TIDMTNT

RNS Number : 2823D

Tintra PLC

18 October 2022

18 October 2022

TINTRA PLC

("Tintra", the "Group" or the "Company")

Update on PPS Asset Realisation Co Limited

PPS Asset Realisation Co Limited, the special purpose vehicle that owns Prize Provision Services Ltd ("PPS"), and in which the Company holds one-third of the voting rights, has provided the Company with an update regarding the disposal of certain of the assets of PPS' external lottery administration business.

PPS and Sterling Management Centre Ltd ("Sterling") have today completed closing of the contract for the transaction (which was first announced on 21 October 2021, when PPS was a subsidiary of the Company) for the disposal of those assets. The amount of consideration payable to PPS by Sterling and the structure of those payments over the next three years remains in line with that announced on 21 October 2021, albeit is expected to be towards the lower end of the previously announced range.

As announced on 20 May 2022, it is estimated that during the current financial year the Group will show a benefit of around GBP140k in its net asset position as a result of the disposal. In the following 3 financial years, the Company anticipates a benefit from the deferred consideration element of the transaction as the liabilities of PPS, including those to the Company, are settled.

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

DISFFDFSAEESEIS

(END) Dow Jones Newswires

October 18, 2022 07:00 ET (11:00 GMT)

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