Finablr Share Discussion Threads

[kemche] 16/3/2020 16:00

Itspassedmeby has an enviable track record.
Of utter failures that is.
tsmith2 a close second I would say.

[stallone10] 16/3/2020 15:48

So it’s not liquidations yet they are assessing the situation might be bankrupt but they still might be a slim chance

[bc4] 16/3/2020 14:44

Did you watch and have you learnt?

[bc4] 16/3/2020 14:38

WHERE is let me pass?

letmepass
15 Mar '20 - 21:33 - 1047 of 1100
Should see a big push in futures tomorrow...
Big news. Fed has just cut its benchmark rate by a full percentage point to near zero.

bc4
15 Mar '20 - 22:00 - 1048 of 1100 Edit
Well that will spook the US watch and learn

[dave444] 16/3/2020 13:25

You are an idiot!The market accepts a trade it is done and dusted

[bbmsionlypostafter] 16/3/2020 12:08

Like NMC, another company so succesfull they had to suspend it.

[fxprotrader] 16/3/2020 12:02

let me pass


Youre wrong yet again you bellend!

[idoflykathy] 16/3/2020 11:43

EVERYONE THAT SOLD ON FRIDAY, YOU ARE TRAPPED. YOUR SALE WILL NOT SETTLE. AS I REPORTED ALL WEEKEND, MUCH TO THE ANGER OF THE RAMPERS. GREED IS NOT GOOD....

[kemche] 16/3/2020 11:33

I would have never seen that coming! Who knew?

[12bn] 16/3/2020 10:09

Note this ramp yesterday and yet he claims to have sold,the liar.///////computercoders - 16 Mar 2020 - 00:18:36 - 1051 of 1093 Travelex owner - FIN
Unfortunately derampers have wasted their weekend here. Shorts burning in the morning.

[12bn] 16/3/2020 09:35

RNS Number : 2452G

Finablr PLC

16 March 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.

16 March 2020

Suspension of Listing, Trading Update, Directorate Change and Urgent Board Measures

Finablr PLC ("Finablr" or the "Company"), the global platform for payments and foreign exchange, today provides an update to the market as follows:

Temporary suspension of listing of Finablr shares

The Company confirms that the Financial Conduct Authority (the "FCA") has agreed to the temporary suspension of

listing of the shares of Finablr PLC at the request of the Company.
Current Trading Update

On 12 March 2020, the Company announced a number of factors that were placing 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. Since that announcement, these constraints have become amplified and have now reached a point where they are having a material adverse impact on the Company's operations, including resulting in the Company no longer being able to provide certain payment processing services.

In addition, the Board has been informed of the presence of cheques (written by Group companies and dating back to before the IPO), which may have been used as security for financing arrangements for the benefit of third parties. A preliminary view is that the amount of these cheques totals approximately US$100 million. The existence of these cheques has only recently been brought to the attention of the Board and urgent investigations are ongoing.

As a result of the foregoing events, the Board is unable accurately to assess the financial position of the Company and there is a material uncertainty about the Group's ability to continue as a going concern.

The Board is looking to put in place a package of urgent measures aimed at restoring confidence and stability across its stakeholders - those measures are set out below.

Executive Leadership

Promoth Manghat has informed the Board that he has decided to step down as Chief Executive Officer, as well as from all other directorships and other offices of entities within the Finablr Group. The Board has accepted his resignation and thanks Promoth for his contribution to the Group over many years. Promoth has agreed to continue to support the Group while the Board finds a suitable successor.

The Board will immediately commission a search for a new Chief Executive Officer, to be in place as soon possible. Further announcements will be made in due course.

Committee of Independent Non-Executive Directors Established

The Board has decided to establish a committee of its Independent Non-Executive Directors to carry out a comprehensive review of the Company's liquidity and cashflow management functions, its financial and debt position, and its strategic options. The committee will meet on a regular basis and work with the Company's advisors, including those newly appointed advisors announced below.

Appointment of Kroll to Undertake an Independent Review

As stated in its announcement on 12 March 2020 with regards to the Board's intention to commission an independent investigation, the Board has appointed Kroll to carry out a more comprehensive review of related-party transactions and on and off-balance-sheet debt, including the issues identified above regarding the cheques and any other contingent liabilities

Strengthening Company Finance Function

The Board has decided that the Company will appoint a further accounting advisory team to support and strengthen the Company's finance function with a focus on liquidity. A further announcement will be made once the appointment is confirmed.

Appointment of Independent Financial Advisor

The Board is in the process of discussing with an Independent Financial Advisor its appointment to conduct a review of the Company's debt and cashflow position and to support the Management team in addressing its short- and longer-term financing needs. A further announcement will be made once the appointment has been finalised.

END

[dave444] 16/3/2020 09:19

Feel free to apologize for calling me a shorter - a practice I do not deal in!

[computercoders] 16/3/2020 09:18

Phew glad I sold Friday! Feel sorry for all those left holding. I've been there with DEBS so know the feeling.

[farrugia] 16/3/2020 09:15

it seems everything Shetty was involved in is a can of worms. His place is in jail for the rest of his life and all his personal assets confiscated.

[dave444] 16/3/2020 09:13

No in the clearOnly those still holding are stuck

[big brother8] 16/3/2020 09:07

0P

PREPACK ADMINISTRATION. READ THE RNS, 100M CHEQUE BEFORE IPO. SO HOW THEY PAY $100m IF THOSE CHEQUES ARE BEING CASHED, THEN BOUNCE.

INSOLVENCY.


stallone1016 Mar '20 - 09:05 - 1085 of 1086

So iis not bankrupt yet they are investigating it could still be bought out

[big brother8] 16/3/2020 09:05

SHETTY WRITING CHEQUES TO HIMSELF?



16 March 2020

Suspension of Listing, Trading Update, Directorate Change and Urgent Board Measures

Finablr PLC ("Finablr" or the "Company"), the global platform for payments and foreign exchange, today provides an update to the market as follows:

Temporary suspension of listing of Finablr shares

The Company confirms that the Financial Conduct Authority (the "FCA") has agreed to the temporary suspension of

listing of the shares of Finablr PLC at the request of the Company.
Current Trading Update

On 12 March 2020, the Company announced a number of factors that were placing 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. Since that announcement, these constraints have become amplified and have now reached a point where they are having a material adverse impact on the Company's operations, including resulting in the Company no longer being able to provide certain payment processing services.

In addition, the Board has been informed of the presence of cheques (written by Group companies and dating back to before the IPO), which may have been used as security for financing arrangements for the benefit of third parties. A preliminary view is that the amount of these cheques totals approximately US$100 million. The existence of these cheques has only recently been brought to the attention of the Board and urgent investigations are ongoing.

[stallone10] 16/3/2020 09:05

So iis not bankrupt yet they are investigating it could still be bought out

[pre] 16/3/2020 09:02

dear me, rns out...$100m cheques written out as security for financing - company unaware...what's all that about?

[farrugia] 16/3/2020 08:53

I wonder if those who traded it Friday knew the risks. Let's assume someone bought and sold on the same day. Would that be settled or do they still stand to lose the lot?

[farrugia] 16/3/2020 08:53

I wonder if those who traded it Friday knew the risks. Let's assume someone bought and sold on the same day. Would that be settled or do they still risk to lose the lot?

[fxprotrader] 16/3/2020 08:49

let me pass....a fall from 200 to 10p!!! oh how wrong the shorters get it you bellend!