Shares in investment company Tintra (LON: TNT) have surged Friday after the firm identified a potential target for acquisition, concluded discussions regarding an AI joint-venture, and received an offer for its lottery administration business.
The company's plan is to operate as a business authorised as an Electronic Money Institution by the UK Financial Conduct Authority, and Tintra believes an acquisition is the best way of fulfilling that plan.
“The Board has identified a potential target and accordingly is in advanced negotiations with the Target,” Tintra said in its statement.
In addition, the London-listed firm said it has received an offer for its lottery administration business, with is currently being reviewed by its board. They expect to announce a decision on the proposal in the next two weeks.
Elsewhere, the company has concluded discussions regarding a joint venture with an artificial intelligence (AI) software developer within the financial technology sector.
Tintra feels AI software will be a core element of its strategy for radically improving payments between emerging and developed economies. It is expected that an announcement on this will be made during the week beginning 4 October 2021.
Tintra's share price is trading 20% above Thursday's close at 72p.
Tintra shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are TNT shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.