FNG Exclusive… FNG has learned via regulatory filings made in Poland that XX ZW Investment Group S.A., the company which holds controlling ownership of Retail FX and CFDs broker XTB, plans to sell some of its holdings in XTB in the coming days.

XX ZW Investment Group, which is under the direction of XTB co-founder Jakub Zablocki, has filed plans to sell 7 million shares of XTB (WSE:XTB), which constitutes 5.96% of the shares of the company. At the current share price of zł38.90, the share sale will total zł272.3 million, or USD $65.8 million.

Following the sale, Mr. Zablocki’s XX ZW Investment Group will continue to hold 71.63 million XTB shares (worth about $675 million), representing 61.02% of the outstanding shares of XTB.

As we reported late last month, XTB shares have recently hit all-time highs after XTB reported record results on both the top and bottom lines for Q1-2023, taking the company’s market cap to above USD $1 billion for the first time.

XTB’s share price reacted (as might be expected) negatively to the filings, with XTB off about 9% today to, as noted above, zł38.90 per share as at the time of writing. XTB stock closed yesterday at zł42.70.

Following this sale, the controlling shareholder has entered into a standard “lock-up” in respect of its remaining XTB shares for a period of 180 days. The controlling shareholder has engaged with Santander Bank as the Sole Global Coordinator and Joint Bookrunner, and Trigon Dom Maklerski as the Joint Bookrunner, for the secondary share sale.