6 Oct 2020 07:30
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 Al Khoori, CEO, Royal Strategic Partners LLC:
"We welcome our new international investors and are excited about the opportunity to re-build a strong global remittance and digital payment platform headquartered in Abu Dhabi. I believe this will bring stability to Finablr that has been battling in crisis as well as confidence among clients, regulators, and creditors. In the Covid-19 era, no company is immune from financial crisis, it is important to face these challenging times and work together for the greater good of all stakeholders. This deal will also mark a new era for the UAE and is testament of the UAE leadership vision to building a successful free market economy."
END
Enquiries
The Company
Bhairav Trivedi, Group Chief Executive Officer, bhairav.trivedi@finablr.com Tel +1 (484) 358-7357
Robert Moorhouse, Group Company Secretary, robert.moorhouse@finablr.com Tel +44 7825 213767
For more information, visit the Finablr website: www.finablr.com