Finablr (FIN)




FTSE 250

  • Closing Price Chg:
  • 52 Week High: 215.00
  • 52 Week Low: 4.50
  • Currency: UK Pounds
  • Shares Issued: 700.00m
  • Volume: 0
  • Market Cap: £77.18m
  • RiskGrade: 214

Finablr's independent directors ask founder to clarify stake in payments platform

By Alexander Bueso

Date: Wednesday 19 Feb 2020

LONDON (ShareCast) - (Sharecast News) - Two of Finablr's independent directors have formally asked the company's founder and his family to clarify their holdings in the payments and foreign exchange platform's shares.
Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Mulhairi did so by recurring to Section 793 of the Companies Act 2006, issuing formal notices to Shetty.

Their stated aim was to resolve the matter by the end of February, at the latest.

Finablr said in a statement that: "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."

Bavaguthu Raghuram Shetty had resigned just two days before as co-Chairman of the company that he had founded, NMC Health.

Shetty was the fourth member to have resigned from the UAE-focused health services firm's board in as many days.

There was concern that Shetty had been facing margin calls and had misrepresented his stake in NMC.

Furthermore, on 10 February, Finablr announced that it had "very recently" been made aware of purported arrangements between Shetty, Al Qebaisi and Al Muhairi "which may be relevant to their respective interests in the Company's shares".

Finablr said at the time: "The extent to which the purported arrangements may have affected their respective interests is not yet known to the Company.

"The position is being reviewed by the Company and a committee of independent directors of the Company."

As of 1522 GMT, shares of Finablr were trading were drifting lower by 0.13% to 75.0p and just off their record lows.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.


Finablr Market Data

Currency UK Pounds
Share Price 11.03p
Closing Price Change 0.000p
% Change 0.00 %
52 Week High 215.00
52 Week Low 4.50
Volume 0
Shares Issued 700.00m
Market Cap £77.18m
RiskGrade 214

Finablr Star Ratings

Compare performance with the sector and the market.
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Value Not Available
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Income Not Available
Growth Not Available

Finablr Dividends

No dividends found

Trades for --2020

Time Volume / Share Price
0 @ 0.000p

Finablr Key Personnel

Chair B. R. Shetty

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