Jakub Zablocki completes $403M sale of XTB shares at 8.2% discount

XTB SA has announced the completion of a block sale of shares by co-founder and major shareholder Jakub Zablocki, following an earlier report that he was planning to sell a large stake. Zablocki sold 9,405,540 XTB shares to a group of institutional investors at PLN 160 per share, an 8.2% discount to the Wednesday closing price of PLN 174.30. The block represents 8% of XTB's outstanding shares and will generate total proceeds of PLN 1.505 billion (USD $403 million) for his holding company, XX ZW Investment Group SA. After the sale, Zablocki's remaining stake in XTB stands at 32,661,789 shares, or 27.78%.

Zablocki and his holding company have agreed to a 360-day lock-up period, during which they cannot sell any additional XTB shares. The 8.2% discount is consistent with discounts taken in previous block sales, but the one-year lock-up is significantly longer than the typical 180-day period, reflecting the large size of the transaction and investor demand for a temporary halt to further share sales hitting the open market.

XTB itself did not receive any proceeds from the sale, as the transaction occurred directly between XX ZW Investment Group SA and the investors. The sale was managed by Bank Handlowy (operating as the Polish corporate arm of Citigroup), Citigroup, and UniCredit, in cooperation with Kepler Cheuvreux S.A.