15 Oct 2020 07:58
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
15 October 2020
Finablr PLC (the "Company")
Update on Proposed Transaction
Further to the announcement on 6 October 2020 (the "6 October Announcement"), the Company today announces an update on its proposed sale of Finablr Limited to Prism Advance Solutions Limited ("Prism" and the "Transaction").
The Company's discussions with Prism are continuing as the parties work together to determine an optimum structure for the Transaction, taking into account all applicable regulation. 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.
While the parties are working to resolve the detailed structure and terms of the Transaction as soon as possible and within the four-week period referred to in the 6 October Announcement, there is no guarantee that definitive documentation will be entered into within this timeline.
The Company will provide further updates to the market as appropriate.
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