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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/
This bits worrying but its still listed so the shares must still be active although suspended.
Just want to get that confirmed really.
“Finablr was listed on the London Stock Exchange”
Sounds promising ,
https://bmmagazine.co.uk/business/entrepreneur-amir-nagammy-announces-ambitious-plans-for-finablr-payments-firm/
Fingers crossed.
Back down the drawer again.
GLA.
There could be hope yet -
http://tradearabia.com/touch/article/BANK/380921
Why have we as shareholders not heard anything about a relishing or what the next steps are. How can the company be sold for $1 without a shareholder vote and if it’s a case if we’re selling but the shareholders will benefit then why has that only been mentioned once.
Are we also not concerned with the following statement, where is the regulatory governance form the FCA, it is listed in the FTSE after all.
Quote “ The deal will be subject to regulatory approval in India, Bahrain and Kuwait”.
1 or 2 billion mcap for sure. First of all a share consolidation then equity raise at 200p. The consolidation will just about wipe out shetty and all other holders. Hope it doesn't happen since i hold 100,000 shares but the little fish always get eaten. Fingers crossed though.
Not getting hopes up but would be very welcome
Things are moving along. I takes time. Share price on open anyone's guess but I doubt they will want it in the pennies
From the last few RNS, you would have thought we would have known our faith by now.
They sounded like things were moving very fast.
Back to the back drawer.
If it does relist, it'll be interesting to see the opening sp.
Its fantastic news. Shares to be traded again
doesn't look any good, even if relisted, shetty has killed this company.
Possible merger from news. Hope it’s last couple weeks to see fin relisting. Fingers crossed.
Is this likely to relist or are shareholders stuffed?
Sounds like Finablr will be reopening soon!
The appointment of Moelis & Company represents a significant milestone in the consortium’s plan to recapitalise the company on behalf of its customers, employees and stakeholders.
Id imagine if the shares are unsuspended it will
Open very low. Hold?
You might get something a few years down the road, maybe?
What do we get back?
"The Company intends to use the nominal consideration and any further consideration received to return value to its creditors, followed by its shareholders."