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FNG Exclusive… FNG has learned via regulatory filings made in Poland that Warsaw based Retail FX and CFDs broker XTB SA (WSE:XTB) has seen its co-founder and controlling shareholder Jakub Zablocki monetize more of his holdings in the company, taking his ownership in XTB down to just above 50%.

After initiating an accelerated book-building process directed to “selected investors” late Monday which intended to offer 8.2 million XTB shares for sale, strong demand led Mr. Zablocki to up the sale and sell 11,756,925 shares, at PLN 41 each, for total gross proceeds of PLN 482 million (USD $119.4 million).

The share price for the sale was at a fairly steep (12.3%) discount to XTB’s closing price on Monday of PLN 46.78. However it should be noted that XTB shares have been on the rise as of late (see graph below), and hit a 52-week and all-time high of PLN 47.12 earlier in the day. The company’s shares have been steadily heading upward since the end of the summer, which only accelerated after XTB reported strong results for Q4 and FY 2023 in late January.

XTB shares are trading this (Tuesday) morning in response to the sale, at about PLN 42.82, down 8% on the day.

This actually marks the second major share sale by Jakub Zablocki over the past year, both effected via his holding company XX ZW Investment Group SA. In May 2023 Mr. Zablocki took his holdings in XTB down to 61% from 67%, selling USD $64.5 million worth of shares at PLN 38 per share, as was also reported exclusively here at FNG at the time.

The latest sale leaves Mr. Zablocki’s XX ZW Investment Group holding 59.9 million XTB shares – worth today about USD $629 million – representing 50.93% ownership of the company. He has agreed to a (standard) 180 day lock up on his remaining shares, i.e. he is not allowed to sell any more shares for 180 days without permission of the share sale’s bookrunners, Santander and UBS.

Jakub Zablocki co-founded XTB in 2003 after a brief career as a Dealer at online bank BRE Bank (now mBank). He served as CEO until 2017, and remains a Director on the Board of the company.

XTB share price 1yr graph Feb2024

XTB one year share price graph. Source: Google Finance.

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