THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

4 November 2021

TINTRA PLC

("Tintra", the "Group" or the "Company")

Result of General Meeting & Strategy Update

The Company's general meeting ("GM") was held earlier today.  All resolutions proposed at the GM were passed.  The Company will publish the full voting results on its website in accordance with the QCA Corporate Governance Code.

Following the successful passing of the resolutions at the GM, Richard Shearer, the Company's CEO provides the following Group Strategy Update.

"Today forms yet another part on our roadmap to building this Company into an innovative tech player. I apologise for the continued announcements, but we have a long way to go and we are trying to move as efficiently as possible.

As the market has been notified over the past few months Tintra Acquisitions Limited ("Tintra Acquisitions") placed stock with two strategic investors, the strategy of which is probably evident to most watchers. These transactions by Tintra Acquisitions are part of a process of dilution, after which, it is expected to be one of several strategic investors in the Company.

Now we have in large part completed the reorganisation and change management process and have advanced in so many other ways we are now able to move that investment strategy into Tintra PLC as the current structure looks a lot like the future one.

A lot of work was done through the summer on the dilution aspects of the stock where the issued shares have increased 3-fold. This is something I'm happy with as it starts to give more certainty to shareholders. Now as we move into the next phase we are in capital raising mode we have run out of enough head room in the stock to be able to issue to new strategic investors that we hope are going to participate.

As such, today's headroom increase allows us the space to issue more shares to investors as we grow the business over the next year or so.

If one thinks of Tintra Acquisitions as Seed investors and the first participants of a Series A funding round, we are creating this head room to that we can complete a Series A round, to give us runway to be able to do a Series B round in Q2 or Q3 of next year and for Tintra Acquisitions to convert enough stock to be able to ensure it retains its position as a Person of Significant Control during that process.

So that investors have an idea of what to expect. This new head room allocation is intended to be broken down into a placement of around 15% for the balance of Series A and then a Series B/C round of 10% during Q2/Q3 next year by which time we will be looking for capital adequacy amounts to be required for the new bank licences that we anticipate being active next year. Of course, these percentages are subject to change, largely by investors, but I would hope not hugely.

We are in advanced discussions with a major US Venture Capital firm on the Series B round next year and have visibility on what the business needs to achieve between now and then and what valuations we are looking at that Series B funding round.

As we progress, we will continue the strategy that has been seen in Tintra Acquisitions, namely the strategy that each funding position is of a greater value than the last based on actions taken and items executed on the road map.

Each round in Tintra PLC, as one might expect or indeed hope, is intended to be at substantially higher valuations to the previous round. The driver being the execution of the various roadmap points required between the two. My visibility around what that looks like is almost complete, the variable in my mind is one of time and how quickly we tick the boxes to get to the next phase.  

The main 'boxes' are a mixture of licences being approved, the general tech build-out and the artificial intelligence engine being built and tested for deployment.

I came at this transaction in the first instance to in many ways solve a problem familiar to me for many years, however since joining the Company, the new team and I have defined a bigger and more sophisticated problem that we and others believe is scalable in ways we had not anticipated.

We have an 18-24 month view through to the end of the Series B round and I want the market to view this, as I have suggested both in the press and earlier announcements, that what we are running here a US style fintech model. No decisions we are making are about what the impact will be tomorrow, but what they will be in one or two years from now. The market should now view the company as a fintech focused on scale and growth.

We are solving a defined need, with a clear strategy and have the support of many key players in doing so. I have spoken to a number of Governments across the emerging world about our intentions and today I am meeting with a senior delegation from another government to address how we can assist their countries.

Speaking personally, I have no interest in what the share price is doing today or tomorrow, we have been validated by some of the biggest thinkers in the space and we truly believe we are building something that is going to be a game changing technology.  I am however extremely interested in what the share price does in two, five years and ten years from now. That is the horizon that guides my thinking.

We are uniquely placed to solve this problem, and our strategy has been endorsed already by major VC's, major name family offices, banks and even the Governments I mention above.

Businesses solving 25% of the problem that we are attempting to solve have multi-billion dollar valuations. Now does that mean we will end up there? I can't say that we will as it would be speculation. But do I think that if the markets value what we're doing on the same metrics as are increasingly found in the VC space, then I believe it's possible. But then again, I am biased in extremis let's not forget!

None of my comments in this RNS or in the press should be construed as enticement to invest in our stock. They are not. I will continue to passionately share our vision based on what I, my team, and the array of great minds we are fortunate enough to have in our orbit, believe is a game changing mission.

These forward-looking statements are just that, none of my day-to-day thinking is about immediate balance sheet events, it is about building a major game changing business over the next 24 months.

Our business is being built to solve a macro need. We will likely make losses en route to our final destination due to the level of investment required, but as can be seen elsewhere, the value of the idea will be what drives this.

Running a fintech startup model in a public environment has its challenges, but it has a lot more benefits.

It would be commercially disadvantageous to the Company for it to disclose too much about its detailed plans as the greater first mover advantage we have, the better. As such unfortunately this will leave some gaps in the understanding of the strategy by the market. Here I have tried to outline as clearly as I can about what we are doing and my vision within those constraints.

Nothing we say in RNS or the press is intended to get folks excited today; as I have said, this is about the future.

We intend over the next 2 years to raise substantial sums to execute our plan, and we have indicative support from prospective investors. Shareholders and potential shareholders should view us with a 2-year horizon. I am not articulating entirely our plan for reasons of IP and discretion, and frankly the reality that some of the things that we have planned will change as we evolve. But most every announcement we make is based around part of a well-defined plan with a clear road map.

I hope in this, rather long winded, missive I have outlined clearly the strategy and the rationale and taken away as much uncertainty as possible without giving the game away!"

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