The UK Financial Conduct Authority (FCA) has refused an application by Finablr plc 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 has the right to refer the Decision to the Upper Tribunal.