Trufin Plc Share Price (TRU)

So the tender details have been confirmed and it is slightly different from the original proposal.

£56.8m will be returned via the purchase at 140p (only a c 3% uplift on the current price).

That equates to 40.5m shares being purchased.

There are 94.2 m shares now so this will reduce to 53.7m shares.

As expected you can request an excessive application to sell more than 43% they are trying to buy (especially as a large shareholder is not participating).

Then there will be a special divi of £23.2m . Based on 53.7m shares that equates to c43p per share.

Essentially they will return £80m to shareholders.

based on the above the remaining company will have c53.7m shares and at today's price be valued at c90p (current price less the special divi), so c£50m.

That looks low to me as i think there will be c£40m cash and Oxygen which conservative is at least £30m (some say it is c£50m).

So not taking up the tender might be a better medium term option.

Now confirmed as per the AGM yesterday.

Re-reading the RNS it appears Watrium who hold 25% of shares will not be participating.

Therefore, if 50m shares are to be re-purchased at 140p, and there are c95m shares in total, the standard will be to buy c 50% of shares off every shareholder.

However, if 24m shares are being excluded (the Watrium shares) then it's 50m from c 71m - so c70%.

I suspect some smaller holders might be able to sell c80% if they so wish.

356m just re-reading the RNS i got the tender slightly wrong. Of course if £70m is returned at 140p that will result in exactly 50m shares being cancelled.

The current market valuation of TRU is £126m so deducting the £70m leaves a £56m company.

If we assume Oxygen is conservatively worth £26m (very conservative valuation - probably nearer £40m now ) and Satago is zero (again mega conservative, but it is still loss making, then the extra valuation is cash.

Tru will receive £112m for Playstack, and it returning £70m to shareholders via the tender, so that leaves £42m. It had £12m at 31/12/25 but spent £6m in buybacks in early 2026, so let's assume cash is still at c £6m.

After Playstack money comes in cash will be nearer £50m in total so the SP is looking quite cheap IMHO.

If say cash and Oxygen had a total value of say £80m with 44m shares left that's 180p a share.

Yeah thanks, that's what I thought it would probably be, I dont get why return capital via a tender offer though, forcing the people that do like the rest of the company to sell shares if they do want any reward for Playstack and have to buy back, why not just do a special dividend, sure the share price would drop but a much clearer structure IMO, oh well, it is what it is, I think I'll hold for the payout seeing as its dropped so much now and as you say on paper the rest of the business plus the cash should cover the difference on the remaining if the market gives it a fair value after the dust settles.

As a tender offer i suspect every shareholder will be offered the opportunity to sell a % (based on 94m shares and £70m being returned about 75%) at a fixed price of 140p.

If not everyone takes up their full allocation you may be able to sell a higher % at this price.

What's left is a smaller company valued at c £50m with over £40m in cash. Satago currently probably has limited value but Oxygen is probably worth £30m to £40m