Anexo has announced that private equity firm DBAY Advisors (DBAY) is to acquire a 29% stake in the Company at 150p per share (in two tranches) from Directors Alan Sellers and Samantha Moss and co-founder Valentina Slater. The purchase, at a 13% premium to last night’s closing share price, is a significant support for Anexo’s growth strategy, in our view. There is no change to the sellers’ roles within Anexo but, upon completion of the purchase, DBAY will have the right to appoint up to three Non-Executive Directors (NEDs). The update on trading focuses on the opportunity presented by competitors’ woes in the current operating environment for Anexo to expand its introducer network more quickly than previously envisaged. While this means cash absorption rather than generation in H2 20E, we note the resulting rapid increase in vehicles on the road. Aside from reflecting the cash position, we make no changes to estimates at present.