TruFin (LSE:TRU) has entered into an agreement to sell its 84.5% holding in mobile games publisher Playstack to VantageCo, a subsidiary of Integrated Media Company, in a transaction valuing the business at £125 million on an enterprise value basis. The disposal is expected to generate around £112.4 million in net cash proceeds for TruFin, including the repayment of an outstanding intercompany loan.
The proposed transaction represents a fundamental change of business under AIM regulations and will require shareholder approval at a general meeting scheduled for June. TruFin said investors representing more than 44% of the company’s share register have already indicated support for the deal.
Following completion of the sale, the group intends to return £70 million to shareholders, with the distribution expected to take place through a tender offer priced at 140p per share. TruFin will continue to retain majority ownership of its fintech businesses, Oxygen and Satago, after the transaction closes.
Management said the disposal delivers a substantial return on invested capital while significantly strengthening the company’s balance sheet and increasing flexibility for future acquisitions and growth initiatives. The transaction could also result in major shareholder Watrium AS increasing its holding above 50%, subject to approval from independent shareholders through a waiver process under the Takeover Code.
The company’s outlook continues to be supported by improving financial performance, including accelerating revenue growth, a move towards profitability and minimal debt levels. Valuation metrics remain relatively supportive, although technical indicators are more neutral, with limited momentum in the share price and trading levels close to shorter-term averages.
More about TruFin
TruFin plc is a London-listed holding company focused on building and scaling technology-driven businesses in niche financial and digital markets. The group operates across early payment provision, invoice finance and mobile games publishing through its portfolio companies and pursues growth through a combination of organic expansion and targeted acquisitions. TruFin joined London’s AIM market in 2018 under the ticker TRU.
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