Rescued payments firm Finablr cannot delist in London -FCA
A general view of the Canary Wharf financial district in London, Britain April 25, 2021. Picture taken April 25 with a drone. REUTERS/Kevin Coombs Purchase Licensing Rights
LONDON, Dec 16 (Reuters) - 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. read more
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)
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Reporting by Iain Withers; editing by Jason Neely
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