Update in relation to the Placement Facility
05/05/2023 12:32
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RNS Number : 6157Y Tintra PLC 05 May 2023
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED
AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")
5 May 2023
Tintra plc
("Tintra", the "Group" or the "Company")
Update in relation to the Placement Facility
The board of directors (the "Board") of Tintra provides an update in relation
to the share placement deed which the Company entered into with Fintech
Leaders Fund, LLC ("FLF"), that was announced on 16 December 2022 (the
"Deed").
The Company had been in discussions, that it commenced, with FLF with a view
to reaching an agreement to bring the Deed to an end under the Company's
rights under the Deed to repay the investment in cash only, rather than by
issuance of shares or a combination of shares and cash.
An agreement has not yet been reached to bring the Deed to an end in an
orderly way, despite the best efforts of the Company, and these discussions
broke down when FLF issued the Company with two statutory demands for a total
amount of £2,936,433.27, inclusive of interest.
The Company views this as an unnecessarily aggressive tactic as these demands
were issued in the midst of good faith negotiations related to bringing the
Deed to an end and just five business days after a payment was completed under
the same Deed.
Having taken legal advice, the Company strongly disputes not only the validity
of these statutory demands but further contests that there are no valid
notices at all due at this time and that the Deed remains in place until such
time as an agreement is reached to bring it to an end or the Deed expires.
The Company has put FLF on notice that it will apply for an injunction to
prevent FLF proceeding with the statutory demands. Continuing to act in good
faith the Company has instructed Counsel to act on its behalf and will provide
updates as appropriate in due course.
For further information, contact:
Website www.tintra.com 020 3795 0421
Allenby Capital Limited 020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
This announcement is released by Tintra plc and contains information that
qualified or may have qualified as inside information for the purposes of
Article 7 of UK MAR, encompassing information relating to the placement
mentioned above. For the purposes of UK MAR, this announcement is made by
Hannah Hatfield, Communications Head of Tintra plc.
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