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The company was established by the Indian-born former billionaire B. R. Shetty in April 2018.[3] Initial investments included UAE Exchange, which Shetty acquired in 1980, and Travelex, which was acquired in 2014.[3]
In October 2018, Finablr brands, Travelex and Swych, launched a cross-border shopping solution for WeChat Pay users.[4]
In November 2018, Finablr acquired India's digital payments firm TimesofMoney from Network International to capitalise on the growth of e-commerce.[5] Also in November 2018, Finablr became a majority shareholder of Swych, a digital gifting platform.[6][7]
In February 2019, Finablr announced collaboration with RippleNet for cross-border payments to process blockchain-powered cross-border transactions in Thailand.[8][9]
For those debating.. The exact definition of intelligence is a debatable, intellectual pursuit. However, the generally accepted definition (i.e., the working definition) of intelligence is as follows –
Intelligence is one’s ability to gain knowledge and, one’s ability to use this knowledge to problem solve or to meet an objective.
In layman’s terms, intelligence refers to how smart or clever an individual is.
Travelex chief executive Tony D’Souza said: “This agreement marks a significant and positive milestone in the strategic initiatives which the Company has pursued over recent months.
“The restructuring will provide Travelex with a stable platform through £84m of new liquidity and a substantial debt reduction, so that it can rebuild revenues under the stewardship of its new shareholders.
“I want to thank again all of Travelex’s employees who have continued to work tirelessly through this challenging period. I am also grateful to our secured lenders and all of our stakeholders for their continued support as we reach this milestone and look forward to the successful completion of the transaction.”
@mrbrown - you do know that IQ is a measure of How people think and not an actual measure of how intelligent someone is? Probably best to research your generalised insults before making yourself look a little foolish in future.
not sure if this will ever open up again
So many people with small IQ on these boards nowadays
Post was for the benefit of Latino - '?' were unfortunate re-formatting of bullets from press release when pasting.
Tis all another step in the sad demise of Finablr due to malarkey with Shetty et al.
Shame when you read 2019 results in the trading statement.
excerpts from statement
? SSNs, led by members of an Ad Hoc Committee of SSNs (the “AHC”), will take full control of Travelex
? £84m of new money cash funding will be provided by participating SSNs in the form of New Senior Secured Notes
? Participants in the new money will receive 100% of the equity in a new Travelex group holding company (New Holdco)
Reads also like there is lots for shareholders! Truth of the matter is this is extremely positive development for the company. So let’s not jump to big conclusions without knowing the facts.
Further updates on the Travelex website. Nothing about shareholders.
https://www.travelex-corporate.com/EN/InvestorRelations/FinancialStatement/
Reads like nothing left for the shareholders in this. Shame.
Debt restructured can only be a good sign.
Irish Stock Exchange only
Can you not buy shares on this?
Travelex Financing Plc
Update on debt restructuring
Travelex Financing Plc
7 July 2020
7 July 2020
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Travelex Financing Plc ("Travelex" or the "Company")
Travelex reaches agreement on debt restructuring with £84m funding and announces trading update
Travelex is pleased to announce it has reached agreement with at least 66.7% of its Senior Secured Noteholders (the "SSNs") and all of its Revolving Credit Facility ("RCF") lenders on the terms of a comprehensive debt restructuring.
The transaction will provide the Company with £84m of new liquidity and an 84% reduction of its existing financial debt, providing a stable platform from which to emerge successfully from the challenges posed by the Covid-19 pandemic.
Key terms of the restructuring:
? SSNs, led by members of an Ad Hoc Committee of SSNs (the "AHC"), will take full control of Travelex
? £84m of new money cash funding will be provided by participating SSNs in the form of New Senior Secured Notes
? The AHC will provide an initial commitment through bridge funding of £15m provided yesterday (to be refinanced by the New Senior Secured Notes), with upsizing flexibility for both the AHC and any participating SSNs wishing to subscribe
? Full equitisation of the existing €360m SSNs
? Full reinstatement of the existing £50m RCF in the form of a Reinstated Term Loan and c£10m guarantees in the form of reinstated guarantees (together, the "New RCF")
? The New Senior Secured Notes will be underwritten by members of the AHC, and available to all existing SSNs for participation on a pro rata basis
? Participants in the new money will receive 100% of the equity in a new Travelex group holding company (New Holdco)
? SSNs will receive warrants over 17.5% of New Holdco equity at exit. Bridge Funding providers will receive further warrants of 2.5% of New Holdco Equity
? A 50bps incentive fee for SSNs that sign into the Lock Up Agreement
The transaction contemplates the division of the existing Travelex group into two parts:
i) Initial FundCo ("New Travelex"), which will comprise the wholesale and outsourcing business and certain international retail businesses of Travelex abroad (Brazil, Middle East & Turkey, Nigeria and Asia Pacific)
ii) Optional FundCo ("Warehouse Travelex"), which will principally comprise certain of Travelex's retail businesses in UK, Europe and North America. These businesses will remain under the safe harbour of the existing Travelex corporate structure unless it is determined that they may transfer to New Travelex as break-even or profitable entities.
Many of the New Travelex businesses will be transferred at completi