The UK Financial Conduct Authority (FCA) announces it has issued a final notice to Finablr after refusing its application for cancellation of its premium listing.

On December 16, 2022, 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.

This rule allows for cancellation without a shareholder vote if certain conditions are met. Premium-listed issuers ordinarily require shareholder approval (according to LR 5.2.5R) to cancel the listing of its equity securities from the Official List. LR 5.2.7R provides an exemption from this requirement for issuers in a precarious financial position if certain conditions are met.

Having 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 FCA is of the opinion 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 says it is unable to comment further on the details of Finablr’s application or the reasons for the FCA’s refusal.

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