TIDMTNT
RNS Number : 6429Q
Tintra PLC
29 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310.
29 October 2021
TINTRA PLC
("Tintra" or the "Group" or the "Company")
Half-Yearly Results for the six-months ended 31 July 2021
Key Highlights
-- Turnover up by 8% to GBP596,000 (H1 2020: GBP553,000)
-- Net pro t after tax and before exceptional items of GBP288,000 (H1 2020: GBP192,000)
-- GBP750,000 of new capital raised by the Company since 31 Jan 2021
-- New Chief Executive Officer, Non-Executive Director and senior management team
-- Rebranded to Tintra plc
Commenting on the results and outlook, Chairman of the Board of
Directors, Mr Roger Matthews, said:
The first 6 months of this financial year have seen some
dramatic and positive changes to the Company with the finalisation
of the involvement and capital injections by Tintra Acquisitions
Ltd., who now hold 25.85% of our issued shareholding.
Our new CEO, Mr Richard Shearer and his well-organised and very
professional Tintra team have implemented their 90-day review and
business plan, which was advised to the market, involving a change
in management strategy which encompasses corporate governance, HR,
accounting, sales and marketing and policies generally.
Equally, the new management team has access to a vast
marketplace underpinned by their reputable name within the
investment field, especially in emerging and frontier markets which
can only bode well for our turnover figures going forward.
For the half year to 31 July 2021, we had turnover of some GBP
596 ,000 and after costs and profits on disposals of discontinued
operations we made a profit before any exceptional items of
GBP288,000 , for the first time in several years.
As at the period end:
-- we had seen an increase in payment processing and FX
transactions in our payments division. Our payments division holds
an important regulatory license in the financial sector.
-- Our lottery management division had seen stability in the
number of weekly entries into the lotteries it administers and
despite lengthy Covid 19 restrictions, the overall number of lines
played during the period was on a par with the similar period in
2020.
To better reflect our involvement with our new partner, the
Company, after shareholder approval, changed its name to Tintra PLC
on 30 July 2021.
I thank all our staff, management team and my co-directors for
their continued efforts during these difficult Covid-19 times,
through which we have generally managed to sustain and keep the
business operating satisfactorily.
I view the next 6 months and the future growth with great
optimism with our new and determined management and I am pleased to
advise that at the time of writing my report your Company now has a
total market capitalisation of GBP9.87m.
Commenting on the results and outlook, Chief Executive Officer,
Mr Richard Shearer, said:
My comments are, perhaps unsurprisingly, more on the outlook
than the historical results. I was involved with the Company during
the latter part of H1 of this year and frankly speaking most of our
energy was focused on normalisation of systems and processes and
putting in place a foundation that would allow growth and scale
from a stable footing.
We continue to work to shore up the balance sheet in that
regard, as seen from a number of recent announcements and will
continue to do so, although most of my focus now is on the
future.
We came at this venture having a wealth of knowledge and
understanding of where the gaps between developed and emerging
world banking was and thought that we knew exactly what needed to
be done. Over the past 6 months with input from some of the best
minds in the fintech sector we have expanded our thinking to a
point where we have built a model that is somewhat revolutionary. I
have been developing my own thinking, and in turn, that of the
team, a lot in the past few months to the point where we feel that
the real way to solve the biggest need in the space is to use
technology to solve compliance issues, not using technology purely
to enhance the interface between customer and bank. It is with that
core tenet we are building out our platform.
Our deal with Finsensr, more importantly part of the Time
Machine Capital family, which has built the artificial intelligence
driver for a major US platform now raising funds at a GBP4Bn
valuation, is a huge step, which may not be immediately evident to
shareholders, but one that I believe will become more so over the
coming months.
We are building this business with a very US, very tech-like
philosophy; we are driven first and foremost by solving a deep need
with a business that is scalable quickly once the building blocks
are in place by using technology that perhaps will be patentable
based on our very early discussions, but time will tell on that
point.
We have made substantial steps with our banking licence in the
Qatar Financial Centre, a bank licence that gives us direct fully
regulated access to Africa and MENA and are now moving along very
well with a pre-application in Puerto Rico for an IFE banking
licence, which will give us direct access to the New York Federal
Reserve and act as the pivot between LATAM and the US/EU.
