Tintra PLC - Windsor, Berkshire-based firm building banking and infrastructure technology systems - Says proposed sale of lottery administration business to Sterling Management Centre Ltd has taken "far longer to complete" than either party expected, but the deal still is expected to close "broadly as originally anticipated".
Comes up with solution to achieve dual goal of completing the transaction with Sterling and freeing up company to complete its funding round. Sets up special purpose acquisition vehicle to allow for continued operation of Prize Provision Services.
"The nature of the structure is such that once the transaction with Sterling Management Centre completes, the eventual proceeds of the sale will be received by the company after settling the liabilities of PPS. The board expects the proceeds received from the transaction, will be equal to, or materially the same as, that outlined in the announcement of 21 October 2021," it says.
Current stock price: 126.80 pence, down 6.1% on Friday
12-month change: tripled from 42.50p
By Paul McGowan; paulmcgowan@alliancenews.com
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