Business
Acquisition of Porge Ltd by Oxygen Finance Group
Acquisition of Porge Ltd by Oxygen Finance Group.
About this update from Trufin Plc
[{"type":"text","content":"\n \nRNS Number : 9852W TruFin PLC 06 August 2018 \n\n \n \n \nTruFin plc\n(\"TruFin\" or the \"Company\" or together with its subsidiaries \"TruFin Group\")\nAcquisition of Porge Ltd by Oxygen Finance Group Limited\nTruFin 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 £2m in cash and a potential earn out of a maximum of £750,000 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 £271,000 and had net assets of less than £0.5m. We expect this Transaction to be marginally earnings enhancing.\nCommenting 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.\"\nCommenting 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.\"\n \nFor further information, please contact:\n \n\n\n\nTruFin plc\n\n\n\n\n\n\n\nHenry Kenner, Chief Executive Officer\n\n\n0203 743 1340\n\n\n\n\nJames van den Bergh, Deputy Chief Executive Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMacquarie Capital (Europe) Limited (NOMAD and broker)\n\n\n\n\n\n\n\nAlex Reynolds\nNicholas Harland\n\n\n0203 037 2000\n\n\n\n\n\n\n\n\n\n\n\n\nBlue Pool Communications (PR)\n\n\n\n\n\n\n\nNicholas Lord\n\n\n07501 271 083\n\n\n\n\nAbout TruFin plc:\n\nTruFin 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\n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Info...