(“Tintra”, the “Group” or the “Company”)
Update re Lottery Business
Sale of Lottery Business
Further to the Company’s announcements of 21 October 2021 and 27 January 2022, the board of directors of Tintra (the “Board”) would like to provide an update in respect of the sale of certain assets of Prize Provision Services Limited (the “Lottery Administration Business”) to Sterling Management Centre Ltd (the “Buyer” or “Sterling”).
The regulatory and administrative complexities outlined in the announcement of 27 January 2022 have now been materially addressed and the Company and the Buyer are moving into the final phase of the transaction. It was hoped that completion would have occurred by now but that has not been the case.
However, now these variables are known, the parties are moving along to drafting of the final sale and purchase agreement for the transaction. The Board, and indeed the Buyer, are confident that the transaction will be completed in a timely fashion.
Further the Board are comfortable based on the facts that the transaction will be completed within the time parameters required to satisfy the investment that is contingent upon the sale of the Lottery Administration Business as set out in the announcement of 10 January 2022.
A tight deadline was set to achieve the disposal of the Lottery Administration Business in an environment with regulatory complexity. Along with equally, or perhaps more importantly, the good order and unhindered continuance of the charities and societies that rely upon the Lottery Administration Business for their various benevolent causes.
And whilst this non-binding tight timeline added into the Heads of Terms has moved slightly, the Board and the Buyer both are pleased with the speed and air of collaboration with which the challenges have been addressed and overcome.
To this end Richard Dixon the Managing Director of Sterling commented “We at Sterling are enjoying working collaboratively with the Tintra Team and very much look forward to completing the transaction.”
Dissolving of PPS Blockchain Ltd.
Further to the above, and in preparation for the disposal of PPSL, the Board has resolved to dissolve the Company’s wholly owned subsidiary PPS Blockchain Ltd.
This subsidiary, announced on 8 March 2019, was established for a proposed lottery joint venture based around blockchain technology. It has not progressed in any meaningful way and as such the Board has decided to dissolve PPS Blockchain Ltd as the final part of the Company’s exit from the lottery sector.