TruFin PLC on Monday said that it has received and accepted a non-binding private equity bid for the shares it holds in Vertus Capital Ltd.
The London-based financial technology holding company for niche lenders and early payment providers holds a 54% equity stake in Vertus, a subsidiary operating company.
TruFin didn’t name private equity bidder. However, it said that Watrium AS, a 23% shareholder in TruFin, is a minority limited-partner investor in the private equity fund and intends to co-invest in Vertus as part of the deal.
The price offered would value Vertus at up to £5.9 million, with TruFin expected to receive £3.2 million in cash.
The board of TruFin has conditionally accepted the offer. TruFin Non-Executive Director Anders Wilhelmsen represents Watrium on the TruFin board and won’t be involved in the board’s consideration of the offer.
TruFin cautioned that the offer remains subject to further due diligence, and there can be no certainty of completion. A further announcement will be made in due course, it said.
TruFin shares were trading 2.2% lower at 66.00 pence each in London on Monday morning.
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