Disposal of interest in Soccer Business

RNS Number : 9868R

Tintra PLC

10 November 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

10 November 2021

TINTRA PLC

("Tintra", the "Group" or the "Company")

Disposal of interest in Soccer Business

The board of directors of the Company (the "Board") is pleased to announce that in line with its earlier stated strategy of focusing on FinTech activities and disposing of non-core businesses, it has agreed to dispose of the Group's remaining 10% interest in the Astro Kings soccer business located in Nottingham.

Originally purchased as Soccerdome in 2011, 90% of the business was transferred into a joint venture company, Nineteen Twelve Holdings Ltd, in 2015 ("NTH" - see announcement dated 30 October 2015). 

The purchaser of the remaining 10% of the Group's interest is James Rose, the holder of the other 90% of NTH and the executive director of the Group's lottery administration subsidiary, Prize Provision Services Ltd.

Mr Rose exercised a contractual right to purchase the remaining 10% of NTH at the nominal value of £10 after the Group decided it did not wish to participate in refurbishment of the NTH soccer pitches in Nottingham that is due to be undertaken in the summer of 2022, for which the Group's contribution would have amounted to circa £50,000. 

The Group's interest in NTH was written down to nil value in the financial year ended 31 January 2020 and NTH has never paid a dividend to the Group, as such there will be no impact on the Groups financial position or performance during the current financial year to 31 January 2022 as a result of this transaction. 

Due to legacy obligations the Group remains as guarantor to a loan provided to NTH by a third party finance provider and also the freeholder of the site, Nottingham City Council. However, based on the analysis by the Board and discussions with Mr Rose the Board believes NTH will be able to meet its liabilities as they fall due and as such deems the guarantee as low risk.

Richard Shearer, the Company's CEO made the following comment:

"James has built a good small business in Nottingham, and we wish him continued success in continuing its growth for NTH and the broader community in Nottingham where I know his efforts have been having an impact."

For further information, contact:

Tintra PLC Head of Communications Hannah Haffield [e-mail] Website www.tintra.com	020 3795 0421
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss / Vivek Bhardwaj	020 3328 5656

 

END

 

 

DISEALFEFDLFFFA