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Sorry, I meant suspension of business followed by cessation of business.
I think prism will wont to keep it on the LSE, they may have brought the parent company for $1 but LSE Finablr will be owned by the parent.
I see a big share warrents and options for prism and the suspension being lifted.
I’d settle for keeping my shares at 1p each and being majorly diluted.
In which case it should be delisted, FCA cant let it roll again as the shareholders haven’t been told or involved in a vote.
Maybe its gone private for $1 but nobody has updated LSE and FCA. So, I think to sell it without it being liquidated and no shareholder vote would be in violation of its listing on the market and at companies house.
In addition, the companies in the RNS below which were suspended at the time and due to be delisted.
RNS 17 August 2020
Finablr PLC ("Finablr" or the "Company")
Announcement concerning HMRC
The Company has also received notification from HMRC concerning two of its subsidiary companies, namely UAE Exchange UK Limited ("UAEExUKL") and Xpress Money Services Limited ("XMSL"), regarding the proposed suspension (for UAEExUKL) and suspension (for XMSL) of their respective business registrations. Suspension of business registration would result in cessation of business by the relevant entities unless and until the suspension is lifted. The Company intends to work with HMRC to attempt to restore the registrations.
END
RNS 20 August 2020
Finablr PLC ("Finablr" or the "Company")
Supplementary Announcement concerning HMRC
Following prior notification from HMRC concerning the proposed suspension of the UAE Exchange UK Limited ("UAEEx UKL") business registration, the Company has written to HMRC to address the issues raised in the original notice of suspension, to the satisfaction of HMRC.
The Company is pleased to announce that the proposed suspension of its business registration will not be imposed, thereby allowing current operations to continue.
END
In summary, I’m guessing if they don't conduct themselves in the correct manor the FCA could ask HMRC to propose a suspension of business.
Denny: thanks for this reply. The thing is, if this required approval through a vote in favour by the existing shareholders, and the shareholders voted against, Prism wiould merely buy it for a nominal consideration from the liquidators. There must be lots of lenders queueing for repayment anyway, some of whom at least will be disappointed. It’s bust, I’m not sure the shareholders have a say in it any more, do they?
I know what you mean Oofy, the RNS is less than encouraging but the Oct RNS did say this:
6 October 2020
Finablr PLC ("Finablr")
Offer for Finablr Limited
Finablr PLC is pleased to announce that it has received an offer from Prism Advance Solutions Limited ("Prism") for the purchase of 100% of the share capital of Finablr Limited and its subsidiaries ("Target"). After due consideration the Board has approved the offer and the Company will proceed to negotiate a share purchase agreement with Prism documenting the terms of the transaction and seek shareholder and regulatory approval.
Mentions share price agreement and seeking shareholder approve, so of they want to be unsuspended and on the LSE, which it will as a financial powerhouse, it will need to cough up.
The board which were not corrupt have skin in the game and cant take back handers. FCA would be all over them.
FCA have annoyed me with Amigo and some of my other investments so should sort this.
The RNS’s concerning the terms of the proposed Prism deal are not encouraging in terms of the return of any cash to ex-shareholders of Finablr. The Prism acquisition cost is $1. There is an undertaking to support efforts to get the stolen money back from the miscreants, up to a maximum of $190mm. but this is likely to go to creditors - assuming they find any of it. Still, you can't sell the shares so good luck with the deal. You never know.
After reading that, it does sound like there might be a massive shiney light at the end of the tunnel. The way it comes across is that, FIN will be bigger and better than before, which would be great! But time will tell, hoping for the best for everyone :-)
Encouraging read with FCA and Shareholders mentioned:
The once-thriving firm has been limping on since then in the face of imminent insolvency, buoyed only by its industry-leading portfolio of fintech holdings and working capital provided by Prism as it awaits regulatory approval from the LSE and the Financial Conduct Authority (FCA), the UK’s regulator, for the $1 acquisition to complete.
And it is vital that this regulatory approval is given, for the thousands of workers whose livelihoods depend on Finablr, the ****shareholders**** who would be left with nothing if the firm went insolvent and the customers who depend on its technology to send money around the world.
https://www.google.com/amp/s/www.eureporter.co/business/2021/05/21/the-fintechs-of-arabia-why-european-investors-are-looking-to-invest-in-the-gulf/amp/