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HL 18th May
Finablr Plc - Administration
Hargreaves Lansdown Fund & Share Account
Finablr Plc shares were suspended from trading on the London Stock Exchange on 16 March 2020 due to concerns over its financial position.
The company has now entered into administration. This means that the administrators, PKF GM, will take over the running of the company.
Trading in the shares of the company will continue to be suspended.
We’ll contact you again when we have more information for you. If you have any questions, please contact us.
Yours sincerely,
Suzanne Butler
Corporate Actions
Yes
There’s a statement of Administrators’ proposals running to 95 pages on the company's site at Companies House. It’s grinding on, isn’t it?
Hi everyone
Anyone any info a to when fin administration period finishes and company dissolved please?
It just tells me I cannot sell them and to ring hl for info it has said that fo 2 years
Bowlers12 is that page available when u try to sell it (I know is suspended so not possible to sell) but at least I had that page. now error only. :(
Mine are still on hl app
is not available anymore. I can see that I have it but I can not click on it anymore. :o
Having looked at the statement of affairs and the huge deficit, including very large sums owed to legal and financial advisers, I am now wondering why 8 Directors, including probably the most high profile female businesswoman in The Emirates, have not resigned. Whether this represents grounds for a glimmer of hope, I don’t know, obviously, but the constitution of the Finablr Board might be worth watching.
It’s the company that was dodgy. The fact that there is nothing left to shareholders is the fault of the Directors. There’s a lot of money owing to lawyers and accountants though. Are US shareholders being treated differently from shareholders? Are there any?
It’s another con, dodgy as it gets sold for $1 LOL
The FCA been sleeping on the job and share holders in Uk got mugged!
Why should US get different deal
I don't 5 grand will go very far prosser
There’s a statement of affairs on the Companies House site now, which gives some indication of the situation. There appears to be cash of about £5,000 and a deficit of over £8mm. if I’m reading it right. Robert Miller’s statement near the end, among the Directors’ sign-offs, suggests there’s a doubt as to whether the value of the subsidiaries amounts to zero but that’s th only dumb of comfort. It looks almost as bust as it’s possible to be.
Thanks prosser I will view that now
Bowlers12: the Auditor’s letter explaining the reasons for resignation are now available on the Finablr Companies House pages. Basically, they’re saying that, in spite of assurances from the Company that its accounts would soon be ready to be audited, none have been presented to them and they’re now way overdue.
Thanks
Bowlers12: I too doubt there’s anything left for shareholders. All you can do is wait and see. Good luck with your remaining investment.
Very strange I do not think we will get anything back anyway prosser I just hold on my £2500 investment might yield something back
It’s impossible to say. Finablr has never produced its accounts. The odd thing about it is that Sheikha Lubna, one of the Directors, is a senior politician in the UAE, theoretically the most influential woman in that country and in 2017 the 36th most powerful woman in the world, according to Forbes. Her presence on the Board here, where she’s been a Director since well before the scandal erupted, must be an embarrassment to her. Very strange.
Does anyone know when fin administration ends?
“Companies House
24 Mar 2022 Auditor's resignation
This document is being processed and will be available in 10 days.”
This should give the reasons for the auditor’s resignation.
I know, I thought I would try anyway
The details of the appointment of the Administrator are on the Finablr site at Companies House now. I doubt you would get a reply from the Administrator, other than a statement that they’re unable to comment at this stage.
Of course I have not received a reply from fin bod about why they did not complete accounts on time and relist
Its shocking, they said sold for $1 in the interests of the shareholder lol.
Basicly asset stripped without a shareholder vote and why arnt these crooks in jail!
Its ridiculous, PKF passing the business around i ternally too.
PKF lightjohn out and PKF GM in. Audit to insolvency
https://en.m.wikipedia.org/wiki/PKF_International