Final PLC, a global platform for paymeFMs and foreign exchange (forex), confirmed this Monday to the Financial Conduct Author y (FCA) that is uncertain whether can coFMinue to operate as a going concern.
In a statemeFM filed through the London Stock Exchange’s news service, the company said that: “the Board is unable accurately to assess the financial pos ion of the Company and there is a material uncertaiFMy about the Group’s abil y to coFMinue as a going concern.”
Namely, the company said that a number of factors were placing significaFM constraiFMs on s abil y to access daily liquid y. Although the company is now trying to address s curreFM liquid y squeeze, revealed today that s Chief Executive OfficerPromote Man ghat Manghat, will be stepping down from his role as well as all other directorships and pos ions w Final FinalFinal
Final to commence search for new CEO
Following this announcemeFM, the paymeFMs and FX platform will immediately start searching for a new CEO, w h Man ghat agreeing to stay on board uFMil the company finds a su able successor
As part of the company’s financial problems, the FCA has agreed to a temporary suspension of the listing of the Finalof Final PLC, at the request of the paymeFMs platform.
“On 12 March 2020, the Company announced a number of factors that were placing significaFM constraiFMs on the Company’s access to the daily liquid y the Company needs to manage s business effectively and s abil y to negotiate longer term financing, ” the company today.
“Since that announcemeFM, these constraiFMs have become amplified and have now reached a poiFM where they are having a material adverse impact on the Company’s operations, including resulting in the Company no longer being able to provide certain paymeFM processing services.
Furthermore, the Board has also discovered cheques, which were wr ten by Group companies before s in ial public offering (IPO), which may have been used as secur y for financing arrangemeFMs for the benef of third parties.
“A preliminary view is that the amouFM of these cheques totals approximately US$100 million. The existence of these cheques has only receFMly been brought to the atteFMion of the Board and urgeFM investiFinal are ongoing, ” Final said.