Platform for payments and Forex solutions Finablr PLC (LON:FIN) today provided an update on the proposed sale of Finablr Limited to Prism Advance Solutions Limited.
The proposed transaction was announced earlier in October. Finablr, owner of brands such as Travelex, said back then that its board approved the offer by Prism to acquire 100% of the share capital of Finablr Limited and its subsidiaries.
Today, Finablr said its discussions with Prism are continuing as the parties work together to determine an optimum structure for the transaction, taking into account all applicable regulation.
The proposed core terms of the Transaction remain those set out in the 6 October Announcement, namely the restructuring and settlement of the debts of Finablr Limited and its subsidiaries, the provision of working capital for Finablr Limited and its subsidiaries and the restructuring of the board of Finablr Limited and its subsidiaries. The terms involve only nominal consideration being paid to Finablr plc.
Finablr notes that whereas the parties are working to resolve the detailed structure and terms of the Transaction as soon as possible and within the four-week period referred to in the 6 October Announcement, there is no guarantee that definitive documentation will be entered into within this timeline.