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Finablr (owner of Travelex)

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Finablr (owner of Travelex) had some news to announce today.

https://www.investegate.co.uk/finablr-plc--fin-/rns/pdmr-notification/202001241000348631A/

and

https://www.investegate.co.uk/finablr-plc--fin-/rns/statement-regarding-share-price/202001241803249240A/

I went short at 128.88 after reading how badly things were going with the Sodinokibi attack on Travelex.

https://www.theregister.co.uk/2020/01/08/travelex_update/

https://www.computerweekly.com/news/252476624/Travelex-begins-to-restore-foreign-exchange-services-two-weeks-after-Sodinokibi-attack

The Travelex website has been down for over three weeks.

I think Finablr is a house of cards.

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https://investors.finablr.com/en/reports-and-releases/regulatory-news/

Quote

Finablr is currently taking urgent steps to assess accurately its current liquidity and cashflow position, which has been adversely impacted by a number of factors:

  • travel restrictions imposed to limit the spread of Covid-19, which have reduced demand for its foreign exchange and payment services and has restricted the movement of physical currencies that the company needs to operate its businesses;
  • the recent credit downgrade of Travelex's bonds; 
  • a liquidity squeeze at both Group and operational business level; and 
  • adverse perceptions in the market that the circumstances surrounding NMC Health PLC (the management, operations and finances of which are independent and separate from those of the Company) are relevant to Finablr, which have exacerbated current levels of stress on the Company's cashflow position.

 

These factors place significant constraints on the Company's access to the daily liquidity the Company needs to manage its business effectively and its ability to negotiate longer term financing. Due to the fast-moving nature of the events and circumstances referred to above, the Company is urgently seeking to complete its assessment of its liquidity and cashflow position and negotiate the steps that are necessary to address its short- and longer-term financing needs. 

I think this is the endgame.

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