Finablr PLC (LON: FIN) has announced that, further to the disclosures made in the Company’s IPO Prospectus, the reduction of the share capital of the Company was approved yesterday by the Court.
The purpose of the Capital Reduction is to create distributable reserves, for the payment of future dividends and other corporate purposes.
There is no change in the number of the Company’s Ordinary Shares in issue and the Capital Reduction does not involve either the diminution of any liability in respect of unpaid capital or the payment to any shareholders of any paid-up capital of the Company. The nominal value of each share has been reduced from £1.00 per share to £0.01 per share, as a result of the Capital Reduction.
Finablr plc is a global platform which provides Cross-Border Payments and Consumer Solutions, Consumer Foreign Exchange Solutions and B2B and Payment Technology Solutions to consumers and businesses in the large and growing payments and foreign exchange market. In the year ended 31 December 2018, Finablr processed more than 150 million transactions and the U.S. dollar equivalent of U.S.$114.5 billion in volumes, touching over a billion lives. As at 31 December 2018, the Group had more than 23 million retail customers and was serving over 1,500 corporate and institutional partners, including banks, financial institutions, supermarkets, foreign exchange specialists, mobile wallet operators and payments and technology companies such as Google India, WeChat Pay and Samsung Pay.