TruFin subsidiary Playstack inks multi-year commercial deal

23rd Jan 2026 11:51

(Sharecast News) - TruFin announced a new multi-year commercial agreement for its gaming subsidiary Playstack on Friday, alongside the launch of a further £6m share buyback programme, while separately putting in place a new long-term management incentive plan at Playstack designed to link payouts to an eventual exit valuation.

The AIM-traded group said Playstack, which it described as a leading UK games publisher, had signed a "significant contract" with a global technology platform covering a new internally developed game scheduled for release in the second half of 2026.

It said the title would be owned exclusively by Playstack and that the agreement included a series of contractual payments over multiple years, plus performance-based fees payable after launch.

The company said the deal "materially enhances Playstack's first-party IP portfolio" and improves visibility over Playstack's revenues, adding that the contract underpins management's confidence of "yet another year of profitable growth in 2026".

"We are delighted that Playstack has secured another major contract with a global technology platform," said James van den Bergh, TruFin's chief executive.

"The development of first-party IP further strengthens Playstack's strategic value, and we look forward to sharing more details about this exciting release in due course."

He added that the board's capital allocation framework prioritises funding its businesses, maintaining a buffer against external shocks and returning capital where there are no better risk-adjusted opportunities.

"Accordingly, with a strong balance sheet, increasing profitability across the group and growing confidence in our outlook, we believe TruFin is well positioned to deliver disciplined capital returns alongside long-term growth, and I am pleased to announce today a share buyback of up to £6m," he said.

TruFin's buyback programme would repurchase ordinary shares of 91p each up to a maximum aggregate consideration of £6m, with any shares bought to be cancelled.

The group said it had appointed Panmure Liberum to conduct purchases on its behalf on a discretionary basis within pre-set parameters on the London Stock Exchange.

It said the authority to repurchase shares came from the annual general meeting held on 12 June 2025, under which TruFin said it had remaining headroom to buy back up to 9,260,304 shares, with a maximum price set at 105% of the average mid-market quotation over the prior five business days.

The company said the programme was starting on 23 January and will run until the earlier of reaching the £6m maximum or 1 June.

Separately, TruFin said the board of Playstack had approved a new management incentive plan that could dilute Playstack's fully diluted share capital by up to 15% through the issue of two new share classes.

Under the plan, 8,392,437 B shares and 27,575,149 C shares were issued, representing 3.5% and 11.5% respectively of Playstack's fully diluted share capital.

Harvey Elliott, Playstack's chief executive, would receive 8,392,437 B shares and 15,585,954 C shares, giving him an aggregate 10% of the fully diluted share capital.

TruFin said the MIP shares carried voting rights and dividend rights, but would only participate in value on an exit event and only once a valuation hurdle was achieved, defined as the net funding provided to Playstack by TruFin.

The B shares vest and participate only if Playstack achieves a minimum equity value currently set at £19.6m on a future exit, while the C shares participate once the hurdle plus accrued interest at 12% was achieved, which TruFin said stood at £45.9m as at 22 January 2026.

Above that level, the MIP shares would entitle participants to a maximum of 15% of Playstack's equity value, allocated in proportion to individual awards.

TruFin said, by way of example, the MIP shares would receive no value if Playstack were sold for £19.6m, while at a £100m equity value they would receive an aggregate value of about £9.2m.

The company said Elliott's acquisition of MIP shares was being funded by a £249,000 limited-recourse loan from Playstack, repayable only out of value ultimately received on the MIP shares and accruing interest at 1% above the Bank of England base rate.

TruFin said an independent valuation expert appointed by Playstack had reviewed the valuation of the MIP shares and the terms of the plan and confirmed them to be fair and reasonable.

At 1129 GMT, shares in TruFin were up 5.87% at 121.75p.

Reporting by Josh White for Sharecast.com.