18 Oct 2022 12:00
18 October 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on PPS Asset Realisation Co Limited
PPS Asset Realisation Co Limited, the special purpose vehicle that owns Prize Provision Services Ltd ("PPS"), and in which the Company holds one-third of the voting rights, has provided the Company with an update regarding the disposal of certain of the assets of PPS' external lottery administration business.
PPS and Sterling Management Centre Ltd ("Sterling") have today completed closing of the contract for the transaction (which was first announced on 21 October 2021, when PPS was a subsidiary of the Company) for the disposal of those assets. The amount of consideration payable to PPS by Sterling and the structure of those payments over the next three years remains in line with that announced on 21 October 2021, albeit is expected to be towards the lower end of the previously announced range.
As announced on 20 May 2022, it is estimated that during the current financial year the Group will show a benefit of around £140k in its net asset position as a result of the disposal. In the following 3 financial years, the Company anticipates a benefit from the deferred consideration element of the transaction as the liabilities of PPS, including those to the Company, are settled.
For further information, contact:
Tintra PLC (Communications Head) Hannah Haffield h.haffield@tintra.com Website www.tintra.com | 020 3795 0421 |
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss / Vivek Bhardwaj |
020 3328 5656 |