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Normal Market Size = the volume of shares MMs will usually accept orders for, anything above/below, may ( I stress may not rather than will not) not be tradeable or automatically priced so you may to submit a manual trade and leave it with your broker to get the best price to put a limit on what you sell buy at in price terms.
Re MMs as an example of my point, I have an interest in DVRG (dyor if want on them) but their mcap has been in the same ball park as TNT recently, however the NMS on DVRG is 5,000 shares, here at TNT it is just 1,500. Hence you get exagerated movements on what look like any low value sells despite the significant change in MCAP here. Of course it can work the other way when volumes go higher too but not seeing many of those right now.
We have known how MMs work here since the 50p days, nothing has changed with their methods, they set their pricing on a very narrow book and will move dramatically on very low volumes so in effect they are still treating TNT as if it were priced at say £5-£7 MCAP value and working their trade prices accordingly because true trade volumes are pretty small overall here. Look at the av daily trade volumes here over say the last 3 months, still 100k a day typically. This is still a very small volume stock in reality. Price will rise when buying volume rises but not until then and MMs will mark down the shares on any sell volume of any kind.
Guys were posting earlier, ‘The divestiture process remains ongoing and is expected to be completed prior to the end of the Company's financial year end (31 January 2022) (the "Divestiture"). Once the Divestiture is completed and announced, the subscription will in turn complete within 3 working days, at which point a further announcement with further details will be made.’ They must be very close to completion, otherwise why mention it on the 10th of January 22 So we could expect RNS any time ?
Share price for warrants I posted earlier was incorrect (taken from another post) Once additional 1,148,511 shares from todays RNS are admitted on 31/01 there will be a total of 14,514,519 shares in issue £250m MCAP = £17.22/share £500m MCAP = £34.45/share £1bn MCAP = £68.90/share Why set these targets for the warrants unless you were confident these prices could be achieved? £2.70 close today.... top up from me first thing
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
10 January 2022
("Tintra", the "Group" or the "Company")
Strategic Investment Under Funding Round
The board of directors of Tintra (the "Board") is pleased to announce that further to the announcement of 26 November 2021, it has agreed the first subscriptions under the current funding round, raising a total of US$3 million (the "Subscriptions").
The Subscriptions are for USD $1 million (the "First Investor") and US$2 million (the "Second Investor"), priced at 504 pence per new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at an exchange rate of GBP1.00:$1.336 (the "Subscription Price"). This amount is calculated so that based on the funding round closing at $10m, the post-money valuation of the Company at the Subscription Price would be $100,000,000 (One Hundred Million United States Dollars). For each new Ordinary Share under the Subscriptions, the investors will receive two warrants to subscribe for new Ordinary Shares at an exercise price of 50 pence per Ordinary Share for a period of five years, conditional on either the market capitalisation of the Company exceeding US$250m for a period of three consecutive trading days or a future funding round being concluded with a post-money valuation of US$250m or greater (the "Warrants").
The subscription by the First Investor, an entity controlled by the US-based family office of Omar Mangalji, a member of the Canadian Mangalji family, is for 148,511 new Ordinary Shares, and is unconditional. The funds received from the First Investor will be used for the development of its "FinTech" payments business and for general working capital purposes.
The subscription by the Second Investor, a strategic Gulf-based investor is for 297,022 new Ordinary Shares. This is conditional only on the Company's divestiture of its lottery administration business by 1 April 2022 (also the long-stop date for the subscription agreement), for which the heads of terms for its disposal were announced on 21 October 2021; the divestiture process remains ongoing and is expected to be completed prior to the end of the Company's financial year end (31 January 2022) (the "Divestiture"). Once the Divestiture is completed and announced, the subscription will in turn complete within 3 working days, at which point a further announcement with further details will be made.
The Subscriptions are part of the Company's fundraising plans that were set out in the announcements of 4 November 2021 and 26 November, following the passing of the resolutions at the general meeting held on the same day. It is the Board's plan to raise a total of US$10,000,000 (including the Subscriptions) as part of this fundraising on the same terms as the Subscriptions and is
Note 21 of the Consolidated Accounts to 31 January 2021 shows convertible loan notes outstanding of £340k. As £100k has now been converted, there should only be £240k left so a maximum of 2.4m more shares I would assume. That is unless they have taken out more loan notes since then.
Hi everyone, this is my first ever post on any LSE chat.
Thanks to everyone for their valuable posts, they have been very infomative.
Can anyone direct me to the RNS's that spell out the various qualifications stages for the warrants. I could only see mention of £250m in the RNS from 10 January 2022. I have seen mention of £500m and £1bn but could not find those.