This is a major game changing plan that is not going to happen
overnight, a funding round is currently underway to expedite the
first phase, as earlier discussed, for which we are talking to many
of the big-name players in the fintech space in the US, along with
a number of leading family offices globally. You have already seen
some early positioning in this regard.
Our vision is big, we are the right team to execute on it and if
we get it right the rewards will see a meaningful change in the way
banking between developed and emerging markets takes place.
I look forward to sharing the journey with shareholders new and
old.
About Tintra PLC
Tintra PLC (Ticker: TNT) is an AIM quoted group, with its
principal activities the provision of payment processing products
and services, and the administration of lotteries.
Historically, all of our divisions created their capabilities
and services by bringing together the skills of people and
technology with licencing and regulatory approvals, data and
insights, client relationships and other partnerships. As of 31
July 2021, the Group comprised:
St. Daniel House ("SDH [1] ") is approved as an Electronic Money
Directive Agent, permitted to provide payment services on behalf of
an electronic money institution by the Financial Conduct Authority.
SDH provides a full range of card and payment services designed to
meet the needs of individuals and businesses, including Prepaid
card programs.
Prize Provision Services Limited ("PPS") is licensed by the
Gambling Commission as an External Lottery Manager to provide
administration services to charities, societies, and sports clubs
in Great Britain. It administers all aspects required to run a
lottery including draws, prizes, player accounts, financial and
data management and related regulatory and administrative tasks.
PPS provides services to over 770 societies ranging from local
sports teams at all levels to large national membership
organisations. On 21 October 2021, the Board stated that as a
result of the analysis undertaking in respect of the lottery
business that was first announced on the 30 July 2021 that the
Company has now entered in to heads of terms with Sterling
Management Centre Ltd in respect of the sale of certain assets of
Prize Provision Services Limited.
Soccerdome (in which the Group holds a minority stake) provides
high quality pitches and associated facilities for grassroots level
football in the city of Nottingham.
St. Frances House ("SFH") was created in July 2020 to explore
adjacent revenue streams through legal claims activity. On 13 July
2021, the Board stated its decision that the required levels of
ongoing investment and management resources to fully develop the
SFH opportunity would be better deployed within its payment
services business, and that it would dispose of SFH. This was
completed on 3 August 2021.
For further information, contact:
TINTRA PLC 020 3795 0421
Richard Shearer, CEO
Website www.tintra.com
Allenby Capital Limited
020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
2021 2020 2021
At 31 July 2021 Half Year Full Year
====== ================ ============
31-Jul 31-Jan
====== ================ ============
(unaudited) (unaudited)
====== ================ ============
Notes GBP000 GBP000 GBP000
====== ======= ======= ============
Continuing Operations
====== ======= ======= ============
Revenue 596 553 880
====== ======= ======= ============
Cost of Sales (521) (265) (701)
====== ======= ======= ============
Gross Profit 75 288 179
====== ======= ======= ============
Administrative expenses (779) (711) (1.424)
====== ======= ======= ============
Impairment of financial assets - - (394)
====== ======= ======= ============
Operating loss (704) (423) (1,639)
====== ======= ======= ============
Finance expenses - - (26)
====== ======= ======= ============
Loss before tax from continuing operations (704) (423) (1,665)
====== ======= ======= ============
Taxation - - -
====== ======= ======= ============
Profit from discontinuing operations,
net of tax 4 992 615 1,649
====== ======= ======= ============
Net Profit after tax and before exceptional
items 288 192 (16)
====== ======= ======= ============
Exceptional Items 2 (194) - -
====== ======= ======= ============
Total comprehensive income for the
period 94 192 (16)
====== ======= ======= ============
PROFIT/(LOSS) PER SHARE
====== ======= ======= ============
Basic (loss)/profit per ordinary share
(pence per share) 2 2p 6p (0.43p)
====== ======= ======= ============
Diluted (loss)/profit per ordinary
share (pence per share) 2p 6p (0.43p)
====== ======= ======= ============
Consolidated Balance Sheet
2021 2020 2021
At 31 July 2021 Half Year Full Year
====== ================== ==============
31-Jul 31-Jan
====== ================== ==============
(unaudited) (unaudited)
====== ================== ==============
