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Started: GingerHippo, 7 Jun 2024 15:55
Last post: GingerHippo, 14 Jun 2024 14:33
I can only assume Bank of America facilitated a transfer of shares to a private client. It just took a week to settle.
But yeah, strange.
... now strange. All sold.
Interesting....
Started: eGGBACONANDBUBBL, 27 May 2024 09:27
Last post: GingerHippo, 27 May 2024 16:14
If you listen to their presentation they explained why they changed the name
A load aw tripe!
They say one should never change the name of a boat. I'm not exactly sure why they changed the name here. It's caused confusion on message boards and share price screens. So it's likely to create problems in areas where it is more crucial.
Anf as for the ticker FIN (which has been used before!) the French will laugh at that!
Started: GingerHippo, 24 May 2024 14:20
Last post: GingerHippo, 24 May 2024 14:20
Started: TK44, 21 May 2024 08:34
Last post: Bowlers12, 23 May 2024 11:47
This is ridiculous people think this is Finablr restarting lse sort this out
Share of the year this year .Right place right time right market .explosive growth lots to come .Watch this space .
Some people should not be investing mon dieu!
I can see the 41p price but can not sell
Started: GingerHippo, 20 May 2024 09:15
Last post: GingerHippo, 20 May 2024 09:15
Since Cornerstone FS has now changed its name to Finseta, using the ticker FIN, the LSE chat board here up to this point is all irrelevant as it relates to a company that no longer exists that happened to use this ticker.
LSE, could you sort this out somehow? Move all the chat from the CSFS board here?
I presume lads you are joking I don't think I will see my 3 grand in fin again
I presume lads you are joking I don't think I will see my 3 grand in fin again
I am happy with 10p :)
And shareholders to get 20p a share 🤣
06 Mar 2024 Notice of move from Administration case to Creditors Voluntary Liquidation
Started: Dan640, 28 Feb 2023 21:20
Last post: Bowlers12, 10 Jul 2023 20:11
Fully agree Prosser
Bowlers12: you were the victim of a massive fraud, simple as that. I’ve always suspected that Shetty and his pals used Finablr to send their money overseas and that the ransom ware outage at the end of 2019 and consequent data loss covered their tracks. Very bad luck for small shareholders. There was a warning in the Muddy Waters report summary but not many people seem to have accessed this. You can’t really blame yourself, the auditors missed it all, it’s just a total scandal.
only taking the **** prosser i am still ****ed off that i stupidly bought 2 grand worth on the last trading day because they were 6p my stupidity
Finablr plc shares appear to be worthless, according to the latest Administrators’ report lodged at Companies House. It would be surprising if the UK tax authorities were not to recognise this and allow losses to be offset against gains for tax purposes.
Bowlers12: where did you see Finablr shares had shot up?
If Finabir has been delisted and the company taken over by Wizz Financial are my Finabir shares worthless?
Started: GeordieShores, 8 Oct 2020 12:49
Last post: Bowlers12, 16 Nov 2022 20:54
I also bought march 13th Coggy more fool me
17th March will have been his settlement date.
Think he's just got his dates wrong. I bought for about 5 5p on Thurs 12th. I watched on Friday 13th and SP went up to around 20p eventually settling around 11p. Then suspension on the Monday.
d4ve is correct. I bought on Friday 13th March and they were suspended on the Monday morning. It would have been impossible to trade them on the 17th.
In fact, I remember it very well because they weren't suspended until 8:52 and I was in a dilemma whether or not to sell them.
Last post: Bowlers12, 11 Sep 2022 11:46
Whilt company is still suspended and not fully wound up there is still hope everyone
Bunch of crooks those bloody Indians and the crowd who bought fin
Prism advanced solutions. Anyway everything is lost here.
Started: denby69, 4 Aug 2022 15:19
Last post: denby69, 4 Aug 2022 15:19
share holders hit again
Started: Allymackie, 30 Jul 2022 20:34
Last post: Allymackie, 30 Jul 2022 20:34
Yesterday Rns confirmed this all over? Noticed on vox app the rns but not on this site.
Fin shares finally went to 0p in my account today lol
Spoke to fin administrators who said shareholders will def get nothing
****ing nothing
****ing nothing
Shareholders get sweet FA!
There are no crumbs for shareholders
They've screwed us.
This is the end, have no choice other then to write it off and move on.
Good bye and good luck elsewhere.
Started: PiranhaPires, 5 Jul 2022 17:15
Last post: Bowlers12, 8 Jul 2022 10:54
You should have had them in an isa piranha costs me nothing with hl as I have other stock there
Had 6500+ shares
Just donated them and asked for my account to be closed
Paying monthly fee to hold a couple of stocks that gone bust was a waste of time and money :(
Trading elsewhere and could not transfer them either as suspended…
Asking for share certificate was either not possible or too expensive
Started: Denny., 7 Jun 2022 00:35
Last post: Denny., 7 Jun 2022 00:35
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
Started: TK44, 20 Apr 2022 12:32
Last post: Bowlers12, 17 May 2022 21:44
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. :(
Last post: OofyProsser, 13 Apr 2022 09:51
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.
