Tintra PLC Disposal of interest in Soccer Business (9868R)
10 Noviembre 2021 - 08:37AM
UK Regulatory
TIDMTNT
RNS Number : 9868R
Tintra PLC
10 November 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
10 November 2021
TINTRA PLC
("Tintra", the "Group" or the "Company")
Disposal of interest in Soccer Business
The board of directors of the Company (the "Board") is pleased
to announce that in line with its earlier stated strategy of
focusing on FinTech activities and disposing of non-core
businesses, it has agreed to dispose of the Group's remaining 10%
interest in the Astro Kings soccer business located in
Nottingham.
Originally purchased as Soccerdome in 2011, 90% of the business
was transferred into a joint venture company, Nineteen Twelve
Holdings Ltd, in 2015 ("NTH" - see announcement dated 30 October
2015).
The purchaser of the remaining 10% of the Group's interest is
James Rose, the holder of the other 90% of NTH and the executive
director of the Group's lottery administration subsidiary, Prize
Provision Services Ltd.
Mr Rose exercised a contractual right to purchase the remaining
10% of NTH at the nominal value of GBP10 after the Group decided it
did not wish to participate in refurbishment of the NTH soccer
pitches in Nottingham that is due to be undertaken in the summer of
2022, for which the Group's contribution would have amounted to
circa GBP50,000.
The Group's interest in NTH was written down to nil value in the
financial year ended 31 January 2020 and NTH has never paid a
dividend to the Group, as such there will be no impact on the
Groups financial position or performance during the current
financial year to 31 January 2022 as a result of this
transaction.
Due to legacy obligations the Group remains as guarantor to a
loan provided to NTH by a third party finance provider and also the
freeholder of the site, Nottingham City Council. However, based on
the analysis by the Board and discussions with Mr Rose the Board
believes NTH will be able to meet its liabilities as they fall due
and as such deems the guarantee as low risk.
Richard Shearer, the Company's CEO made the following
comment:
"James has built a good small business in Nottingham, and we
wish him continued success in continuing its growth for NTH and the
broader community in Nottingham where I know his efforts have been
having an impact."
For further information, contact:
Tintra PLC
Head of Communications
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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November 10, 2021 09:37 ET (14:37 GMT)
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