Finablr PLC Offer for Finablr Limited (2111B)
October 06 2020 - 2:30AM
UK Regulatory
TIDMFIN
RNS Number : 2111B
Finablr PLC
06 October 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014.
6 October 2020
Finablr PLC ("Finablr")
Offer for Finablr Limited
Finablr PLC is pleased to announce that it has received an offer
from Prism Advance Solutions Limited ("Prism") for the purchase of
100% of the share capital of Finablr Limited and its subsidiaries
("Target"). After due consideration the Board has approved the
offer and the Company will proceed to negotiate a share purchase
agreement with Prism documenting the terms of the transaction and
seek shareholder and regulatory approval.
Prism's offer has three key elements that will see this
transaction successfully completed within four weeks subject to all
legal approvals being obtained: a) restructuring and settlement of
the debts of the Target and its subsidiaries; b) provision of
working capital for the Target and its subsidiaries; and c) Prism
restructuring the board of the Target and its subsidiaries.
Statement from Guy Rothschild, Co-Founder and Director, Prism
Advance Solutions:
"We are delighted with the Finablr deal, representing as it is
the first major UAE-Israeli commercial transaction. We are very
thankful to the UAE leadership and authorities who have been
incredibly supportive of us. We look forward to working closely
with them in the revival of the Company. We acknowledge that it's
going to be a challenging journey and that there would be
difficulties along the way, but we are confident that with the
support from all parties involved we will realize Finablr's full
potential. Finablr offers a huge opportunity in the digital
payments space across multiple emerging markets and its assets and
proprietary technology positions it for further global growth."
Statement from Bhairav Trivedi, Group Chief Executive Officer,
Finablr PLC:
"After months of hard work under very trying liquidity
conditions compounded by the impact of the Coronavirus on our
operations, I am excited to now go forward with Prism. My
management team has done a stellar job of focusing on our
operations whilst seeking a holistic solution for the Group. Our
employees have worked at reduced or zero pay for some months and
this deal is only possible thanks to their hard work and sacrifice.
We now enter a new chapter in the Company's history. We thank all
our clients, regulators, creditors, advisors, and vendors who stood
by us during these trying times. We are honoured to be involved in
this game-changing transaction in the Middle East."
Statement from Michael Tomalin, Non-Executive Chairman, Finablr
PLC:
"The deal with Prism offers the optimal solution for Finablr. I
want to thank the Board, Bhairav and his management team, our
employees, regulators, creditors and advisors for their hard work
and support in these past months."
Statement from H.E. Abubaker Al Khoori, CEO, Royal Strategic
Partners LLC:
"We welcome our new international investors and are excited
about the opportunity to re-build a strong global remittance and
digital payment platform headquartered in Abu Dhabi. I believe this
will bring stability to Finablr that has been battling in crisis as
well as confidence among clients, regulators, and creditors. In the
Covid-19 era, no company is immune from financial crisis, it is
important to face these challenging times and work together for the
greater good of all stakeholders. This deal will also mark a new
era for the UAE and is testament of the UAE leadership vision to
building a successful free market economy."
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
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