Update on proposed sale of Lottery & Funding Round
01/04/2022 09:04
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RNS Number : 9309G Tintra PLC 01 April 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
1 April 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on proposed sale of Lottery Business & Funding Round
Update on proposed sale of Lottery Business
Further to the Company's previous announcements, most recently on 25 February
2022, the board of directors of Tintra (the "Board") would like to provide an
update in respect of the proposed sale of certain assets of Prize Provision
Services Limited (the "Lottery Administration Business") to Sterling
Management Centre Ltd (the "Buyer" or "Sterling").
The Company continues to work closely and constructively with Sterling to
conclude the transaction and the Board expects a successful outcome on the
terms set out in the Company's announcement of 21 October 2021, however the
transaction has not yet completed. The regulatory complexity of liaising with
the Gambling Commission to complete a transaction that includes some 746
charitable societies, whilst equally importantly ensuring that none of those
worthy causes are disadvantaged during the transfer of control, has proven to
be a very complex endeavour. The Company will provide further updates in due
course.
Conditional on the sale of the Lottery Administration Business is an
investment from a strategic Gulf-based investor for US$2,000,000 through the
issue of 297,022 new Ordinary Shares announced on 10 January 2022.
This subscription agreement in respect of this investment has a long stop date
of 1 April 2022 that gives the investor the right to withdraw from the
transaction should they wish after this date. The investor has verbally
confirmed to the Board their intention to continue with the transaction and
not exercise that right at this time. Their investment remains conditional on
the sale of the Lottery Administration Business by the Company. A further
announcement will be made in the event of any change.
Receipt of Funds
The Board has received confirmation that the US$250,000 in settlement of the
subscription for 37,128 new ordinary shares of 1 pence each ("Ordinary
Shares") in the capital of the Company (the "Subscription Shares") at a
subscription price of 504p per share, as set out in the announcement of 7
March 2022, has been sent by the investor's bank. A further announcement
will be made on receipt of the funds. An application for the Subscription
Shares to be admitted to trading on AIM ("Admission") will be made shortly,
with Admission expected to become effective on or around 7 April 2022. The
subscriber will also be issued 74,256 Warrants on the terms set out in the
announcement of 7 March 2022.
Total Voting Rights
On Admission, the Company will have 14,551,647 Ordinary Shares in issue, each
with one voting right. There are no shares held in treasury. Therefore, the
Company's total number of Ordinary Shares and voting rights will be 14,551,647
and this figure may be used by shareholders from Admission as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
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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