FCA Issues Final Notice to Finablr plc

On 16 December, the FCA announced that it had issued a Decision Notice to Finablr plc refusing the company's application for cancellation of its premium listing with reference to LR 5.2.7R.

If specific circumstances are met, this rule allows for cancellation without a shareholder vote. To remove their equity shares off the Official List, premium-listed companies typically need shareholder consent (as per LR 5.2.5R). If specific circumstances are met, LR 5.2.7R allows issuers in a perilous financial position to be excluded from this obligation.

FCA considered the facts of Finablr plc's application and having regard to section 78A of the Financial Services and Markets Act and the relevant Listing Rules. The regulator claimed that the application does not meet the conditions in the Listing Rules for cancelling the listing of its ordinary shares without a shareholder vote.

Finablr plc had the right to refer the matter to the Upper Tribunal.

As Finablr plc has not referred the matter to the Upper Tribunal, the FCA, in accordance with section 390(1) of the Financial Services and Markets Act, has issued a Final Notice to the firm.  

The FCA is unable to comment further on the details of Finablr's application or the reasons for the FCA's refusal.