Notes GBP000 GBP000 GBP000
====== ======== ======== ============
Non-current assets
====== ======== ======== ============
Property, plant and equipment 30 8 34
====== ======== ======== ============
Goodwill 158 158 158
====== ======== ======== ============
Other intangible assets 14 23 15
====== ======== ======== ============
Investments in debt instruments 1,247 1,124 1,247
====== ======== ======== ============
Total non-current assets 1,449 1,313 1,454
====== ======== ======== ============
Current assets
====== ======== ======== ============
Trade and other receivables 332 1,339 497
====== ======== ======== ============
Cash and cash equivalents 1,042 1,089 932
====== ======== ======== ============
1,374 2,428 1,429
====== ======== ======== ============
Total Assets 2,823 3,741 2,883
====== ======== ======== ============
Current liabilities
====== ======== ======== ============
Trade and other payables 2,864 4,315 3,696
====== ======== ======== ============
Bank and other borrowings 6 6 7
====== ======== ======== ============
Total current liabilities 2,870 4,321 3,703
====== ======== ======== ============
Non-current liabilities
====== ======== ======== ============
Bank and other borrowings 1,132 725 693
====== ======== ======== ============
Total liabilities 4,002 5,046 4,396
====== ======== ======== ============
Net liabilities (1,179) (1,305) (1,513)
====== ======== ======== ============
Equity attributable to equity holders
of the Group
====== ======== ======== ============
Share capital 3 3,131 3,127 3,127
====== ======== ======== ============
Share premium 3,319 3,277 3,277
====== ======== ======== ============
Other reserves 100 100 100
====== ======== ======== ============
Retained earnings (7,864) (7,809) (8,017)
====== ======== ======== ============
Total equity attributable to equity
holders of the Group (1,179) (1,305) (1,513)
====== ======== ======== ============
Consolidated Statement of Changes in Equity
Share Share Other Retained Total
capital premium reserves earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
========= ========= ========== ========== ========
Balance at 31 January 2020 3,116 3,020 - (8,054) (1,918)
========= ========= ========== ========== ========
Issue of share capital 11 310 - - 321
========= ========= ========== ========== ========
Profit for the period and total comprehensive
income - - - 192 192
========= ========= ========== ========== ========
Equity element relating to the issue
of the convertible loan notes - - 100 - 100
========= ========= ========== ========== ========
Transfer relating to share issues - (53) - 53 -
========= ========= ========== ========== ========
Balance at 31 July 2020 3,127 3,277 100 (7,809) (1,305)
========= ========= ========== ========== ========
Share Share Other Retained Total
capital premium reserves earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
========= ========= ========== ========== ========
Balance at 31 January 2021 3,127 3,277 100 (8,017) (1,513)
========= ========= ========== ========== ========
Issue of share capital 4 236 - - 240
========= ========= ========== ========== ========
Profit for the period and total comprehensive
income - - - 94 94
========= ========= ========== ========== ========
Equity element relating to the issue - - - - -
of the convertible loan notes
========= ========= ========== ========== ========
Transfer relating to share issues - (194) - 194 -
========= ========= ========== ========== ========
Balance at 31 July 2021 3,131 3,319 100 (7,864) (1,179)
========= ========= ========== ========== ========
Consolidated Cash Flow Statement
At 31 July 2021 2021 2020 2021
Half Year Full Year
===== ============== ===========
31-Jul 31-Jan
===== ============== ===========
(unaudited) (unaudited)
===== ============== ===========
Notes GBP000 GBP000 GBP000
===== ====== ====== ===========
Cash flows from operating activities
===== ====== ====== ===========
Profit/(Loss) before tax
===== ====== ====== ===========
Continuing operations (763) (423) 134
===== ====== ====== ===========
Discontinued operations 4 - (144) (511)
===== ====== ====== ===========
(763) (567) (377)
===== ====== ====== ===========
Adjustments for:
===== ====== ====== ===========
Depreciation and amortisation 5 - 13
===== ====== ====== ===========
Impairment of trade and other receivables - - 474
===== ====== ====== ===========
Financial expenses - - 26
===== ====== ====== ===========
Fair value adjustments - - (147)
===== ====== ====== ===========
(Gain)/Loss on disposal of fixed assets - - (5)
===== ====== ====== ===========
(Gain) on disposals of subsidiaries 4 - (759) (1,649)
===== ====== ====== ===========
IFRIC 19 charge 194 - 53
===== ====== ====== ===========
Movement in working capital:
===== ====== ====== ===========
Decrease/(Increase) in trade and other
receivables 165 204 189
