RE: horrible rns out5 May 2023 13:37
TNT.L
Tintra PLC
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Last updated 11:55
Tintra PLC - Update in relation to the Placement Facility
5th May 2023, 12:32
RNS Number : 6157Y
Tintra PLC
05 May 2023
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")
5 May 2023
Tintra plc
("Tintra", the "Group" or the "Company")
Update in relation to the Placement Facility
The board of directors (the "Board") of Tintra provides an update in relation to the share placement deed which the Company entered into with Fintech Leaders Fund, LLC ("FLF"), that was announced on 16 December 2022 (the "Deed").
The Company had been in discussions, that it commenced, with FLF with a view to reaching an agreement to bring the Deed to an end under the Company's rights under the Deed to repay the investment in cash only, rather than by issuance of shares or a combination of shares and cash.
An agreement has not yet been reached to bring the Deed to an end in an orderly way, despite the best efforts of the Company, and these discussions broke down when FLF issued the Company with two statutory demands for a total amount of £2,936,433.27, inclusive of interest.
The Company views this as an unnecessarily aggressive tactic as these demands were issued in the midst of good faith negotiations related to bringing the Deed to an end and just five business days after a payment was completed under the same Deed