SALE OF MAJORITY HOLDING IN VERTUS

Further to the Company's announcement on 21 August 2023, TruFin announces that it has completed the disposal of its 53.8% equity holding in Vertus Capital Ltd ("Vertus"), a specialist lender to independent financial advisers, for cash consideration of £3.2m following the acquisition of Vertus by Enable Partners Holdings Limited ("Enable") (the "Disposal").

For the year ended 31 December 2022, Vertus recorded £213k of profit before tax and contributed £162k of profit before tax to the Company's performance for the year. As at 30 June 2023, the Company's share of Vertus' net assets and associated goodwill was £3.2m. Proceeds from the disposal will be used to provide additional working capital for the Company and allow for incremental capital allocations to Oxygen and Satago based on ROI expectations.

Watrium AS ("Watrium"), a 22.8% shareholder in the Company, has co-invested in Enable, alongside Explore Equity II SCSp ("Explore") as part of the transaction, taking a 48.89% stake in Enable. Watrium is also a minority LP investor in Explore. By virtue of Watrium's investment in Enable, the Disposal constitutes a related party transaction for the purpose of AIM Rule 13 and accordingly, the Directors of TruFin (other than Anders Wilhelmsen, being a representative of Watrium on the Board of TruFin) having consulted with the Company's Nominated Adviser, Liberum, consider that the terms of the Disposal and Watrium's participation in it are fair and reasonable insofar as the shareholders of the Company are concerned.

James van den Bergh, Chief Executive Officer, TruFin, said:

"Oxygen, Satago and Playstack have made strong progress in executing their strategies over the last 24 months. Oxygen and Satago are both critical infrastructure software providers whilst Playstack is a highly focused games publisher with an enviable pipeline of games secured. The disposal of Vertus, at an attractive valuation, simplifies and focuses the TruFin business. The sale proceeds further strengthen TruFin's robust balance sheet as we look forward to continued momentum at Oxygen, Satago and Playstack.

It has been a pleasure to work with Matt Marais and his team over the last few years. Through hard work and entrepreneurship they have succeeded in building a strong brand as a niche capital provider to the IFA community, which will act as a springboard for their exciting expansion plans. We wish Matt, Enable and Watrium all the best for the future."

Matt Marais, Chief Executive Officer, Vertus, said:

"We would like to thank James and the TruFin team for their support and the wise counsel they have provided during their time as a strategic partner to Vertus. The acquisition by Enable will provide us with the investment to support the next phase of our exciting growth plans."