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Rival withdraws

Nucleus shares slip as IntegraFin quits bid talks

David Ferguson

David Ferguson: founded Nucleus (pic: Terry Murden)

Shares in Nucleus Financial Group slipped today after IntegraFin withdrew its interest in buying the Scottish financial wrap platform. 

It the latest to drop out of the bidding for the Edinburgh company and means James Hay’s private equity owner Epris is now the only potential bidder left in the talks that were confirmed early last month.

US private equity house Aquiline Capital Partners and European platform Allfunds (UK) withdrew at the end of December.

Despite indicating to the London Stock Exchange that it did not intend to make an offer for Nucleus, IntegraFin has reserved the right under the takeover rules to make an offer within six months.

The absence of a bidding war had a downward impact on the shares in Nucleus. At noon today they were 15.5p lower (8.7%) at 163p, valuing the company at £124m.

Nucleus, founded by CEO David Ferguson, joined the stock market in July 2018 at an initial listing price of 183p per share. While shares jumped on the first day of trading and rose to 231p, they have since languished below the value of rival platforms such as AJ Bell and Transact.

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