Fiinu "does not agree" with critical shareholder letter
Fiinu PLC on Monday said it "remains confident" in its legal claims, in response to a "misleading" letter from shareholder Granicus Holdings OU.
Granicus, which sold the Everfex business to Fiinu in Aigust, 2025, is owned and controlled by Everfex's former manager Karol Oleksa and other members of his family. It holds a 10.7% stake in Fiinu.
Shares in Fiinu closed up 4.8% at 5.50 pence on Monday in London.
Fiinu said Granicus' letter, of which Oleksa was the principal author, contains statements which "do not present shareholders with a complete or balanced picture."
It hopes to "provide additional factual context" ahead of its annual general meeting on July 24, and warned against the letter's "misleading statements" which "could materially affect shareholders' understanding".
It said the letter blames Fiinu's financial 2025 loss "almost entirely" to its management, but does not acknowledge Oleksa's operational responsibility as Everfex's manager during that period.
Instead, Fiinu attributes the statutory loss to a non-cash IFRS goodwill impairment, acquisition and restructuring costs, and costs associated with the investigation, integration and remediation of Everfex after the acquisition.
Fiinu noted that it is pursuing two legal processes regarding the Everfex acquisition. Firstly, it has started a "substantial" contractual arbitration against Oleksa and his spouse over "alleged breaches of post-completion restrictive covenants and non-compete obligations contained in the share purchase agreement".
Additionally, it has made "substantial contractual claims" against Granicus over alleged breaches of seller warranties, representations and other obligations. This includes the alleged non-disclosure of matters Fiinu believes "materially affected the subsequent performance of the business and alleged potential regulatory breaches."
The Weybridge, Surrey financial technology provider is seeking damages in excess of £16 million, although it said this amount may increase.
Fiinu said it "remains confident" in the merits of its legal claims, noting that the proceedings "remain ongoing and will be determined by the independent arbitration tribunal." It added that it is focused on executing its commercial strategy, and that it will make no further comment on the legal processes except where required by law, or when this is recommended by its advisers.
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