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https://www.newsofbahrain.com/business/78755.html
Finablr plc was rebranded right ?
The company conducting this transaction was finablr plc right ?
They enjoy the benefits of this transaction . Market share increase , more customers etc ...
So Where the heck do shareholders stand ? Prism bought for 1$ , all finablr plc. Including share cash from the original IPO ?
I'm a nobody, but clearly the company in which we invested is still out there doing deals ... Somone explain that to me please ?
States here a shareholder vote will be required if a sale takes place, that never happened.
The only hope I have is Wizz is now one of the biggest cross boarder remittances houses in the world and will want to be on the stock market in order to obtain additional funding via placings etc.
Yes this will dilute or investments but they should want to be floated as part of the winder picture.
As such we may not get any money back feom wrong doings but we may well get a unsuspended investment at some point.
Why the hell arnt EY being halled over the coals, Amigo loans have paid hell for trying to right there wrongs, all FCA driven too
RNS Number : 2111B
Finablr PLC
06 October 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
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.
Prism's offer has three key elements that will see this transaction successfully completed within four weeks subject to all legal approvals being obtained: a) restructuring and settlement of the debts of the Target and its subsidiaries; b) provision of working capital for the Target and its subsidiaries; and c) Prism restructuring the board of the Target and its subsidiaries.
Statement from Guy Rothschild, Co-Founder and Director, Prism Advance Solutions:
"We are delighted with the Finablr deal, representing as it is the first major UAE-Israeli commercial transaction. We are very thankful to the UAE leadership and authorities who have been incredibly supportive of us. We look forward to working closely with them in the revival of the Company. We acknowledge that it's going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realize Finablr's full potential. Finablr offers a huge opportunity in the digital payments space across multiple emerging markets and its assets and proprietary technology positions it for further global growth."
Statement from Bhairav Trivedi, Group Chief Executive Officer, Finablr PLC:
"After months of hard work under very trying liquidity conditions compounded by the impact of the Coronavirus on our operations, I am excited to now go forward with Prism. My management team has done a stellar job of focusing on our operations whilst seeking a holistic solution for the Group. Our employees have worked at reduced or zero pay for some months and this deal is only possible thanks to their hard work and sacrifice. We now enter a new chapter in the Company's history. We thank all our clients, regulators, creditors, advisors, and vendors who stood by us during these trying times. We are honoured to be involved in this game-changing transaction in the Middle East."
Statement from Michael Tomalin, Non-Executive Chairman, Finablr PLC:
"The deal with Prism offers the optimal solution for Finablr. I want to thank the Board, Bhairav and his management team, our employees, regulators, creditors and advisors for their hard work and support in these past months."
Statement from H.E. Abubaker
shareholder and regulatory approval. My arse
PART 1
Denny
Yes true, the RNS from 06 October 2020 said that "....and seek shareholder and regulatory approval" BUT....
In RNS from 15 October 2020 they already hinted a nominal consideration: "The proposed core terms of the Transaction remain those set out in the 6 October Announcement, namely the restructuring and settlement of the debts of Finablr Limited and its subsidiaries, the provision of working capital for Finablr Limited and its subsidiaries and the restructuring of the board of Finablr Limited and its subsidiaries, and will involve only nominal consideration being paid to Finablr plc."
And then, in RNS from 17 December 2020 they say: Further to its announcement on 6 October 2020, the Company today announces that it has entered into a definitive agreement with Global Fintech Investments Holding AG ("GFIH"), an affiliate of Prism Group AG ("Prism") to sell to GFIH the entire issued share capital of Finablr Limited, the Company's wholly owned subsidiary. Finablr Limited owns the entire remainder of the Company's group (the "Target Group" and the "Transaction"). The Transaction will constitute the sale by the Company of its entire business and operations. Prism has formed a consortium with Abu Dhabi's Royal Strategic Partners ("RSP") in connection with the Transaction, as further described below.
Terms of the Transaction
The completion of the Transaction is subject to customary conditions, including the receipt of certain regulatory approvals.
In return for the transfer of the Target Group to GFIH, in addition to the nominal initial consideration of US$1 payable, GFIH is providing working capital support to the Target Group to enable it to continue to operate and to support various stakeholders in the Target Group, including employees and creditors of the Target Group. In addition, GFIH will undertake to support and facilitate the Company's continued efforts to recover funds from third parties in respect of possible historic wrongdoing within the Group. In this regard, subject to certain conditions, the Company and GFIH have agreed that GFIH shall pay to the Company, by way of additional consideration, a further amount equal to 25 per cent of any such funds received by the Target Group from third parties, up to a maximum of US$190,000,000. GFIH has also agreed certain provisions with the Company relating to the coordination of efforts to investigate possible historic wrong doing within the Target Group."
They NO LONGER mention shareholder approval. Looks like BOD just sold the company for $1 to Prism without shareholder approval. It says it will "continue to operate and to support various stakeholders in the Target Group, including employees and creditors", but again, nothing about shareholders.
PART 2
The most worrying is the following sentence:
"The completion of the Transaction is subject to customary conditions, including the receipt of certain regulatory approvals"
So they replaced "shareholder approval" with "subject to customary conditions" whatever it means.
That's why I keep banging about that sale for $1 without shareholder vote and approval. Dodgy as fck. What's really happened there? Anybody?