Tintra PLC Business Update (6536F)
08 Noviembre 2022 - 1:30AM
UK Regulatory
TIDMTNT
RNS Number : 6536F
Tintra PLC
08 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
8 November 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Business Update
The board of directors of Tintra (the "Board"), the fast-growth
Deep Tech business, provides an update to its business activities
in the UK.
The Company's wholly owned subsidiary, Tintra Money Limited, has
submitted an application and required accompanying documentation to
the UK Financial Conduct Authority ("FCA") to become an authorised
electronic money institution. This is an important next step in
progressing the Group's strategy within the UK, as previously
articulated in the Company's annual report. Whilst there can be no
guarantee in respect of the outcome of the application to the FCA,
the Company is confident of the substance of its application and
would be hopeful to be approved during Q1 2023.
In anticipation of the above outcomes and as set out in the
Company's announcement of 20 May 2022, any assets of the Company's
legacy subsidiary in the payments sector, St Daniel House Limited
("SDH"), have been moved into either Tintra Money Limited or Tintra
Payments (Mauritius) Limited, the Group's Mauritian unit, which
holds a Payment Intermediary Services License from the Mauritius
Financial Services Commission.
This restructuring is timed to coincide with the finalisation of
certain external liabilities of SDH as set out in the announcement
of 8 December 2021 (herein the "Announcement") which continues to
progress and which the Company anticipates will be fully concluded
by the end of the calendar year.
The guarantees provided to SDH by Tintra Acquisitions Limited
("TAL") on certain external liabilities remain in place and as set
out in the Announcement, TAL has agreed to forgive any amounts
crystalised under the guarantees. As a result, it is expected that
the Company's balance sheet will be strengthened by between GBP1.4m
and GBP1.5m during the current financial year.
With the above restructuring of SDH now complete, the Board is
transferring ownership of SDH to PPS Asset Realisation Co Limited,
the special purpose vehicle which the Group established to deal
with the winding down of the activities of Prize Provision Services
Limited (see the announcement of 20 May 2022) to complete the
winding down of SDH, as anticipated in the announcement of 20 May
2022. The only assets remaining in SDH are intra-Group balances.
The consideration for the transfer is GBP1. SDH incurred a loss of
approximately GBP176k in the six-months to 31 July 2022 and had net
liabilities of approximately GBP967k at the same date.
Further, the Group is continuing to work on the separate process
to apply for authorisation by the UK Prudential Regulation
Authority ("PRA") as a new Bank, in which it is being assisted by a
"Big 4" consultancy firm.
The Company's Fintech Services Licence issued by the Qatar
Financial Centre is progressing in its set up, with hiring and
internship discussions now taking place with operations intended to
begin in earnest in early January.
The Company expects to complete the previously announced funding
round during November 2022, under the same terms as previously
announced. This funding will enable the Group to further progress
its strategy.
Richard Shearer, the Company's Chief Executive said "The
structural measures announced today are an essential and perhaps
final part of the transition. The upcoming closing of the current
funding round confirms the strength of the Company's strategy and
provides a clear runway to launch at the end of 2023. Dealing with
the final aspects of the legacy issues and the ensuring the
corporate structure only includes 'go-forward' companies is an
essential housekeeping step before that.
Other parts of the strategy continue to move along apace, with
the big headline announcements, that were happening frequently,
having been replaced by build out of technology, hiring strategy
execution and discussions with regulators and governments. It is in
striking this balance of transformational steps forward supported
by intricate consolidation that we will use Artificial Intelligence
to bring Real Change(TM) ."
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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