FNG Exclusive… FNG has learned via regulatory filings made in Poland that Jakub Zablocki, co-founder and controlling shareholder of Warsaw based Retail FX and CFDs broker XTB SA (WSE:XTB), is planning to take his stake in the company down below 50% by cashing in nearly $150 million worth of XTB shares.

Jakub Zablocki plans to sell 8.4 million XTB shares through an accelerated book-building process to eligible investors, in a secondary sale to be run by investment banks Santander and UBS acting as Global Coordinators and Joint Bookrunners for the transaction. At XTB’s current share market price of PLN 68.20 (i.e. Tuesday’s closing price), the sale would net Mr. Zablocki PLN 572.9 million, or USD $147.7 million before fees and expenses.

If successful, the sale of 8.4 million XTB shares will take Jakub Zablocki’s stake in the company, held via his holding company XX ZW Investment Group S.A., from 50.9% currently to 43.78%, or a total of 51,472,869 shares post-sale. His remaining holdings in XTB will be subject to a 180 day lock-up following the sale, as is standard in these kinds of transactions.

This actually marks the third major XTB share sale by Jakub Zablocki over the past 18 months. In February 2024 Jakub Zablocki sold 8.2 million XTB shares at PLN 41 each for total gross proceeds of PLN 482 million (USD $119.4 million), taking his XTB stake down from 59.9% to 50.9%. 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.

XTB shares are up 78% year-to-date in 2024, although they have traded off about 10% from their all-time high of PLN 75.88 set in May of 2024. XTB’s most recent quarter (Q2-2024) saw the company’s Revenues drop 31%, and Profit decrease by 47%.

XTB share price 2024 year-to-date. Source: Google Finance.