Tintra PLC Heads of terms for sale of the lottery business (7360P)
21 Octubre 2021 - 1:00AM
UK Regulatory
TIDMTNT
RNS Number : 7360P
Tintra PLC
21 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
21 October 2021
TINTRA PLC
("Tintra", the "Group" or the "Company")
Signing of heads of terms for the sale of the lottery
administration business
Further to the announcement of 1 October 2021, the board of
directors of Tintra (the "Board") is pleased to announce that the
Company has entered into heads of terms with Sterling Management
Centre Ltd (the "Buyer") in respect of the sale of certain assets
of Prize Provision Services Limited (the "Lottery Administration
Business").
The Buyer (www.sterlinglotteries.co.uk) is a market leader in
the lottery space and an external lottery manager registered with
the Gambling Commission with over 30 years' experience in running
lotteries, raffles, and other charitable gaming and prize-led
fundraising activities on behalf of charities, good causes and
organisations within the UK.
Proposals from other prospective buyers were considered for the
business, but the Board believe that the long standing good name
and profile of the Buyer provide for the highest ultimate sale
price for the Lottery Administration Business as well as the best
forward looking product offering for its existing clients and
players.
The heads of terms, which are subject to agreement of final
contracts amongst other matters, sets out the structure of the sale
of the Lottery Administration Business.
The total consideration ("Total Consideration") for the sale of
the Lottery Administration Business will be in the range of
GBP0.25m to GBP0.6m contingent on a number of factors, some of
which form part of matters still to be determined during final
negotiation.
As part of the heads of terms, the Company will receive from the
Buyer an initial cash consideration ("Initial Consideration"). In
addition to the Initial Consideration, the Company will receive a
percentage of the Lottery Administration Business' sales annually
for three years from the date of completion ("Further
Consideration"). Such percentage will be based on the gross
proceeds from each lottery derived from the current players
transferred at Completion. The majority of the sale proceeds will
be made up of the Further Consideration.
The Board feels strongly that the deal that is anticipated under
the Heads of Terms provides good value for shareholders for a
number of reasons but not least when considered in line with
results to year end 31 January 2021 during which the Lottery
Administration Business made a loss before tax of GBP1,000 on
revenues of GBP691,000 and had net liabilities of GBP237,000. A
further announcement, including final terms, will be made on
signing of the final agreement.
For further information, contact:
Tintra PLC
Richard Shearer, CEO
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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