Tintra PLC Update in relation to the Placement Facility (6157Y)
05 May 2023 - 9:32PM
UK Regulatory
TIDMTNT
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 GBP2,936,433.27, 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
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFLFFLETIEIIV
(END) Dow Jones Newswires
May 05, 2023 07:32 ET (11:32 GMT)
Tintra (LSE:TNT)
Historical Stock Chart
From Apr 2024 to May 2024
Tintra (LSE:TNT)
Historical Stock Chart
From May 2023 to May 2024