Finablr issues statement regarding shareholding arrangements

Maria Nikolova

The company has been notified of purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Muhairi.

Finablr PLC (LON:FIN), a provider of cross-border payments, FX and payment technology, today issued a statement regarding shareholding arrangements.

Finablr says it has 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. The position is being reviewed by the company and a committee of independent directors.

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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