Finablr Share Discussion Threads

[kemche] 27/3/2020 16:22

Does anyone know whether smith2 has finally retired?

[zen12] 27/3/2020 14:18

Nope, the RNS is clear it's separately run business. It appears more to this than meets the eye, this RNS firms up this thought. Think FIN will be bailed and back very soon..?

[farrugia] 27/3/2020 12:01

I'm not sure i get this - if Finablr is screwed isn't Travelex screwed as well? what is this about being able to operate independently?
hxxps://www.cityam.com/travelex-shuts-all-uk-foreign-exchange-bureaus-for-eight-weeks/?utm_source=dlvr.it&utm_medium=twitter

[miahkaysor] 24/3/2020 12:48

Will this ever come back to the market?

[farrugia] 24/3/2020 09:45

this is a fraud - when the independent investigators start properly looking they will no doubt find more hidden liabilities and fraudulent transaction. Everything that Shetty was involved in seems fraudulent.

[computercoders] 21/3/2020 17:46

Based on this I'll say good luck all still invested and I'll be getting back in at the right price on suspension being lifted. When not if.

[computercoders] 21/3/2020 17:44

Interesting it says "when suspension will be lifted" which implies it's a given. Not if but when. Starting to think this is too big to fail and regretting that I'm no longer in it as it could gap up on suspension lifting with new directors and ceo in place and backing by the UAE government as per rescue deal.

[h2owater] 21/3/2020 16:30

From LSE bb:MSKAToday 16:09Contacted Investor relationsFrom the website. Got a response... working hard to solve this, can?t give specific details, not too sure when suspension will be lifted and a comment about ensuring equity investors don?t lose out. So all in all standard response I expected however let?s see what really comes out. Good luck allP.s investor relations I contacted is on the FIN website

[computercoders] 21/3/2020 15:07

So what do they do - shetty resigned, get new ceo in, stablise by government bail out then unsuspend. If that happens what could it open up at? Would there still be chance to get in at 11p? Would be nice.

[h2owater] 21/3/2020 12:11

htTps://www.thenational.ae/business/br-shetty-resigns-from-finablr-unit-travelex-s-board-1.994881BR Shetty resigns from Finablr unit Travelex's boardThe UAE based billionaire BR Shetty and two other directors resigned from the board of Travelex, whihc is owned by Finablr. AP Fareed RahmanFareed RahmanMarch 19, 2020The UAE-based billionaire BR Shetty and two other directors resigned from the board of Travelex, which is owned by embattled payments and foreign exchange company Finablr.The two other directors to have quit the company are Mr Shetty's son, Binay, and Abdulrahman Basaddiq, according to a statement from Travelex."The board will be seeking to appoint additional independent non-executive directors, as soon as practical," Travelex said in a statement to the London Stock Exchange.Promoth Manghat, who stepped down as the chief executive of Finablr on Monday this week, also resigned from the Travelex board on the same day, the company said.The continuing board directors include Travelex chief executive Tony D'Souza and general counsel James Birch, according to the statement.The development comes after Britain's market regulator suspended trading in Finablr this week following a series of revelations.On Monday, the company said there was a "material uncertainty about the group's ability to continue" operations and on Tuesday the company said it appointed an accountancy firm to "undertake rapid contingency planning for a potential insolvency appointment".READ MOREBRS Ventures eyes acquisitions to boost growthFinablr shares plunge as much as 65% on financial arrangements investigationMubadala-backed fund acquires minority stake in London-listed FinablrFinablr is investigating cheques, dating back to before its initial public offering, worth $100 million (Dh367m) that may have been used as security for financing arrangements for the benefit of third parties.The company's board said its independent non-executive directors were reviewing the company's liquidity and cashflow management, its financial and debt position, and its strategic options.Following the announcement about a potential insolvency appointment, the Central Bank of the UAE intervened in the running of Finablr's UAE Exchange business on Tuesday to oversee its operations. The central bank also said an inspection team had begun an examination of UAE Exchange to "verify its compliance with applicable laws and regulations".Finablr said in a statement on Wednesday it was "working constructively with the Central Bank". Travelex said in a separate statement it "maintained a legal and financing structure within the Finablr Group that is capable of operating separately, on a stand-alone basis".Finablr was created in 2018 by Mr Shetty as a holding company to consolidate his finance brands including Travelex and UAE Exchange. It was listed on the London Stock Exchange in 2019 in a deal that valued the company at $1.3 billion. By the time its shares were suspended, the company's value had fallen to £77.2m (Dh328.4m)Mr Shetty recently resigned as the director of NMC Health, after the company was accused by short seller Muddy Waters Research in December of inflating cash balances, overpaying for its assets and understating its debt.On March 12, Finablr cited a number of issues affecting its business currently, including travel restrictions to limit the spread of coronavirus, the recent credit downgrade of Travelex's bonds and a liquidity squeeze at both group and operational business.A fund owned by Abu Dhabi's strategic investment arm Mubadala Investment Company acquired a minority stake in Finablr, a Mubadala spokpesperson told The National this week.MIC Capital Partners, an investment vehicle owned and operated by Mubadala Capital, gradually accumulated a 3.4 per cent stake in Finablr.Updated: March 19, 2020 09:07 PM

[computercoders] 20/3/2020 08:26

Not been following this since selling Friday...how's the story developing? Any potential government buy out to maintain current shareholder value? Too big to fail?

[farrugia] 19/3/2020 15:46

For those still hoping they will get anything back! What happened here is absolutely scandalous. Shetty and all directors involved should be prosecuted for fraud of the highest order. Their place is in jail and all these assets confiscated!

Banks with Finablr loans could lose millions

[karateboy] 18/3/2020 20:45

Assume company will not pay those pre IPO cheques .

[iamgreat1] 18/3/2020 07:10

R u stupid or what

[farrugia] 18/3/2020 06:51

i don't think shareholders will get anything - shetty and his cronies are hardcore fraudsters - look what they did to NMC. You cannot trust anything they say. All the liquidity they mentioned in their financial statements was bullocks. Now you see it, now you don't.... And then you have this devastating corona virus crisis - even the best companies will struggle to survive; crooked ones like Finablr are the first to fold.

[bob1995] 18/3/2020 01:48

Large 1 million buys at 19.8 o. Thursday. Interesting article. Might be worth a buy when relisted6

[shares188] 17/3/2020 21:00

Like I said the word Potentially,
Means Fin is just still alive

[h2owater] 17/3/2020 19:07

https://www.ft.com/content/7ac63ba8-6827-11ea-800d-da70cff6e4d3UAE institutions consider rescue of Travelex owner Finablr

[big brothers mama] 17/3/2020 16:20

WELL DONE !

[mister md] 17/3/2020 14:21

Keep up !

Mister MD - 13 Mar 2020 - 12:37:48 - 932 of 1111 Travelex owner - FIN
wasnt expecting to double my money in a couple of hours - nice

Mister MD - 13 Mar 2020 - 12:44:31 - 940 of 1111 Travelex owner - FIN
TAKEN PROFIT. No way I'd put it in ESL though


HOPE IT HELPS ! lucky profitable escape ...
directors here are almost as scummy as bb8 though

[bob1995] 17/3/2020 07:40

Totally. potential insolvency appointment with a view to maximizing value in the Group. What does that mean. Assets sales for majors

[farrugia] 17/3/2020 07:23

this is a zero now - this is fraud to the highest magnitude - directors' personal assets need to be confiscated and them put in jail where they belong!