Trufin (TRU): Playstack first-party platform contract

This situation live

TRU Trufin

£54m · 100.0p · −13% since the first step

23 Jan 2026 · Contract signed; game due H2 2026 · +9% until the next step The multi-year agreement includes a series of contractual payments, as well as performance-based fees payable following the game's launch.

21 May 2026 · Playstack to leave Group on Completion; contract passes to purchaser · −25% since Post Completion of the Disposal, the Company will continue to retain an approximate 85 per cent. interest in Oxygen and an approximate 80 per cent. interest in Satago following the implementation of a

Disposal of a part (break-up)

Playstack first-party platform contract

Playstack to leave Group on Completion; contract passes to purchaser

Price£112.4m · 208.5% of market value

As of 21 May 2026 ↗

Every step · 2

23 Jan 2026 Contract signed; game due H2 2026 – The multi-year agreement includes a series of contractual payments, as well as performance-based fees payable following the game's launch. ↗
21 May 2026 Playstack to leave Group on Completion; contract passes to purchaser – Post Completion of the Disposal, the Company will continue to retain an approximate 85 per cent. interest in Oxygen and an approximate 80 per cent. interest... ↗

What is happening

Trufin: Playstack first-party platform contract – Playstack to leave Group on Completion; contract passes to purchaser. ['Playstack to leave Group on Completion; contract passes to purchaser']

Announced: 23 Jan 2026 · Contract signed; game due H2 2026
Latest: 21 May 2026 · Playstack to leave Group on Completion; contract passes to purchaser
Why: Crystallise an attractive return on invested capital, return capital to shareholders, fund the continuing Group and buy scalable, cash generative platform businesses.
Value: £112.4m · 209% of market value – approximate net cash proceeds to TruFin Holdings (enterprise value £125m), including £15.6m loan repayment, excluding £1.5m tax holdback
Buyer: VantageCo Limited
The business: Profitable · FY25: revenue £55.3m, EBITDA £13.5m, profit £12.2m; net assets £36.4m
Use of money: A tender offer, working capital, reinvest in the business, acquisitions
What it changes: Playstack, the main driver of FY25 upgrades, is being sold for £125m EV, with £70m earmarked for return. The Group shrinks to Oxygen and Satago, plus a new platform-acquisition strategy.

Briefing

Trufin in 4 minutes

TruFin is an AIM-listed holding company that spent years building a video-game publisher, a public-sector early-payment business and an invoice-finance software firm. In June 2026 it sold the game publisher,...

Act 1A game hit lifts the whole group
Act 2Lloyds walks away, then the Procurement Act bites
Act 3Buybacks, then the sale of Playstack

Read the briefing →

From the company's own announcements. Not investment advice.

Also at Trufin 5 open

Insider conviction1 director buying – £387k in 4 buys Turnaround plan with targetsSatago turnaround – EBITDA profitable since June 2026 Stake building towards controlWatrium AS towards control – 44.78% (from 25.01%) Disposal of a part (break-up)Playstack disposal – Disposal completed 10 June 2026 Stake building towards controlWatrium AS towards control – 25.01% (from 24.03%) Trufin – company page →