LONDON (ShareCast) - (Sharecast News) - TruFin has undergone a restructuring programme, cutting head office costs approximately 35% per year in order to better reflect its activities and reduce the size of the group as a whole.
The AIM-listed group said head office personnel was being "reduced materially", with certain personnel either departing or being transferred to subsidiary Satago Financial Solutions, including chief financial officer Raxita Kapashi and chief operating officer Jason Rogers.

Elsewhere, in keeping with TruFin's strategy of building "a stable of niche lenders", the group has converted its £3.65m convertible loan in funding provider Vertus Capital into ordinary shares, fully satisfying and discharging the loan.

"This, together with a further cash payment of approximately £355,000, has resulted in the company's wholly-owned subsidiary, TruFin Holdings Limited, becoming the 51% controlling shareholder in Vertus," said TruFin.

TruFin said the Vertus transaction, together with its recent disposal of DFC via a stock market listing and the sale of its stake in Zopa, collectively demonstrated the company's continued commitment to its strategy of growing its businesses and exiting them when it was "in the interests of the company's shareholders".

As of 1025 BST, TruFin shares had dipped 1.85% to 66.25p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE