TruFin Sells Playstack: The Catalyst Fired, and Why I'm Selling (TRU.L)

£125m for Playstack, a proposed £70m return at 140p, and a stub I don't have an edge in. The endgame I kept flagging has arrived. The thesis didn't break. It completed.

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TruFin announced on Thursday morning that it has conditionally agreed to sell its 84.5% interest in Playstack to VantageCo Limited (a wholly owned subsidiary of Integrated Media Company, IMC) for an enterprise value of £125 million on a debt-free, cash-free basis.

I’ve been writing for the better part of a year that “the endgame” (a Playstack sale, a take-private, or a re-rating) was the obvious direction of travel.

But the reason I owned TruFin has now happened, and what’s left isn’t my kind of bet.

Let me walk through why the tape is flat, why the price is fair-not-thrilling, what the proceeds actually translate to per share, and why my move here is to take the gain.