Update on PPS Asset Realisation Co Limited
18/10/2022 12:00
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RNS Number : 2823D Tintra PLC 18 October 2022
18 October 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on PPS Asset Realisation Co Limited
PPS Asset Realisation Co Limited, the special purpose vehicle that owns Prize
Provision Services Ltd ("PPS"), and in which the Company holds one-third of
the voting rights, has provided the Company with an update regarding the
disposal of certain of the assets of PPS' external lottery administration
business.
PPS and Sterling Management Centre Ltd ("Sterling") have today completed
closing of the contract for the transaction (which was first announced on 21
October 2021, when PPS was a subsidiary of the Company) for the disposal of
those assets. The amount of consideration payable to PPS by Sterling and the
structure of those payments over the next three years remains in line with
that announced on 21 October 2021, albeit is expected to be towards the lower
end of the previously announced range.
As announced on 20 May 2022, it is estimated that during the current financial
year the Group will show a benefit of around £140k in its net asset position
as a result of the disposal. In the following 3 financial years, the Company
anticipates a benefit from the deferred consideration element of the
transaction as the liabilities of PPS, including those to the Company, are
settled.
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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