Following our FNG Exclusive report from yesterday that Jakub Zablocki, co-founder and major shareholder of Poland based CFDs broker XTB SA (WSE:XTB) was planning to sell a large stake in the company, XTB has announced that the share sale has indeed been completed.

Jakub Zablocki has sold 9,405,540 XTB shares to a group of institutional investors, at a price of PLN 160 per share – an 8.2% discount to XTB’s Wednesday closing price of PLN 174.30. The block, representing 8% of XTB’s outstanding shares, will bring in a total of PLN 1.505 billion (USD $403 million) to Mr. Zablocki’s holding company XX ZW Investment Group SA, taking his remaining stake in XTB down to 32,661,789 shares, representing 27.78%.

Jakub Zablocki and XX ZW Investment Group SA have agreed to a one year (360 day) lock-up agreement, during which time he cannot sell any more XTB shares.

The 8.2% discount is fairly in line with similar discounts Mr. Zablocki has taken in previous block sales of his XTB shares. However the 360 day lock-up is much longer than the traditional 180 day period, reflecting the large size of the share sale, and investors not wanting any more of his shares to hit the open market for a while.

We would note that XTB itself did not receive any of the proceeds of the share sale, with the transaction occurring directly between XX ZW Investment Group SA and the investors.

The share sale was managed by investment banks Bank Handlowy (which operates as the Polish corporate arm of the global Citigroup network), Citigroup, and UniCredit in cooperation with Kepler Cheuvreux S.A.