Tintra PLC Update in relation to the Placement Facility (6157Y)

TIDMTNT

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 GBP2,936,433.27, 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.

Having taken legal advice, the Company strongly disputes not only the validity of these statutory demands but further contests that there are no valid notices at all due at this time and that the Deed remains in place until such time as an agreement is reached to bring it to an end or the Deed expires.

The Company has put FLF on notice that it will apply for an injunction to prevent FLF proceeding with the statutory demands. Continuing to act in good faith the Company has instructed Counsel to act on its behalf and will provide updates as appropriate in due course.

For further information, contact:

 
 Website www.tintra.com                      020 3795 0421 
 
   Allenby Capital Limited 
   (Nomad, Financial Adviser & Broker) 
   John Depasquale / Nick Harriss / Vivek 
   Bhardwaj                                    020 3328 5656 
 

This announcement is released by Tintra plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of UK MAR, encompassing information relating to the placement mentioned above. For the purposes of UK MAR, this announcement is made by Hannah Hatfield, Communications Head of Tintra plc.

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May 05, 2023 07:32 ET (11:32 GMT)