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I agree with Rob.
As much as I want this to come back to live and salvage something, I think it's a write off unfortunately.
I hope I am wrong.
GLA.
Gut feeling
I don’t think so, looking at what’s happening to the core business of the group - this as as good as dead.
Anything concrete or just gut feeling?
I think relist imminent
I think you might be right
We hopefully might hear something soon
It’s been over a month no news as yet, I guess it’s all over
18 mins ago;
UAE central bank approves Wizz Financial's acquisition of UAE Exchange
DUBAI — The United Arab Emirates central bank has approved Wizz Financial’s acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr, financial technology company Wizz Financial said.
UAE Exchange, which engages in money transfers, foreign exchange and payments services, was seized by the central bank in March last year after it ran into financial troubles. The bank suspended all new transactions at its more than 150 branches in the Gulf country.
Wizz Financial, a consortium of Switzerland-headquartered Prism Group AG and Abu Dhabi’s Royal Strategic Partners, bought Finablr for a nominal $1 in December and then Bahrain Financing Company (BFC) in August.
The acquisition is still in the process of being finalized, and the UAE central bank’s approval was necessary for the takeover of UAE Exchange to go ahead.
It seems to me that if 100% of the shares have been sold for £1, then the company has new owners and shareholders on the register when this blew up have been disenfranchised without compensation. You’d think the LSE would have clarified the position, wouldn’t you? Any money that is recovered from the alleged miscreants is likely to go to the company’s creditors, mainly banks.
I kept that to myself as I wanted to give Robert a change to answer my next question.
He never replied:
Hi Robert
Thanks for your swift response, a swifter response than I was expecting so that cheered me up a little, I remain optimistic for the future of such a great company.
Am I safe to assume that when I see reports of 100% of the share capital being sold for $1, that isn’t correct and I indeed continue to hold my suspended shares?
Sorry to be a pain but there has been a lack of shareholder engagement and an update tot he market on current proceedings would be great.
————-
I still remain optimistic
Me too, Loc123.
I got this back to still hopeful, at the end of the day NMC was delisted straight away. We are still listed as far as I can make out and the $1 sell was a transfer of interests eith money in to support a recovery.
The only thing that concerns me is the limit on the millions recovered for stakeholders.
Robert said:
On 17 Jun 2021, at 12:53, Robert Miller
?The stock is currently listed, albeit not trading. Any changes will generally require shareholder and or FCA approval. I cannot release preferential information to one shareholder over another as I am sure you understand. R
Denny I emailed Robert Miller a few months ago and asked if the new prism deal will mean the end game for us pi’s. I got a response and the wee bit off it was ‘it is in the shareholders interest’
Take whatever you wish from that however I am still a tiny bit hopeful!
I say fella sorry, Loc123 lol
Info here fella. Looks like a great move if the shares are still in shareholder possession and become unsuspended
https://www.reuters.com/business/finance/finablr-re-branded-wizzfinancial-merged-into-leading-payments-group-2021-08-03/
Liquid1
Thanks for the info
Any chance they’ll use XRP?
On yahoo finance the shares are finblr but under that it now has wizzfinance.
Just did a quick google and there partners are Prism.
This could be something or nothing.
If you want to check it out https://wizzfinancial.com/
Great to hear, but too quiet since.
Guess relesting would be a good start, but this will probably take some time. Probably need to come out of lockdown and open up to get this going.
Anyone got any idea on timings?
How do FIN shareholders benefit when Prism have bought the company for a nominal fee. Haven't we effectively been wiped out?
Digital acceleration boom during COVID...sound like re-listing coming very soon!
Thanks
Hope they come out of suspension soon and rocket!
How will the UK benefit from the deal?
The deal would save hundreds of jobs in the UK and create many more over the coming years. The deal is a huge vote of confidence in Brexit Britain, rebuilding trust in the UK’s business environment
Prism and Finablr are international companies, with roots deep in the Middle East and Asia - the deal would strengthen relations between the UK and these markets as it seeks to establish itself as ‘Global Britain’
What has COVID’s impact been on the sector?
Fintech has boomed due to digital acceleration on an unprecedented scale.
Digital payments are now the norm while cash is the exception, with millions using services like Finablr.
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.