UPDATE: Fiinu shareholders vote against removal of CEO

(This update includes the correct administrative costs result for the year to June 30 2026).

Fiinu PLC on Friday welcomed shareholders' rejection of proposals by shareholder Granicus Holdings OU to remove Chief Executive Marko Sjoblom and "institute an independent review of executive leadership and governance."

Granicus, which sold its Everfex business to Fiinu in August 2025, is owned and controlled by Everfex's former manager Karol Oleksa and other members of his family. It held a 10.7% stake in Fiinu as of July.

In July, Granicus issued a letter blaming Fiinu's 2025 financial loss on its management. Fiinu said the loss primarily resulted from a £7.3 million non-cash goodwill impairment related to the Everfex acquisition, however. Pretax loss totalled £10.4 million in 2025, widened from £700,068 in 2024.

Following the receipt of the letter, Fiinu notified that it had commenced arbitration against Everfex's former manager Karol Oleksa and his wife over alleged breaches of post-completion restrictive covenants and non-compete obligations, while also pursuing contractual claims against Granicus over alleged breaches of seller warranties and alleged non-disclosure of matters that Fiinu believes materially affected Everfex's performance.

The Weybridge, Surrey financial technology provider is seeking damages in excess of £16 million, although it said this amount may increase.

On Thursday, Fiinu said it had received petitions from two creditors seeking Everfex's bankruptcy. Fiinu disputed claims that Everfex's financial difficulties resulted from its unwillingness to provide further funds to repay old shareholder loans and said it was investigating the extent of the creditors' knowledge of Everfex's financial condition prior to its acquisition.

"Following Fiinu's acquisition of Everfex in August 2025, information subsequently identified through reviews of Everfex's historic activities raised material questions concerning the accurate recording and disclosure of certain pre-acquisition transactions, anti-money laundering compliance, data manipulation, financial positions, liabilities and creditor arrangements," Fiinu said.

On Friday, Fiinu said it has taken "decisive steps" to strengthen governance at Everfex and was aiming to transition the Polish subsidiary towards a "leaner and increasingly self-funded operating model" by managing excess costs.

Fiinu said Everfex had reduced monthly overheads by 55% in August 2026 compared with a year earlier, when Fiinu bought it from Granicus Holdings OU.

Fiinu said more than 68% of shareholders voted against Granicus's proposals.

"I am delighted that shareholders have chosen to support the board and vote against the resolutions...which it believes were contrary to the interests of the company and shareholders as a whole," said Chair David Hopton.

"The board expresses in the strongest terms its unanimous support for Marko Sjoblom. We also note that the voting result in support of Marko Sjoblom is almost identical to the votes cast at the annual general meeting held on July 24 2026 when he was re-appointed as a director of the company. Shareholders have therefore had two opportunities to express their views and have emphatically supported the board, management and the CEO. The board remains focused on the continued execution of the company's strategy and on acting in the best interests of all shareholders," Hopton added.

Earlier on Friday, Fiinu said its pretax loss widened to £2.3 million in the six months to June 30 2026, from £980,338 a year earlier. Administrative costs jumped to £2.5 million from £1.5 million.

Revenue totalled £371,086, compared to zero a year earlier.

Fiinu shares closed down 7.7% at 3.00 pence each in London on Friday. They are down 78% over the last year.

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