the strategy
will be further outlined in the Annual Report ."
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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