Travers Smith has advised long-standing AIM-listed client TruFin plc on the disposal of Playstack Limited and its c.£80m return of capital to shareholders and Rule 9 waiver following the sale of its 84.5 per cent interest in leading UK games publisher Playstack Limited to VantageCo Limited for an enterprise value of £125m.
Following completion of the disposal of Playstack, TruFin returned c. £56.8m to shareholders by way of a tender offer, in conjunction with a Rule 9 waiver, and declared a special dividend of c.£23.2m.
TruFin plc is the holding company of an operating group comprising two growth-focused technology businesses operating in niche markets: early payment provision and invoice finance.
The Travers Smith team on this transaction was led by our Head of Corporate M&A and ECM Adrian West, supported by Senior Counsel Fabian McNeilly, Associate Jemima Morgan and Trainee Luke Syrett. Specialist advice was provided by our Incentives & Remuneration Partner Elissavet Grout as well as by our Tax Partner Madeline Gowlett, Senior Counsel Joseph Sheldrick and Associate Nadia Ashbridge.
Panmure Liberum acted as Financial Adviser, Nominated Adviser and Broker to TruFin plc.
