(Corrects to reflect Finablr’s shares were suspended, not delisted)
LONDON – 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.
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.
(This story corrects to reflect Finablr’s shares were suspended, not delisted)