TruFin PLC Non-Binding Offer for Vertus (8387J)
21 Agosto 2023 - 1:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 8387J
TruFin PLC
21 August 2023
21 August 2023
TruFin plc
("TruFin" or the "Company")
NON-BINDING OFFER FOR VERTUS
TruFin announces that it has received a non-binding, indicative
cash offer from a private equity offeror for the shares it holds in
Vertus Capital Ltd ("Vertus"), a subsidiary operating company of
TruFin in which the Company holds a 53.8 per cent equity holding,
(the "Offer"). The consideration payable to shareholders of Vertus
would value Vertus at up to GBP5.9 million, with TruFin expected to
receive cash proceeds of GBP3.2 million, due to its majority
controlling stake in the company resulting in its holding being
valued at the top end of the valuation range.
After due consideration, the Board of TruFin, have conditionally
accepted the Offer. The Offer remains subject to further due
diligence, and there can be no certainty of completion. A further
announcement will be made in due course.
The Company announces that Watrium AS ("Watrium"), a 22.8%
shareholder in the Company, is a minority LP investor in the
private equity fund which proposes to acquire Vertus, and that
Watrium intends to co-invest directly in Vertus as part of the
transaction. As such, it is expected that the Offer, upon
execution, will constitute a related party transaction for the
purpose of AIM Rule 13 and accordingly, the Company's Independent
Directors would need to consider that the terms of the Offer are
fair and reasonable insofar as the Company's shareholders are
concerned. Anders Wilhelmsen, a non-executive director of TruFin
and shareholder representative of Watrium, was not involved in the
TruFin's board's consideration of the Offer and will not be
involved in any fair and reasonable considerations.
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. By the
publication of this Announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain. The person responsible for arranging for the release
of this Announcement on behalf of the Company is Annie Styler.
Enquiries:
TruFin plc
0203 743
James van den Bergh, Chief Executive Officer 1340
Kam Bansil, Investor Relations 07779 229508
Liberum Capital Limited (Nominated Adviser and
Corporate broker)
Chris Clarke
Edward Thomas 0203 100 2000
About TruFin plc:
TruFin plc is the holding company of an operating group
comprising four growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance, IFA
finance and mobile games publishing. The Company was admitted to
AIM in February 2018 and trades under the ticker symbol: TRU. More
information is available on the Company website: www.TruFin.com
.
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END
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