Tintra PLC has yet to complete the sale of its Lottery Administration Business (LAB), Prize Provision Services, to Sterling Management.
The UK-based company announced in October 2021 that it had entered into a head of terms agreement with Sterling, with the Total Consideration of the sale potentially reaching £600,000.
However, as reported by Proactive Investors, Tintra has still not finalised the sale of its LAB, issuing a statement citing the complexities of the deal.
“The regulatory complexity of liaising with the Gambling Commission to complete a transaction that includes some 746 charitable societies, whilst equally importantly ensuring that none of those worthy causes are disadvantaged during the transfer of control, has proven to be a very complex endeavour,” it read.
Nonetheless, Tintra said it “continues to work closely and constructively” with Sterling and that management “expects a successful outcome” on the terms originally laid out.
April 1 was earmarked as a long-stop date as part of a pledge by a Gulf-based investor to subscribe for $2m conditional on the lottery sale, allowing the investor to withdraw from the transaction after this date.
Tintra, though, has confirmed that the investor “has verbally confirmed to the board their intention to continue with the transaction and not exercise that right at this time”.