Since I wrote about Tintra (TNT), its rule breaking and interim results on 27 October, it has busy with a few new announcements. Is this now a quarter of a billion dollar spoof?
This company wants to be a regulated financial services player so you might have thought that sticking to the rules mattered. Er...
In part one I looked at the legacy issues and the FRC rule breaches. But what of the sunlit uplands mug punters owning Tintra (TNT) shares are promised?
The audited results from Tintra (TNT) for the year ended 31 January 2022 were published yesterday and reveal a loss of £454,000 on revenue of £351,000. The results primarily reflect the results of the legacy business which Richard Shearer, the new CEO has spent significant time, and money in trying to deal with. So how is he doing?
I haven’t written about Tintra (TNT) for some time. Since I last did, it has continued to sort out its legacy business, seeking to build its new model from the disaster that was St James House (previously Boxhill Technology). It has raised monies at high premiums to its share price, and appointed several impresing-sounding individuals to the Board. The self-styled “rapidly innovating Deep Tech & Banking business” continues in a similar vein, with the following AGM statement:
In my last article, I calculated that there was £21,090 of outstanding convertible loan stock in issue. Tintra Acquisitions (TAL) has today rounded this to £100,000 as extract from RNS below shows:
Two days ago, Tintra Acquisitions (TA) diluted the other shareholders in Tintra Plc (TNT) by converting £100,000 worth of convertible loan note into 1 million shares at a bargain conversion price of only 10 pence per share.
In yesterday’s RNS Tintra (TNT) has indicated that the first subscription at the equivalent of 504 pence per share has arrived which is obviously very good news and sees 148,511 new ordinary shares in issue.
On 10 January Tintra (TNT) announced that a new investor was investing $1 million equivalent to a valuation of 504 pence per share. Today’s RNS provides an update:
