Holding(s) in Company
21/12/2022 13:00
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RNS Number : 5070K Tintra PLC 21 December 2022
21 December 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Holding in the Company
The board of directors of Tintra (the "Board") has been informed that Tintra
Acquisitions Limited ("TAL") on 16(th) December 2022 issued new shares to an
unconnected third party resulting in The Tintra Trust's shareholding in TAL
being diluted to 1% of the total number of TAL shares in issue. This means
that TAL is no longer a person of significant control (as defined under UK
company law). In addition, Richard Shearer and John Cripps, both directors
of the Company, have ceased to be directors of TAL. TAL continues to hold
250,000 ordinary shares of 1 pence each in the capital of the Company
("Ordinary Shares"), which is equivalent to 1.65% of the total number of
Ordinary Shares in issue, as well as £25,000 of convertible loan stock,
potentially convertible into a further 250,000 Ordinary Shares.
These assets remain in TAL further to earlier announcements and are related to
guarantees provided to St Daniel House Limited on behalf of TAL. Following
this transaction, TAL remains responsible for the guarantees to the former
Group subsidiary, St Daniel House Limited, as announced on 8 December 2021 and
updated on 8 November 2022 and TAL has informed the Company that it expects
this matter will be completed within the next 30 days.
Following the transaction, TAL's holding of Ordinary Shares will not form part
of the aggregated holding of The Tintra Trust. The Tintra Trust now holds
3,728,611 Ordinary Shares, equivalent to 24.66% of the Company's issued
Ordinary Shares.
John Cripps, Director of the Company, commented, "This restructuring of TAL
completes a lengthy process in which TAL volunatarily underwrote a legacy
£1.3m Company liability on behalf of St Daniel House Limited, that has now
been entirely drawn down as part of the close out, hopefully this month. As we
set out to do great things around the world, we must be consistent in all we
do and that means even when it is challenging. TAL's voluntary underwriting of
that liability allowed available Company cash to be deployed solely in to
growth providing both a balance sheet benefit to the Company and £1.3m of
working capital that would not ordinarily have been available."
For further information, contact:
Tintra PLC 020 3795 0421
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com
Allenby Capital Limited 020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
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