Started: liquid1, 14 Mar 2022 17:28
Last post: toomuchshine, 14 Mar 2022 22:35
well, it was always on the cards. another one down the river
I'll add this to my list of other failed Companys.
Just emailed fin board to ask them why they did not complete paperwork and relist I do not expect an answer from them
This now sounds like the end lads ****ing bastards they are
Finablr PLC Administrators appointed over Finablr PLC
Source: UK Regulatory (RNS & others)
TIDMFIN
RNS Number : 7135E
Finablr PLC
14 March 2022
Finablr PLC ("Finablr" or the "Company")
Administrators appointed over Finablr PLC
Finablr Plc ("Finablr" or the "Company") was placed into administration on 11 March 2022, by a resolution of the directors of the Company.
Stephen Goderski and Peter Hart of PKF GM have been appointed as Joint Administrators of Finablr, with immediate effect.
The trading in the shares of the Company will continue to be suspended until further notice.
Please note that with the Company in administration the directors and officers of the Company are unable to answer questions concerning the position of any holders of securities of any form in the Company or regarding the position of any creditors.
All shareholder, debtholder (those directly of the Company) and creditor enquiries relating to Finablr PLC should now be made directly to PKF GM via email to: info@pkfgm.co.uk
END
Started: Sg0169791, 11 Mar 2022 11:03
Last post: Bowlers12, 13 Mar 2022 21:14
Hear hear
Bowlers12: well, you never know. I don’t want this to be the case but I believe it is. I hope I’m wrong and that shareholders of this will rescue something from the looted wreckage. Words can’t express the contempt I feel for the people responsible for this outcome .
Don't spoil our dreams prosser in getting some money
Similar positio with my canadian Encante Potash shares suspended for 8 moths until they suddenly reappeared on Toronto Stock Exchange 31% up when I sold them
Miracles do happen
Finablr’s operating businesses have been sold. Gone. Finablr was bust. Whatever is left in the plc, it isn’t any of these Wizz businesses. Finablr has never produced any accounts. The FCA and Companies House issues appear to be mere housekeeping - insisting on the correct procedures.
£1 per share? or i missed something?
Started: liquid1, 8 Mar 2022 06:54
Last post: Bowlers12, 9 Mar 2022 09:22
I doubt it Denny
This comes back yo life it will be the beat share you have ever brought
The whole thing stinks of fraud I also want them to relist and sell my shares and leave this ****ing company
As I understand it the strike off notice was cancelled after the board contacted Companies house, further docs to be shared.
In addition the FCA has rejected a request to delist the stock because it requires a shareholder vote to do so. Probably with that is Shetty the ****ty owns 65% of the company; so pay him off and they get the vote through.
Mega bags of corruption and I really dont know whats taking the FCA so long; probably to busy stitching Amigo loans up tbh.
One thing I want to know is why EY haven't been brought to account, they did clear/cook Finablr’s books for 3 years!
Come on you effing b a s t a r d s (BOD) relist so we can F off from this s h i t e share!!!
FFS 2 years
BOD are just like Shetty and embezzling our money
Started: Sg0169791, 3 Mar 2022 09:07
Last post: Sg0169791, 7 Mar 2022 21:12
Well, the story could be much worse that's something in itself.
You are very optimistic so
I would love to think my 2.5 grand is still alive
You would not see me for dust if we go back on lse and my stockbroker would have his 1st deal of the day in me selling these bloody things
Why do you say , nothing left for shareholders ?
The company still exists and is in the market doing deals, presumably making money post pandemic. LSE refuse to delist , is there still not an avenue wherby finablr plc get accounts organized , offer some new diluted share plan and LSE remove the suspension ?
Absolutely hopeless
I have more chance of shagging all of little mix
“In any case” last line - apologies.
Started: Sg0169791, 25 Feb 2022 12:35
Last post: Bowlers12, 25 Feb 2022 19:37
Hopefully we will know something soon
My point here is Finablr plc has to DO something.
The stock exchange are not going to wait forever, plus companies house are also on Finablr's back. The fine imposed is bound to focus minds on the board.
Finablr cannot have it's cake and eat it, so I feel like it's decision time. We still as shareholders may be asked to vote. Lets see , but if I'm asked to vote. It's a no.
My reading is FCA will fine finablr plc.
Finablr did not appeal.
So big question is what next ?
Shareholders get asked if FIN may delist ? Or finablr request the suspension removed if the comply with whatever they need to comply with.
