Finablr PLC - Suspension of Listing and Directorate Change
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
Suspension of Listing, Trading Update, Directorate Change and Urgent Board Measures
Temporary suspension of listing of
The Company confirms that the Financial Conduct Authority (the "
Current Trading Update
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
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.
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
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.
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
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.
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This information is provided by RNS, the news service of the
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