TIDMTNT
RNS Number : 2288O
Tintra PLC
30 January 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
30 January 2023
TINTRA PLC
("Tintra", the "Group" or the "Company")
Issue of Ordinary Shares Under Funding Round
Further to the announcement of 16 December 2022, the Board is
pleased to confirm that the US$10,000,000 in settlement of the
subscription for 684,594 new ordinary shares of 1 pence each in the
capital of the Company ("Ordinary Shares"), priced at a
subscription price of 1178 pence per Ordinary Share, at an exchange
rate of GBP1.00:$1.24, has been received (the "Subscription").
The Subscription has been made by Ares FZE LLC, a company
incorporated by the International Freezone Authority in the United
Arab Emirates (the "Subscriber").
An application for the 684,594 new Ordinary Shares to be issued
under the Subscription to be admitted to trading on AIM
("Admission") will be made shortly. The Subscriber is currently in
the process of opening an account to enable delivery of the new
Ordinary Shares into CREST and a further announcement will be made
once an application is made for Admission.
On Admission, the Subscriber will hold the equivalent of 4.24%
of the Ordinary Shares in issue.
For each two new Ordinary Shares issued under the Subscription,
the Subscriber will receive one warrant to subscribe for new
Ordinary Shares at an exercise price of 504 pence per Ordinary
Share for a period of five years from Admission, conditional on
either the market capitalisation of the Company exceeding
US$500,000,000 for a period of three consecutive trading days or a
future funding round being concluded with a post-money valuation of
US$500m or greater (the "Warrants"). A total of 342,297 Warrants
will be issued on Admission.
Richard Shearer, the Chief Executive of the Company says "I'm of
course delighted to be in receipt of these funds and the commitment
made to Tintra Plc; with the funds received last month, and the
further commitment under that contract, we now have a mixed funding
stack to see us through most of this year under any
circumstances.
The current fund-raising climate is challenging, to say the
least, but being able to fall back on the wider Tintra Group's
broad relationship base is very helpful. While this is no guarantee
of success, raising these funds in a market such as this is
something that we're proud of, especially considering the Company's
market capitalisation.
We continue to make headway with further closings in this fund
raise and I fully expect that we will announce further progress
soon. We continue to have ongoing funding discussions with a large
number of funders globally, with new prospective partners being
added constantly. Our focus is primarily on getting funds through
the door, but where possible its finding partners that add
strategic value.
We are funded for the rest of the year even at a high capital
deployment rate, but as we continue to raise funds we have really
great conversations ongoing through which we feel very
comfortable.
Further to my comments on the funding round I felt that it might
be worthwhile to reiterate some broader points that I thought may
be helpful to the market's view of us as a company.
I have made several comments both in RNS and in the press where
I have mentioned that my focus is on what the share price does in
3, 5 or 10 years, rather than short-term fluctuations, and this is
also the view of all senior members of the team and indeed all of
the plain equity subscribers who have invested into the Company
over the last year or so. I do not really follow the markets or
what our share price is doing on any given day and I encourage
those buying our shares publicly to do the same. We are driven by
mission and following the 'true north' plan that we have set
out.
I would ask and encourage all of our existing and potential
shareholders to take the time to understand our mission, to decide
if they think we are the right team to deliver on it and whether or
not it will be profitable when we do. If the answer to that is no,
then of course we're likely not a place for that individual or
business to invest. If the answer is yes, then I'd implore them, to
share this long-term view.
All decisions are made through one lens: does this get us closer
to achieving our end goal. Some of those things will be immediately
obvious, some will be less so. In retrospect we may decide that we
didn't always get everything right, and there will be other
decisions that we become very proud of. This is the nature of
building something revolutionary. But every decision takes into
account what we want to achieve and whether it will ultimately
deliver on our mission to drive real change and create substantial
profit for each and every one of our shareholders.
It's not inconsequential that, by a long distance the largest
shareholder in the company is an entity related to the wider Tintra
group, so whilst I speak a lot about mission and societal causes,
there is an established corporate drive for building a successful
high value business. As CEO, I'm certainly not seconded to Tintra
plc because of the GBP1 per year Tintra Holdings receives for my
services - I am expected to deliver value and opportunity for that
largest shareholder, and consequently all other shareholders.
Tintra Plc are engaging some of the best minds in the world in
our sector to work with us on this project, not because of our
current share price but because of our mission. We are laser
focused on success and changing the life of millions of people
around the world. This is not however at the expense of company
valuations, but it is what will allow us to achieve our ambition of
building a $10BN company if we succeed; there are of course
challenges and execution risk between here and there.
As above, every decision we make is based on whether it gets us
closer to success in our mission. It is never, what are the optics
or what will it do to the share price. Usually a business running a
strategy such as ours is still private, so its steps along the way,
including time slippages, mistakes and missteps are just that,
private.
I would like the market to understand that when we make
statements that look to the future, they are just that, forward
looking statements subject to change and adaption based on
real-world, real-time realities. We run an agile business strategy
that allows for these eventualities, no single piece of news,
however good it may sound, is 'the one' and conversely no missed
deadline or single decision is terminal. Frankly, I'd love to not
have to give fixed times for every forward-looking announcement we
make, but it's something I have to live with, and of course do
happily.
We are driving a transformative business, one that has buy-in
externally from governments, regulators and high-profile investors
across the world. Please take a view on our mission and then take a
long view on the business.
To that end and to assist in conveying this as well as we can
I'm planning to do a Q&A for the market during February at some
point, which I hope will be a welcome addition to our
communications strategy.
Today, I hope that our share price reacts rationally given the
above context. Today's news is one piece in what is a long road to
success; we have many more steps to take whilst we are on this
journey with everything we do based on very zoomed-out thinking; it
is just another piece of a very complex multi-year business plan
that we are progressing day by day."
Total Voting Rights
On Admission, the Company will have 16,138,263 Ordinary Shares
in issue, each with one voting right. There are no shares held in
treasury. Therefore, the Company's total number of Ordinary Shares
and voting rights will be 16,138,263 and this figure may be used by
shareholders from Admission as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
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
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END
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