FNG Exclusive… Further to our exclusive report from last night, that XTB co-founder and controlling shareholder Jakub Zablocki was planning to sell down a good portion of his holdings in the Poland based Retail FX and CFDs broker, FNG has learned that Mr. Zablocki has completed the sale of 8.4 million XTB SA (WSE:XTB) shares, via  an accelerated book-building process led by investment banks Santander and UBS.

The shares were sold at PLN 62.50 each, an 8.4% discount to XTB’s closing price Tuesday of PLN 68.20. The share sale netted Jakub Zablocki a total of PLN 525 million, or USD $135.59 million, before fees and expenses of the deal.

The share sale took Mr. Zablocki’s holdings in XTB down below 50% for the first time, from 50.9% prior to the sale to 43.78% currently. His remaining 51,472,869 remain subject to a 180 day lock-up, as is standard in these kinds of transactions.

The current offering 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.