These are just my thoughts. I'm not an expert
Started: Sg0169791, 16 Feb 2022 03:26
Last post: Sg0169791, 25 Feb 2022 11:55
Having considered the facts of Finablr plc’s application and having regard to section 78A of the Financial Services and Markets Act and the relevant Listing Rules, the FCA is of the opinion that the application does not meet the conditions in the Listing Rules for cancelling the listing of its ordinary shares without a shareholder vote.
Finablr plc had the right to refer the matter to the Upper Tribunal.
As Finablr plc has not referred the matter to the Upper Tribunal, the FCA, in accordance with section 390(1) of the Financial Services and Markets Act, has issued a Final Notice to the firm.
I got a reply yesterday from companies house when I asked them if they could force Fin to go back on stock exchange
It seems they have no powers to do this PITY
We would all be having a very different discussion if the strike off went ahead, that's for sure. I can only assume that Finablr plc are cooperating in some meaningful way for the strike off to be suspended.
ELREY: I don’t know what the timescales are, how tolerant Companies House are. Quite tolerant, I think, if the few small companies I’ve seen given a first gazette tag in the recent past are any guide. Yes, they’ll have to comply sooner or later.
OofyProsser
Ok cool, I did not know that. I thought that the company concerned can suspend it only by the actual act of filing the required documents rather than by simply informing Companies House of the steps it's taking to comply. Good to know. This way or the other, if they don't comply on time, they will be removed from the register.
Started: Notlucky, 16 Feb 2022 01:06
Last post: Notlucky, 16 Feb 2022 01:10
Well I am worried about getting my investment back. But it would be exciting to see how turned poo in diamond
On companies House cool
OofyProsser
No problem, thanks for responding.
ELREY: no, sadly I can’t shed any light on this. I’ve concentrated on the bottom line, which is that I can’t see any chance at all of the old Finablr’s shareholders getting anything out of it. Perhaps UAE law is different or perhaps they’re making it up as they go along. Or maybe some step was taken in the process that we haven’t heard about. I’ve no idea. It’s new to me, that a company is sold without apparently being put through a process of administration. I do feel great sympathy for the shareholders, who’ve been robbed in record time, with no recourse.
All very shady lads
OofyProsser:
"So precisely how they got from being declared insolvent to being bid for at £1 by Prism, and that bid accepted, is a mystery to me"
Correct. They haven't gone go into administration, have not appointed any insolvency practitioner or administrative receiver either. I just did some reading on "insolvency" that could be a key to the mysterious sale. The interesting part was that "The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the liquidation and elimination of insolvent entities but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of their business" and then "Implementing a business turnaround may take many forms, including sale as a going concern.....". The question that remains is: how? How come BOD just agreed a sale for $1 without shareholder vote?
PS. Even in my bravest dreams I don't expect to receive any financial payout, just want to understand the process. Wonder who could shed any light on that sale process? Any idea where to go with it? Clearly it cannot be a complete mystery, it must have been done based on something and there must be people who at least understand the logic behind the process.
Another intriguing part of the from 17 December 2020 is:
" 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" and then "The completion of the Transaction is subject to customary conditions, including the receipt of certain regulatory approvals".
Do you think that "shareholder approval" could in fact be included in the "customary conditions" term mentioned in RNS? That would basically mean that BOD "has entered into a definitive agreement to sell" with Prism on behalf of Finablr and that is now subject to customary conditions (read: shareholder approval) and certain regulatory approvals. Or am i just making this up?
In the first RNS mentioning the sale dated 06 October 2020 they DID say that "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".
ELREY: Shetty’s assets in the UAE and the UK are frozen, I think. I don’t think he’d be allowed a voice in what’s happening to Finablr. In the UK, where a company is insolvent, you’d normally see an Administrator or Receiver appointed and he’d get on with working out whether it could be rescued and if not, what its assets were worth and how they should be shared out. There’s a set schedule for this, orders of priority, starting with HMRC (I think) and the lawyers/accountants handling the dissolving of the company, then secured lenders and then unsecured lenders/trade creditors/employees etc. If there’s insufficient assets to meet every one of these creditors, the equity owners (shareholders) get nothing. If there’s a surplus, it’s shared between the shareholders pro-rata. In Finablr's case, the chances of any surplus are infinitesimal. In the UAE, I’m not sure what the process is. It ought to be very similar but I don’t recall an Administrator being appointed, just a couple of investigation firms appointed to inquire into what had gone on and a creditors’ committee set up. So precisely how they got from being declared insolvent to being bid for at £1 by Prism, and that bid accepted, is a mystery to me. The important thing, however, is that it was insolvent (very) and there doesn’t seem to me to be any way, in any jurisdiction, in which the shareholders would be involved in any vote to decide its fate, or receive any financial payout.
Started: Sg0169791, 14 Feb 2022 22:54
Last post: ELREY, 15 Feb 2022 11:16
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?
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.
shareholder and regulatory approval. My arse
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
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