(Alliance News) - Tintra PLC on Monday proposed to delist from trading on London's AIM market as it shifted away from a potential takeover offer by LRB 35 Ltd.
The London-based firm, which uses artificial intelligence to help people in emerging markets transfer money, said shareholders holding a majority stake would not support a takeover offer of 150 pence per share.
Tintra shares were 1.7% higher at 73.70p each on late Monday morning in London.
The company said it aims to delist from London's AIM market. "The board considers that Tintra would be better able to raise the capital it needs to develop the business as a private company," it said.
Tintra explained it had been in discussions with the potential buyer LRB 35, a special purpose vehicle. from which it had received a bid approach in September. It inferred that it would be simpler for LRB to increase its shareholding in Tintra to 29.9% of issued share capital at 150p per share, which would be subject to consent of the panel on takeovers & mergers.
"The company is also pleased that the board of LRB has expressed its support of Tintra's growth strategy. Having spent significant time working on this process, the board of Tintra are supportive of this revised approach by LRB as it is more straightforward and efficient than the previous possible offer," Tintra said.
By Tom Budszus, Alliance News reporter
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