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Apologies for repetition.
There is no comfort, surely, for ex-Finablr shareholders in either of these reports on ex-Finablr subsidiaries? They were both insolvent and both have been in the hands of their creditors for quite some time. Finablr’s businesses have mostly been bought by Prism for £1 and merged into Wizz, haven’t they? Anything the accountants can get back from whoever took the money will go to pay off part of the outstanding bank loans.
There is no comfort, surely, for ex-Finablr shareholders in either of these reports on ex-Finablr subsidiaries? They were both insolvent and both have been in the hands of their creditors for quite some time. Finablr’s businesses have mostly been bought by Prism for £1 and merged into Wizz, haven’t they? Anything the accountants can get back from whoever took the money will go to pay off part of the outstanding bank loans.
Whilst my stockbroker still has Fin in my portfolio I remain hopeful
Hope to remain so
https://www.mcgrathnicol.com/app/uploads/210813-UNIMUNI01-AdministratorsReport-Final.pdf
Something cooking!!
Finablr PLC
12 November 2021
Finablr PLC - Appointment of Auditor and termination of director's office
Finablr PLC
12 November 2021
Finablr PLC (the "Company")
Appointment of Auditor
The Company announces that the Board of the Company has appointed PKF Littlejohn LLP ("PKF") as the Company's statutory auditor of the Company and its subsidiaries with immediate effect.
Termination of Director's Office
The Company announces the termination of Mr. Binay Shetty's office as Director of the Company with immediate effect.
END
Well I'm reading it as extremely positive. I think Bowlers must have some insider info lol
Just about.
On a life support machine at the moment.
Somebody please explain. Are we still alive?
Couldn’t agree with you more, echo your sentiments on having this coming back, but looking at the current state of affairs I guess a civil suit last year would still have helped to salvage something, now it’s too late though.
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!