29th Jul 2019 12:20
(Alliance News) - TruFin PLC on Monday said it has undergone a restructuring, with Head Office costs expected to be reduced by 35% on an annualised basis to better reflect the company's activities.
In addition, the fintech and banking businesses said it converted into shares its existing GBP3.7 million convertible loan held in Vertus Capital Ltd.
This, together with a further cash payment of GBP355,000, has resulted in TruFin's wholly-owned subsidiary TruFin Holdings Ltd becoming the 51% controlling shareholder in Vertus.
Turning back to restructuring, TruFin said Peter Whiting is stepping down from his position as an independent non-executive director with effect from Wednesday. The remaining independent non-executive directors will assume responsibility for Whiting's existing roles, the company noted.
TruFin explained that Head Office personnel is being reduced materially with certain personnel either departing or being transferred to Satago Financial Solutions Ltd, TruFin's subsidiary.
Finance Chief Raxita Kapashi and Chief Operating Officer Jason Rogers will depart from TruFin also with effect from Wednesday.
James Hussey, CFO of Satago, will assume Kapashi's responsibilities in addition to his role at Satago, TruFin said. Hussey will not currently be joining the board of TruFin, the company noted.
The company explained that these measures are expected to result in on-going annualised Head Office savings of 35%.
Looking ahead, TruFin said it retains a "proactive" and pragmatic approach towards disposal opportunities and related further returns of capital over the next 24 months so as to ensure that shareholder value is maximised.
TruFin will report its half-year results in September.
Shares in TruFin were down 1.9% at 66.25 pence on Monday in London
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