6 Aug 2018 18:29
TruFin plc("TruFin" or the "Company" or together with its subsidiaries "TruFin Group")
Acquisition of Porge Ltd by Oxygen Finance Group Limited
TruFin plc is pleased to announce that its subsidiary, Oxygen Finance Group Limited, has acquired 100% of Porge Limited ("Porge"). Porge provides an evidence based public sector market insight service and research product. The consideration is £2m in cash and a potential earn out of a maximum of £750,000 in cash, which is dependent on performance, payable during 2019 (the "Transaction"). Porge made a profit before tax in the year to March 2018 of £271,000 and had net assets of less than £0.5m. We expect this Transaction to be marginally earnings enhancing.
Commenting on the acquisition, Ben Jackson, Chief Executive of Oxygen Finance Group Limited said: "We have long been an admirer of the Porge business and the additional product offerings that we can provide to our clients is meaningful. We are delighted to have had the opportunity to make this strategic acquisition."
Commenting on the acquisition, Henry Kenner, Chief Executive of TruFin plc said: "We are happy to be supporting Oxygen as it continues to build its market leading franchise."
For further information, please contact:
TruFin plc | |
Henry Kenner, Chief Executive Officer | 0203 743 1340 |
James van den Bergh, Deputy Chief Executive Officer | |
Macquarie Capital (Europe) Limited (NOMAD and broker) | |
Alex Reynolds Nicholas Harland | 0203 037 2000 |
Blue Pool Communications (PR) | |
Nicholas Lord | 07501 271 083 |
About TruFin plc:
TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. The Company was admitted to AIM in February 2018 and trades under the ticker symbol: TRU. More information is available on the Company website www.TruFin.com
Trufin Plc (TRU)