9 Mar 2020 07:00
9 March 2020
Update by Finablr PLC
Finablr PLC ("Finablr" or "the Company"), the global platform for payments and foreign exchange, today provides an update to the market as follows:
Current position on the Shetty family's shareholding
The Company has sought information about purported arrangements relating to interests in the Company and any other members of its group (the "Group"), including by issuing notices under s793 of the Companies Act 2006. In response, the Board has received confirmation from Dr B.R. Shetty (Co-Chairman), Mr. Binay R. Shetty (Director) that the information set out on page 283 of the IPO Prospectus about the shareholding levels of BRS Investment Holdings 1 Limited, BRS Investment Holdings 2 Limited and BRS Investment Holdings 3 Limited was accurate and complete and that Dr. Shetty and Mr. Binay Shetty are presently the beneficial owners of 459,579,041 shares, representing 65.65% of the Company.
On 24 January 2020, the Company announced that shares held by BRS Investment Holdings 1 Limited, representing 56.03% of the shares, had been pledged as security for borrowings. Dr. Shetty and Mr. Binay Shetty have also confirmed to the Board that, prior to the 24 January 2020 disclosure, none of these shares, nor any other shares in the Company held beneficially by the Shetty-family owned entities, had been pledged as security.
Independent Post-Incident Review
Following the cyber incident in the Travelex business, the Company has confirmed that it has now completed the recovery of all its customer-facing systems. Travelex has already conducted a thorough technical review to ensure the resilience of its business and the Finablr Board is now commissioning a post-incident review by an independent third-party to ensure that the findings and recommendations from the incident are also reflected in the systems and procedures of all Finablr group companies.
Support for Management
The Board also confirms its full support for the Company's Executive Management team and commends their actions to maintain business operations and resilient performance in challenging circumstances.
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