Finablr PLC Operational Update and Independent Reviews (8959F)
March 12 2020 - 3:30AM
UK Regulatory
TIDMFIN
RNS Number : 8959F
Finablr PLC
12 March 2020
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 12, 2020 03:30 ET (07:30 GMT)
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