London, UK - Tintra, a London-listed AI-focused fintech company, announced on Monday that it plans to launch a tender offer to increase its interest in the company to 29.9%. This strategy is deemed simpler and faster compared to a full takeover. Tintra also revealed its intention to delist from London's junior AIM.
Shareholders Show Support for Tintra's Growth Strategy
Initially, LRB 35 had proposed a takeover of Tintra for £26.6 million ($32.9 million), equivalent to 150 pence per share. However, upon hearing from a majority of shareholders indicating their support for Tintra's growth strategy, LRB 35 has decided to go ahead with the tender offer instead.
Tintra highlighted that LRB 35, which is under the control of directors Tariq Al Abdulla and Andrew Bascombe, has shown its backing for Tintra's growth plans. The tender offer will be set at 150 pence per share.
Streamlined Approach Receives Support
Tintra's board is welcoming this revised approach by LRB, considering it a more straightforward and efficient method than the previous potential offer. After dedicating significant time to this process, Tintra sees the new plan as a means to smoothly enhance its operations.
Tintra Seeks General Shareholder Meeting for Delisting Approval
Additionally, Tintra is confident that transforming into a private company will enable it to raise the capital required for business development more effectively. Consequently, the company intends to hold a general shareholder meeting to request approval for cancelling its listing on AIM.
A circular outlining the details of this proposal is expected to be published later this month.
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