===== ====== ====== ===========
(Decrease)/Increase in trade and other
payables (388) 701 1,881
===== ====== ====== ===========
Cash generated by operations (787) (421) 308
===== ====== ====== ===========
Net cash from operating activities (787) (421) 308
===== ====== ====== ===========
Cash flows from investing activities:
===== ====== ====== ===========
Acquisition of property, plant and
equipment - - (1)
===== ====== ====== ===========
Cash in repayment of debt instrument - - 25
===== ====== ====== ===========
Net cash used in investing activities - - 24
===== ====== ====== ===========
Cash flows from financing activities:
===== ====== ====== ===========
Lease payments (5) - (7)
===== ====== ====== ===========
Net cash from loan notes 750 221 221
===== ====== ====== ===========
Net cash from bank loans (5) 50 50
===== ====== ====== ===========
Net cash used in financing activities 740 271 264
===== ====== ====== ===========
Net (decrease)/increase in cash and
cash equivalents (47) (150) 596
===== ====== ====== ===========
Cash and cash equivalents at start
of period 1,089 1,239 336
===== ====== ====== ===========
Cash and cash equivalents at end of
period 1,042 1,089 932
===== ====== ====== ===========
There is no material difference between the fair value and the
book value of cash and cash equivalents.
Notes to the Consolidated Financial Statements
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL REPORT FOR
THE SIX MONTHSING 31 JULY 2021; FURTHER DETAIL IS SET OUT IN THE
GROUP'S FULL YEAR ACCOUNTS AND FINANCIAL STATEMENT OF 31 JANUARY
2021, THE METHODOLOGY BEING UNCHANGED SINCE THEN
Tintra PLC is a public company limited by shares incorporated
and domiciled in the United Kingdom and registered in England and
Wales under the Companies Act 2006.
The Group financial statements consolidate those of the Company
and its subsidiaries (together referred to as the "Group"). The
parent company financial statements present information about the
Company as a separate entity and not about its group.
The Group financial statements have been prepared and approved
by the directors in accordance with International Financial
Reporting Standards in conformity with the requirements of the
Companies Act 2006.
1 Basis of Preparation
These interim results for the six months ended 31 July 2021 have
been prepared using the historical cost and fair value conventions
on the basis of the accounting policies set out below. This interim
report has been prepared in accordance with International Financial
Reporting Standards ("IFRSs"); it is not in accordance with IAS 34
and therefore is not fully compliant with IFRS.
These interim results have been prepared under the historical
cost convention. Areas where other bases are applied are identified
in the accounting policies below.
The financial information for the year ended 31 January 2021
does not constitute the Company's statutory accounts for that year,
but is derived from those accounts. Statutory accounts for 31
January 2021 have been delivered to the Registrar of Companies. The
auditors reported on those accounts, which can be found on our
website.
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial position
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of the preparation of this announcement and
the Company undertakes no obligation to update these
forward-looking statements. Nothing in this Interim Financial
Report should be construed as a profit forecast.
The unaudited interim financial report, which is the
responsibility of the directors and was approved by them on 28
October 2021, does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006.
This report is available on Tintra PLC's website at
www.tintra.com. Copies are available from the Company at its
registered office: 2(nd) Floor Berkeley Square House, Berkeley
Square, London, W1J 6BD .
1.1 Change in accounting policy
There have been no changes in accounting policies since 31
January 2020 apart from those due to the adoption of new or amended
accounting standards. These include adoption of certain IFRS
standards that are not yet effective will be adopted by the Group
in future periods, as set out in the Group's full year accounts
dated 31 January 2021.
1.2 Going concern
In these financial statements the Group reported an operating
loss of GBP704,000 ( H1 2020 : GBP423,000) and has net liabilities
of GBP1,314,000 ( H1 2020: GBP1,305,000 ). In the Chairman's
Statement and Strategic Report in the Group's full year's accounts
dated 31 January 2021 , the need to deliver improved revenue,
profit and cash inflows was set out together with confirmation of
the strengthening of the Group through a strategic financing and
commercial agreement with Tintra Acquisitions Limited, which
facilitated their investment of funding of working capital of
GBP750,000 since 25 March 2021.
