Holding(s) in Company

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 (Communications Head) Hannah Haffield [e-mail] 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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