7th Oct 2021 15:08
(Alliance News) - A major shareholder in TruFin PLC will sell up to its entire remaining 20% stake in a share placing, Liberum Capital Ltd said Thursday.
TruFin is an AIM-listed financial technology firm that also has a video gaming publishing arm.
Arrowgrass Master Fund Ltd plans to sell up to 16.2 million shares at 55 pence each, worth up to GBP8.9 million. TruFin shares were trading at 58.60p on Thursday afternoon, up 1.9%.
The shares being sold represent a 19.99% stake in London-based TruFin, which will received no proceeds as the sale is of existing shares.
The share sale will be conducted by investment bankers Liberum in an accelerated bookbuild. It said the disposal by Arrowgrass was "in response to investor demand".
Arrowgrass had reduced its holding in TruFin to 19.99% from 73.87% back in February. That sale, also run by Liberum, was the largest block trade in the UK since 2017, according to TruFin, effectively "re-IPOing" the company.
In an interview with Alliance News at the time, TruFin Chief Executive Officer James van den Bergh said that because Arrowgrass, for which he had worked until 2017, had announced plans to close down by the end of 2021, this had created an overhang for TruFin shares.
"They have been a great shareholder in at times difficult circumstances," Van den Bergh had said, "but an overhang of that size is hard to handle."
By Tom Waite; [email protected]
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