TruFin is returning £80m to shareholders following the sale of its games business Playstack, the company has confirmed.
The AIM-listed group previously sold its 84.5% interest in Playstack to VantageCo, an indirect subsidiary of the Integrated Media Company group, in a deal valuing the business at an enterprise value of £125m on a debt-free, cash-free basis.
With the cash now available, the board has announced a two-part structure for the payout. First comes a tender offer, inviting shareholders to sell up to roughly £56.8m of stock back to the company at a fixed 140p a share. That will be followed by a compulsory special dividend of at least £23.2m, paid pro rata to those still on the register.
If the tender offer isn’t fully taken up, the special dividend will simply be topped up so the total returned still hits £80m.
TruFin has original planned to return £70m to shareholders when the deal was first announced.
Shares in the group were 2% higher on Friday.