Tintra PLC - builder of banking and infrastructure technology systems - Agrees with a Middle Eastern investor to cancel a planned investment of USD2 million and to replace it with a USD3 million revolving credit facility. It will last for 18 months, with a 0% profit rate for the first 180 days and then 5% per year. Day effective is August 30. "The board believes that that the additional USD1 million in working capital will be advantageous in current market conditions and the change to a non-dilutive financing will be more appropriate for the company at this stage of its development," Tintra says.
Current stock price: 67.50 pence
12-month change: down 64%
By Tom Budszus, Alliance News reporter
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