TruFin trades in line, launches tenders offer
By Iain Gilbert
Date: Wednesday 04 Dec 2019
(Sharecast News) - FinTech investment outfit TruFin has continued to trade in line with the expectations since its last trading update in November, with all subsidiaries experiencing good demand for their solutions.
TruFin told investors on Wednesday that it was progressing a review of its future strategy, building upon initiatives that had already been effected by the group - such as cost-saving measures aimed at strengthening its balance sheet and its recent significant restructuring.
Following the review, TruFin said it recognised that future growth was "highly dependent" on the availability of future funding.
As a result, TruFin noted that the outcome of its review may include proposals to dispose of and/or reduce the operations of certain subsidiaries in order to accelerate further returns of value to shareholders.
Elsewhere, Trufin's board proposed to return up to approximately £5.0m of cash through a purchase of up to 11.11m existing ordinary shares at a price of 45.0p each from eligible shareholders.
Shareholders can decide whether they want to tender up to their basic entitlement together with potential further tenders, depending on the number of ordinary shares tendered by other eligible shareholders. Once purchased, those ordinary shares will be cancelled and will not be available for re-issue.
As of 1345 GMT, TruFin shares were down 3.03% at 48p.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN