Tintra (#TNT) – proxy votes update on AIM cancellation resolutions
- 2023-12-27 07:53:52
UK 05:18 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
I say this with the greatest respect to good friends at Nomad Allenby but in the scandal of the fraud Tintra (TNT), the AIM Company of the year 2022, they have behaved in the most shameful manner. I really do not know how they can sleep at night. At 11.02 AM today Allenby quit as Nomad and broker leaving the shares suspended. That came 2 hours after Tintra published a circular (for which Allenby will have earned a fat fee preparing).
After hours on Tuesday in an RNS Tintra (TNT) announced its “Intention to Seek Cancellation from Trading on AIM”. Oh dear. I have warned you so many times that the AIM Company of the year 2022 was a nest of snakes. Of course, so many Bulletin Board savants knew better. This is a scandal that AIM Regulation should be all over like a rash, having failed to deal with so many issues over the years despite explicit warnings on this website.
Tintra (TNT) shareholders are currently awaiting developments in the proposed development of LRB 35 Limited’s proposal to make a tender offer to purchase up to 29.9% of the issued share capital of Tintra Plc at 150 pence per share. Mr Market doesn’t think is going to happen given Tintra’s shares are currently at a mid price of 75 pence per share.
Tintra (TNT) announced today that the previous possible offer for 100% of the company at 150p per share in cash announced on 7 September was being replaced with a proposed tender offer for up to 29.9% of its issued share capital at 150p per share. Tintra also announced that the Board intends to delist from AIM. This all stinks.
At 6.13 PM yesterday Tintra (TNT) issued its interim report for the six months ended 31 July 2023. Needless to say, it contains a raft of schoolboy accounting blunders.
In my first article on Tintra’s (TNT)accounts for the year ended 31 January 2023, I raised a question around why the auditor didn’t qualify its audit opinion given management disagreed with the auditor’s opinion that there was a material uncertainty over going concern. In the second article I highlighted concerns with the adequacy of the auditors work on the debt instrument. In my third note I looked at the two discontinued operations which were sold where more questions arise for the auditor. Now for the ten million dollar discrepancy.
In my first article on Tintra’s (TNT) accounts for the year ended 31 January 2023, I raised a question around why the auditor didn’t qualify its audit opinion given management disagreed with the auditor’s opinion that there was a material uncertainty over going concern. In the second article I highlighted concerns with the adequacy of the auditors work on the debt instrument. In this third note I take a look at the two discontinued operations which were sold where more questions arise for the tin pot auditor BSS & Co..
Part 1 of this report will be passed to the Financial Reporting Council today as will this article. Both Tintra (TNT) and its tin pot auditors BSS & Co need a formal censure and fine. I continue the expose.
Yesterday Tintra (TNT) published its 31 January 2023 accounts which were signed on 29 September 2023 which is something I wasn’t expecting to happen given the short tenure of the joke accountants on board.
In its RNS of 1 September Tintra (TNT) informed shareholders that it had changed auditors part way through their audit for the year ended 31 January 2023 and stated that “Our decision to change audit firm is to enable audit completion by the end of September”. At the time I expressed scepticism about this proposed revised timetable and at 2.15 pm on Friday 29 September it appears that I was justified as no RNS of final results has yet appeared.
On 7 September Tintra (TNT) announced that it was under a potential offer from LRB35 Limited. LRB's proposal was of a possible offer at a price of 150 pence per Tintra ordinary share in cash, with a share exchange alternative
Its shares are still suspended as it still cannot get out its annual report despite hiring a mickey mouse firm. But yesterday, Tintra served up some positive news, a possible cash offer of 150 pence per share with a share alternative subject to due diligence and the finalisation and documentation of financing for the transaction.
The other day I speculated that Tintra’s (TNT) new auditors, B.S.S (Accountancy Services) Limited probably only had 1 AIM client. As you can see HERE, it does and that client is Tintra itself. So much for all the bull about how this firm from Shifnal, Shropshire is staffed by ex KPMG chaps. If BSS’s partners are BSD’s I am a banana.
The latest RNS from Tintra (TNT), - shares suspended - raises even more red flags. This is shocking stuff and why AIM regulation is not all over it is mind boggling. Tintra has fired its auditor.
Shares in the AIM Company of the year 2022 remain suspended as it cannot get its accounts out on time. But still the news comes and it stinks. Tintra (TNT) has finally issued an update on its long awaited latest investment subscription at 1178p per share.
I recently commented on the poor optics of two director resignations at Symphony Environmental (SYM). Tintra (TNT) has also had two non-executive Directors resign from the Tintra Plc Board after only a short period of time, to take up non-board roles in the wider Tintra organisation. On 9 March 2023, Tintra announced:
Today Tintra (TNT) made the following announcement: “Update in relation to full repayment and termination of the Placement Facility"
