FIN Finablr Plc

TIDMFIN

RNS Number : 5252L

Finablr PLC

30 April 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.

30 April 2020

Finablr PLC ("Finablr" or the "Company")

Current indebtedness position

As announced on 9 April 2020, the Company has engaged Houlihan Lokey to act as Independent Financial Adviser.

As part of this role, 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 members of the new management team of Finablr have been working closely with Houlihan Lokey and Kroll as part of this exercise based on the information available to them.

The results of this exercise currently indicate 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 30 June 2019 and the levels of indebtedness previously disclosed to the Board. The Board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr Group.

The exercise to verify the Group's indebtedness position is ongoing. The Company and Houlihan Lokey intend to engage further with the Group's creditors to explore the options that may be available to the Group and its creditors.

END

Enquiries

Finablr plc

Bhairav Trivedi, Group Chief Executive Officer +1 (484) 358-7357

Ryan Ayache, Head of Investor Relations +971 2 3073 176

Houlihan Lokey

Arun Reddy +971 50 340 4176

David Sola +44 7768 817075

For more information, visit the Finablr website: www.finablr.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

April 30, 2020 08:07 ET (12:07 GMT)

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