TruFin PLC Acquisition of Porge Ltd by Oxygen Finance Group (9852W)
August 06 2018 - 1:29PM
UK Regulatory
TIDMTRU
RNS Number : 9852W
TruFin PLC
06 August 2018
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 GBP2m in
cash and a potential earn out of a maximum of GBP750,000 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 GBP271,000 and had net assets of less than GBP0.5m. 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)
07501 271
Nicholas Lord 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
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END
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