The Directors have prepared cash flow projections for the
divisions of the Company and Group for the period to 31 July 2022
which indicate that the Group will generate significantly improved
revenue, profit and cash inflows in that period commencing during
Q1 2022. The Directors are also confident that there is sufficient
working capital to fund the Group's plans through the end of 2022
and in the interim an institutional round of funding is expected
during H2 2021.
The Directors are therefore confident that the Group will be
able to generate sufficient resources to meet the Group's future
cash flow requirements and settle its liabilities as they fall due.
Therefore, the Directors are of the opinion that the Group has
adequate resources to continue in operation for the foreseeable
future and they consider it appropriate to adopt the going concern
basis in preparing the financial statements .
1.3 Revenue
Lottery administration
Prize Provision Services Limited provides lottery administration
services to societies, for example charities, grass roots sports
clubs, benevolent funds, schools etc. Draws take place weekly. It
costs GBP1 per entry "line" with the total amount referred to as
"Proceeds".
The performance obligation of Prize Provision Services Limited
is to place each "line" a player has signed up for into the
appropriate lottery draw. The performance obligation is fulfilled
each time a customer's "line" appears in a weekly draw, i.e.
revenue is recognised only at that point.
-- Revenue recognised equates to the total Proceeds in the draws
undertaken in the period to 31 July 2021.
-- One off set-up costs on new contracts are recognised over the life of the initial contract.
Payment processing
Payment processing revenue represents the consideration received
or receivable from the merchants for services provided. Key revenue
streams the Company reports are transaction service charges that
relate to services provided to process transactions between the
customer and an acquiring bank, which is a bank that accepts card
payments from the card-issuing banks. Revenue is recognised when
the transactions are successfully processed and is recognised per
transaction. Process fees are charged per transaction for providing
gateway services.
Payment solutions
Payment solutions revenue is recognised at the point when a
chargeable transaction occurs. A handling fee is charged as a
percentage of the value of the transaction as contractually agreed
with the customer and the revenue is recognised at the point of
that transaction. Where a customer has a foreign exchange
requirement revenue is recognised when the transaction occurs and
is calculated as the net margin between the agreed exchange rate
charged to the customer and the exchange rate incurred from any
third-party provider for undertaking the transaction.
Legal Services
Legal Services revenue is recognised on receipt of funds due
from third-party providers in relation to the settlement of a claim
made or in regard to costs in relation to a claim. Standard fees
are paid by third-parties in advance of any settlement, and this is
recognised as revenue in addition to a percentage fee charged on
the value of the final settlement itself.
2 Earnings per share
The calculation of basic earnings per share and diluted earnings
per share is based on the results and weighted average number of
ordinary shares as follows:
At 31 July 2021 2021 2020 2021
Half Year Full Year
======= ====================== ===================
31-Jul 31-Jan
======= ====================== ===================
Notes (unaudited) (audited)
======= ====================== ===================
Numerator: earnings attributable to
equity (GBP000) 94 192 (16)
========== ========== ===================
Denominator: weighted average number
of equity shares 4,323,074 3,090,830 3,752,636
========== ========== ===================
The denominator at 31 July 2021 includes 462,311 shares issued
at a price of 10 pence to Tintra Acquisitions Limited in settlement
of invoiced Management Services for a total value of GBP46,231.10
as announced on 20 April 2021. Included in exceptional items is an
adjustment under IFRIC 19 of GBP194,000 for the value of the shares
issued to Tintra.
