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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."
Can anyone translate it, sounds like we might still get something?
Finablr PLC Update on transaction of Finablr Limited
17/12/2020 7:30am
UK Regulatory (RNS & others)
Finablr (LSE:FIN)
Intraday Stock Chart
Thursday 17 December 2020
Click Here for more Finablr Charts.
TIDMFIN
RNS Number : 9796I
Finablr PLC
17 December 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
17 December 2020
Finablr PLC (the "Company")
Update on transaction of Finablr Limited
Background
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.
The Company intends to use the nominal consideration and any further consideration received to return value to its creditors, followed by its shareholders. Given the circumstances of the Company and the fact that absent the proposed funding from GFIH the Company will have insufficient working capital the Board of the Company believes that the Transaction is in the best interests of the shareholders of the Company.
Strategic rationale
Prism has formed a consortium with Abu Dhabi's RSP to rescue and rebuild the UAE-based financial services company, Finablr. Together, Prism aims to work with all stakeholders to revitalise the Target Group, which was a core pillar for cross borde
Shetty trying to clear his name and keep a stake it seems fighting it all the way.
Any ideas about this company why GR resigned on 5. Nov..
Maybe everybody knows but on company house found that prism extended accounting reference period till 31. Dec 2020. Can it be we'll not hear from fin update till that date. As well prism website under maintainance. Maybe old info.
Is it good or is it bad, 60£ or 1500£?? Or it is the end of story?
https://www.thenationalnews.com/business/banking/british-banking-giant-barclays-sues-br-shetty-to-recover-130m-1.1098822
A spokesman for Barclays declined to comment on the case when contacted by The National. Mr Shetty also declined to comment, but it is understood that he intends to contest the claim.
Finablr is a payments and foreign exchange group that includes UAE Exchange, Xpress Money, Unimoni, Remit2India and the Bayan Pay brands. It also previously owned the Travelex foreign exchange business, bought by Mr Shetty for £1 billion ($1.3bn) in 2014, but it was taken over by its lenders in a restructuring deal agreed in July.
Finablr floated on the London Stock Exchange in May 2019 in a deal that valued the business at £1.23bn but its shares have been suspended since March, by which time its market capitalisation had shrunk to £77.2 million.
The company reported in May that its debt was $1bn higher than the $334.1m in its last reported accounts for the six months to June 30, 2019. The publication of subsequent accounts has been delayed as lawyers continue to investigate “historic potential malfeasance” within the group.
A sale process for Finablr is currently under way which would lead to a restructuring and the settlement of its existing debt. However, the deal with Prism Advance Solutions is only likely to result in a “nominal consideration” being paid for the business, Finablr said in a statement earlier this month.
Currently, only a handful of UAE Exchange's 150 branches are open to handle customer queries, as no new business is being conducted while it remains under supervision, chief executive Bhairev Trivedi told The National on Saturday.
He said the company intends to have branches reopened as quickly as possible once takeover terms are concluded but that a timeframe is "purely dependent" on the regulatory process, with approval needed from the UK's Financial Conduct Authority before a deal is signed off.
Mr Trivedi said that his main priority since his appointment as chief executive in April has been to get UAE Exchange trading again, as the bulk of the group's 3,000-4,000 local employees work in that business. Globally, it employs about 8,000-9,000 staff, he added.
Mr Shetty, who has been in India since February, has claimed that he has been the victim of a fraud committed by former managers at Finablr, NMC Health and a number of other privately-held companies owned by him.
NMC Health was placed into administration in April this year following the discovery of more than $6.6bn worth of debt, which was also considerably higher than the $2.1bn in its last filed accounts.
The DIFC Courts granted a worldwide freezing order on Mr Shetty’s assets on behalf of Credit Europe Bank, which filed a separate, $8m claim against him and against two UAE-based subsidiaries of NMC Health in June.
Shetty is against the wall. He will give his majority stake away for next to nothing and approve the deal. 100%. He doesn't have a choice. If he doesn't he will face countless lawsuits. This way he gives away his stake but also get rid of the undisclosed"1 billion" problem. Shareholders get fckd in the process. Oops. Rotschild is laughing. You can send flowers & thank you notes to India.
"Oh no Mr 4 posts. LMFAO. Some clowns on here at the moment"
Oh no Mr 100p per share. LMFAO. Some clowns on here at the moment.
Oh no Mr 4 posts. LMFAO. Some clowns on here at the moment
Shetty! If you see this! Fck u! Enjoy spending my 10k...knob head!
They’re shares will be eroded users as the small PIs...so isn’t it time they payback??
It will be next to nothing. As I predicted. Rotschild / Israeli will milk it dry. Predators take all, shareholders are left with nothing.