Highlights

• TruFin declares a further Special Dividend of 32.48p per share, returning around £17.5 million in cash.

• The company says total Capital returned now exceeds £110 million over a 19-month period.

• A restructuring aims to cut annualised head office costs by approximately 30% as the group shrinks.

• Chief executive James van den Bergh becomes executive chairman, halving both his time and his salary.

Some companies hunt for deals; this one has decided the price is wrong and is handing the Cash Back instead. TruFin (LSE:TRU), the Fintech Holding Company behind Oxygen Finance and Satago, said at 7am on 3 November 2026 that it will pay a further special dividend worth £17.5 million, or 32.48p a share, while trimming head office costs and cutting the time and pay of its two most senior executives. It is the latest step in a sweeping capital return that followed the sale of its games Business earlier this year.

What TruFin announced

The new special dividend comes on top of a £22.5 million distribution, equal to 43.03p a share, declared after the July tender offer. The company said total capital returned to shareholders now exceeds £110 million over 19 months.

Explaining the decision, TruFin said it had reviewed its Acquisition pipeline and judged that sellers' price expectations were too high, making a return of capital the better use of surplus funds. The group will nonetheless keep its majority stakes in Oxygen and Satago and retain the ability to manage them and pursue transactions if attractive opportunities arise.

A leaner head office

Alongside the payout, TruFin is restructuring to match its smaller size. It expects the changes to reduce annualised head office costs by approximately 30%.

The changes reach the top table. James van den Bergh moves from chief executive to executive chairman, with his time commitment and salary each cut by 50%. The chief financial officer's time and salary will fall by 40%. After the Oxygen acquisition of Rockford Associates and value awards to option holders, the company expects to hold at least £3 million of cash at 31 December 2026.

How TruFin got here

The cash pile stems from the disposal of Playstack, its games publishing arm, which completed on 10 June 2026. TruFin then launched a tender offer at 140p per share, returning about £56.8 million, followed by the special dividend in July. Its interim results for the six months to 30 June 2026 showed a £74.9 million profit from discontinued operations, primarily from the Playstack sale.

The remaining businesses are smaller but growing. Over the same half-year, net Revenue rose 17% to £5.3 million, adjusted EBITDA swung to a £0.5 million profit from a £0.1 million loss, and Satago reached EBITDA profitability ahead of schedule. The group said it expects full-year profitability in 2027.

Oxygen added to its footprint last week, agreeing to buy Rockford Associates, an overpayment audit specialist, for £1.8 million in cash on completion plus up to £0.2 million more if fourth-quarter EBITDA targets are met, funded from existing cash. Founded in 2002, Rockford has more than 60 active clients across housing, healthcare, education, local government and the private sector, with repeat clients generating over 80% of its revenue. TruFin expects the deal to be Earnings accretive from the first full year of ownership.

Risks to keep in view

The expected year-end cash balance of at least £3 million is far smaller than the sums released by the Playstack sale, and the group reported a pre-tax loss of £1.5 million in the first half. Both senior executives will now work reduced hours, and the 2027 profitability target rests on continued growth at Oxygen and Satago.

What investors may watch next

The ex-dividend, record and payment dates for the 32.48p dividend are the immediate details for holders of this AIM stock to track. Beyond that, the year-end cash figure, the integration of Rockford into Oxygen and any move on the acquisition front will shape how this London Stock Exchange-quoted group looks in its slimmed-down form.