As of 31 July 2021, the Shareholdings of the Board and
Significant Shareholders (as defined in the AIM Rules for
Companies) was as follows, to the best of the Company's
knowledge:
Percentage of
Number of Ordinary Ordinary Shares
Shareholder Shares Held Held
Empire Global Management Limited 500,000 10.71%
=================== =================
Tintra Acquisitions Ltd 462,311 9.90%
=================== =================
Phil Jackson (1) 415,650 8.90%
=================== =================
John Botros (2) 300,000 6.42%
=================== =================
Christian Russell 300,000 6.42%
=================== =================
James Rose (3) 298,921 6.40%
=================== =================
Oyster Trust SARL as trustee 252,736 5.41%
=================== =================
J M Malone (4) 206,236 4.42%
=================== =================
Lord Tim Razzall 142,965 3.06%
=================== =================
Dan Pym* 91,666 1.96%
=================== =================
Roger Matthews* 41,667 0.89%
=================== =================
Graeme Paton* 41,667 0.89%
=================== =================
Arno Rudolf* 16,667 0.36%
=================== =================
1. Includes Ordinary Shares held by Moorhen Limited, a company
controlled by Mr Jackson and 33,333 Ordinary Shares, Post Changes,
to be held by Tilly Beazley, Mr Jackson's wife.
2. Includes 100,000 Ordinary Shares held by MDC Nominees
Limited, a company controlled by Mr Botros. Mr Botros is a
subsidiary director of the Group.
3. Includes Ordinary Shares held by Management Express Limited,
a company controlled by Mr Rose. Mr Rose is a subsidiary director
of the Group.
4. J M Malone is Mr Botros' wife. Includes 160,000 Ordinary
Shares held by Bluedale Corporate Limited, a company controlled by
Ms Malone.
* Director of the Company.
3 Equity Share Capital
At 31 January 2021 there were a total of 20,000 share options in
issue and allocated. As the exercise price for the options was
greater than the average share price (assuming a value of 0p for
the period of suspension during the year), the options are not
dilutive and therefore dilutive earnings per share is the same as
basic earnings per share.
At 31 July 2021 2021 2020 2021
Half Year Full Year
======= ================================ ====================
31-Jul 31-Jan
======= ================================ ====================
Notes (unaudited) (audited)
======= ================================ ====================
O rdinary shares of 1p each 46 42 42
=============== =============== ====================
Deferred shares of 0.99p each 3,085 3,085 3,085
=============== =============== ====================
3,131 3,127 3,127
======================================= =============== =============== ====================
Deferred shares carry no voting rights, have no rights to
participate in dividend distributions, have the right to
participate in capital distributions on winding up to a maximum of
GBP1,000,000 paid in respect of each ordinary share and are
non-redeemable.
As of 31 July 2021, the issued share capital comprised 4,669,808
ordinary shares of 1 pence each with one voting right per share
("Ordinary Shares"). The Company does not hold any Ordinary Shares
in treasury. The total number of Ordinary Shares and voting rights
in the Company is therefore 4,669,808.
4 Discontinued operations
At 31 July 2021 2021 2020 2021
Half Year Full Year
======= ============== ==========
31-Jul 31-Jan
======= ============== ==========
(unaudited) (audited)
======= ============== ==========
Notes GBP000 GBP000
======= ============== ==========
Revenue - 88 224
====== ====== ==========
Cost of Sales - (69) (158)
====== ====== ==========
Gross Profit - 19 66
====== ====== ==========
Administrative expenses - (163) (577)
====== ====== ==========
Operating (loss) - (144) (511)
====== ====== ==========
(Loss) before and after taxation - (144) (511)
====== ====== ==========
Gain on sale of discontinued operations 992 759 2,160
====== ====== ==========
Profit for the period 992 615 1,649
====== ====== ==========
Other transactions and balances
Phillite D UK Limited
Included in trade debtors is an amount of GBP135,306 (Jul 2020:
GBP820,000 and Jan 2021: GBP130,600) in trade receivables due from
Phillite D UK Limited, a company in which John Botros is a
director. The outstanding balance before any impairments is
GBP837,000 (Jul 2020: GBP1,148,000 and Jan 2021: GBP832,000).
Organisational and Structural Changes during the six months to
31 July 2021
Disposal of subsidiaries
MDC Nominees Limited
On 23 March 2021 the Group disposed of Market Access Limited to
MDC Nominees Limited, a company controlled by J M Botros for a
consideration of GBP1.
St Frances House Limited
On 13 July 2021 the Group announced it had entered into an
agreement to dispose of the Company's loss-making legal services
subsidiary, St. Frances House Ltd. ("SFH") for a total cash
consideration of GBP85,000, to Bryncae Legal Limited.
- ENDS -
[1] References in this report to St. Daniel House also include
the business streams previously reported in other Group
companies
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END
IR EAKEPASPFFFA
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