12 Mar 2020 07:30
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
12 March 2020
Operational Update and Independent Reviews
Finablr PLC ("Finablr" or "the Company"), the global platform for payments and foreign exchange, today provides an update to the market as follows:
Operational Update
Finablr is currently taking urgent steps to assess accurately its current liquidity and cashflow position, which has been adversely impacted by a number of factors:
travel restrictions imposed to limit the spread of Covid-19, which have reduced demand for its foreign exchange and payment services and has restricted the movement of physical currencies that the company needs to operate its businesses;the recent credit downgrade of Travelex's bonds; a liquidity squeeze at both Group and operational business level; and adverse perceptions in the market that the circumstances surrounding NMC Health PLC (the management, operations and finances of which are independent and separate from those of the Company) are relevant to Finablr, which have exacerbated current levels of stress on the Company's cashflow position.
These factors place significant constraints on the Company's access to the daily liquidity the Company needs to manage its business effectively and its ability to negotiate longer term financing. Due to the fast-moving nature of the events and circumstances referred to above, the Company is urgently seeking to complete its assessment of its liquidity and cashflow position and negotiate the steps that are necessary to address its short- and longer-term financing needs.
The Board intends to appoint an independent financial advisor as soon as possible to advise the Company with respect to these matters.
Independent investigation
Following further discussions with the Company's executive management, promoter shareholders, independent auditors, and in light of meetings of the Audit Committee, the Board has been reassured that the Company has no undisclosed related-party transactions or unrecorded on or off-balance-sheet financing arrangements. Nevertheless, to provide further assurance to the Board and the market that this is the case, the Board will shortly commission an independent investigation into the Company's financial arrangements.
The Board is focused on providing transparency to the market on its financial position as soon as possible.
END
Enquiries
The Company
Finablr PLC
Robert Moorhouse, Group Company Secretary +44 7825 213767
Ryan Ayache, Head of Investor Relations +971 2 3073 176
About Finablr
Finablr is a global platform for Payments and Foreign Exchange underpinned by modern proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr' s group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses across a wide network of digital channels, payments platforms and retail stores.
Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution. An integrated platform is at the heart of group's proposition, supporting an omni-channel strategy underpinned by best-in-class operating capabilities and connectivity to global payment networks. Driven by technology, the platform combines flexibility with significant economies of scale, making Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment & technology companies.
Through its category renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr processed over 150 million transactions in 2018, managing nearly USD 115 billion in volume for its customers. The groups global reach spans over 170 countries with relationships with more than 100 regulators.
For more information, visit the Finablr website: www.finablr.com