7th Dec 2023 18:31
(Alliance News) - LRB 35 Ltd on Thursday said it still plans to acquire a position in Tintra PLC, despite the company shifting away from a takeover.
Tintra is a London-based DeepTech bank that uses artificial intelligence to help people in emerging markets transfer money.
In November, Tintra proposed to delist from trading on London's AIM market as it shifted away from a potential takeover offer by LRB 35.
"The board considers that Tintra would be better able to raise the capital it needs to develop the business as a private company," Tintra said in November.
At the time, Tintra explained it had been in discussions with the potential buyer LRB 35, a special purpose vehicle, from which it had received a bid approach in September.
It inferred that it would be simpler for LRB to increase its shareholding in Tintra to 29.9% of issued share capital at 150p per share, which would be subject to consent of the panel on takeovers & mergers.
On Thursday, LRB 35 said: "Productive discussions continue with the board of Tintra in line with announcements Tintra has made to date as to the best mechanism to acquire such an interest, which may or may not include a tender offer."
By Sophie Rose, Alliance News senior reporter
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