LONDON (ShareCast) - (Sharecast News) - Fiinu announced on Monday that it has agreed to terminate its share subscription facility with GEM Global Yield and cancel all outstanding warrants, in a move the company said would simplify its capital structure and supports its strategic recovery plans.
Under the agreement, the AIM-traded firm said it would issue 7.67 million new ordinary shares at 15p each, equivalent to a £1.15m termination payment, in full settlement of all obligations under the facility and related warrant agreements.

The new shares would be subject to a 30-day lock-in period, followed by orderly market provisions to manage trading activity.

Admission of the shares to AIM was expected on or around 5 September.

The deal removed what Fiinu described as a "warrant overhang" from its capital structure, with the company's total voting rights rising to 385.5 million ordinary shares following admission.

"This facility was an important backstop to us at a difficult juncture for Fiinu and the agreement reached to terminate it early marks another positive sign of our recovery from the aftermath of the return of our banking licence," said chair David Hopton.

"Together with the recent addition of Everfex to the group and good progress on the licensing of our Plugin Overdraft, it marks the completion of another of the many strategic objectives the board has set itself for the remainder of 2025 and 2026.

"Along with my colleagues on the board, I am increasingly confident about the future."

At 1446 BST, shares in Fiinu were down 6.97% at 17.68p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE