Finablr continues to seek info about shareholder arrangements

Maria Nikolova

Finablr’s independent directors continue to seek further information from the Shetty family to clarify the position as to the respective interests in the company’s shares.

Finablr PLC (LON:FIN), a provider of cross-border payments, FX and payment technology, today issued another statement regarding the purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Mulhairi.

The independent directors of Finablr have continued urgently to seek further information from the Shetty family to clarify the position as to the respective interests in Finablr’s shares, including through the issuance of formal notices under Section 793 of the Companies Act 2006.

The independent directors have been informed that the Shetty family and their advisers are not yet in a position fully to respond to them but have undertaken to do so as soon as possible. The independent directors are seeking to resolve the position by the end of February 2020 at the latest.

About a week ago, Finablr said it had been made aware of purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Muhairi which may be relevant to their respective interests in the company’s shares.

The extent to which the purported arrangements may have affected their respective interests is not yet known to Finablr.

Let’s recall that, on January 24, 2020, Finablr made a comment regarding its share price reaction in connection to the announcement of the pledge associated with the holding of BRS Investment Holdings 1 Limited’s (BRS) shares.

Finablr received notification on January 24, 2020 that 392,220,890 shares, representing 56.03% of the company, have been pledged by BRS Investment Holdings 1 Limited as a security for borrowings raised by BRS Ventures & Holdings Limited. Those borrowings date from 25 March 2016 and were used to refinance an acquisition facility borrowed by BRS Ventures & Holdings Limited in connection with the acquisition, by its subsidiary UTX Holdings Limited, of Travelex Holdings Limited on 29 January 2015. The original amount of the borrowing has been reduced by sums received by BRS Investment Holdings 1 Limited, BRS Investment Holdings 2 Limited and BRS Investment Holdings 3 Limited from the IPO of the Company on 20 May 2019 and other cashflows of entities belonging to the BRS Group.

Finablr has sought clarification from BRS, of which Finablr’s Co-Chairman Dr B. R. Shetty and Board member Mr Binay Shetty are principal holders, about the pledge disclosures announced this morning. BRS has reassured Finablr around the level of security represented by its shareholding in Finablr and the discussions that it has had with its banking group around repayment/refinancing of the loan as well as the other collateral sources should these be required.

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