Tintra PLC - Windsor, Berkshire-based firm building banking and infrastructure technology systems - Enters joint venture with Time Machine Capital 2 Ltd to build applications of artificial intelligence in international payment systems. The partnership will be conducted through Finsensr, an entity set up by Time Machine to specialise in natural language processing and machine learning in the financial sector. For its 50% stake in the JV, Tintra will issue to Time Machine 636,475 new Tintra shares, a 5% stake and worth about GBP315,055, plus the same number of warrants to subscribe to Tintra shares at 52.5p. The warrants are exercisable within five years in stages depending on Tintra's market capitalisation, with all only exercisable if this reaches GBP1.0 billion. Tintra's current market cap is GBP6.6 million.
Current stock price: 49.50p
Year-to-date change: 65.00p on March 24
By Tom Waite; thomaslwaite@alliancenews.com
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