Finablr unable to adhere to deadline for publishing financial statements
The company gave no explanation for not meeting the deadline of August 28, 2020 to publish its financial statements.
Provider of cross-border payments, FX and payment technology Finablr PLC (LON:FIN) today made a regulatory filing concerning the publication of financial statements.
The company has changed its Accounting Reference Date to February 28, resulting in a deadline of 28 August 2020 to publish its financial statements.
Today, Finablr said it is currently unable to adhere to this deadline and will provide an update on the anticipated publication date when it is able to do so.
In July, Finablr appointed Skadden Arps Slate Meagher & Flom (UK) LLP as lead counsel in order to enable Finablr to investigate historic potential malfeasance within the Finablr Group and any misappropriation of assets of Finablr PLC and certain members of its group, and to facilitate the pursuit of potential claims which are the subject of the Investigation.
It is anticipated that forensic experts will be appointed in connection with the investigation, which will include a comprehensive review of payments made and transactions carried out within the Finablr Group. Finablr says it has entered into a funding agreement with a third party funder to cover the cost of the investigation and potentially the pursuit of claims.
Finablr encourages any party or person with knowledge of any wrongdoings to come forward and co-operate with Skadden on this investigation. Concerned parties can reach out to [email protected]
In April, Finablr provided an update regarding its indebtedness position. This followed the appointment of Houlihan Lokey as Finablr’s Independent Financial Adviser.
Houlihan Lokey has worked with Kroll (in its role as independent investigators reporting to the independent directors of the Company) in conducting an exercise with Finablr’s creditors to establish the current indebtedness position of the Finablr Group. The results of this exercise indicated that the total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business). This is materially above the last reported figure for the Group’s indebtedness position as at June 30, 2019 and the levels of indebtedness previously disclosed to the Board.
Finablr’s Board said back then that it could not exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr Group.