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europe2 hours ago
Troubled payments company Finablr has been told it cannot delist from the London Stock Exchange without a vote by its shareholders, Britain’s Financial Conduct Authority (FCA) said on Thursday.
Finablr was bought by a Middle Eastern consortium and rebranded as WizzFinancial to create a regional money transfer group.
The company’s shares have been suspended since March 2020.
Finablr’s application to delist under a rule allowing firms in a precarious financial position to sidestep a shareholder vote has not met the necessary conditions, the FCA said.
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Finablr has the right to refer the decision to an Upper Tribunal, the FCA said, adding it was unable to comment further on the reasons for its decision.
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