Finseta plc (AIM: FIN), the AIM-listed multi-currency payments company headquartered in the City of London, has announced a new strategic affiliate relationship and a conditional fundraising totalling approximately £1.57 million. The majority of that sum — approximately £1.47 million — comes from Homa Holdings Ltd, a newly formed Abu Dhabi Global Market entity wholly owned by payments entrepreneur Amir Mehrad. Alongside the fundraising, the company is proposing to convert £1.8 million of outstanding loan notes held by Chief Commercial Officer Robert O'Brien into new ordinary and deferred shares, a move the board states will eliminate the company's principal indebtedness and strengthen its balance sheet.

Key Points

  • Finseta plc (AIM: FIN) — AIM-listed payments solutions company offering multi-currency accounts in over 165 countries and 150 currencies
  • Conditional fundraising of approximately £1.57 million via firm share subscription and zero-coupon convertible loan notes, with Homa Holdings Ltd contributing approximately £1.47 million
  • Issue price set at 6.1174 pence per ordinary share, being the 10-day VWAP as at 2 November 2026; Firm Subscription Admission expected on or around 11 November 2026
  • Investors should watch for the forthcoming shareholder circular, the General Meeting outcome, and FCA approvals required for the loan note conversions

Homa Holdings Subscription and Amir Mehrad's Affiliate Agreement with Finseta Payment Solutions

Homa Holdings Ltd will invest £1,473,646 in aggregate through two instruments: a firm subscription for 7,918,638 new ordinary shares at 6.1174 pence each, and a subscription for zero-coupon unsecured convertible loan notes with a principal of approximately £989,231. Following the firm share subscription, Homa will hold approximately 9.9 per cent of Finseta's issued ordinary share capital and will gain the right to appoint a non-voting board observer for as long as that threshold is maintained. Mr Mehrad, who previously founded Effective FX Limited and later sold its international payments business to Equals Group plc, has separately signed an affiliate agreement to introduce prospective customers to Finseta's currency exchange and international payments products.

Robert O'Brien's £1.8m Loan Note Conversion and Creation of New Deferred Shares

Chief Commercial Officer Robert O'Brien has agreed to convert the full £1.8 million principal of his 8.5 per cent unsecured loan notes into new ordinary and non-voting deferred shares at the same 6.1174 pence issue price. Of the total, £1,522,946 will convert into 24,895,311 new ordinary shares and the remaining £277,054 into 4,528,954 deferred shares, with the split designed to ensure O'Brien holds no more than 29.9 per cent of voting ordinary shares immediately following admission. The deferred shares carry no voting rights, no dividend rights, cannot be transferred, and are not admitted to AIM, but will gradually redesignate as ordinary shares upon future share issuances in accordance with the proposed amended articles. The board states this conversion will remove the principal repayment obligation entirely, as a related party transaction approved with Shore Capital's guidance.

General Meeting, FCA Approvals, and Expected Admission Timeline for Conversion Shares

The loan note conversions and convertible loan note conversion are interconditional and require shareholder approval at a forthcoming General Meeting, as well as FCA approvals. If conditions are not met by 6 May 2027, the Homa convertible loan notes must be repaid and the existing loan notes will remain outstanding until their scheduled repayment date of 31 December 2028. Irrevocable undertakings to vote in favour of the resolutions have been provided in respect of 20,775,047 ordinary shares, representing approximately 25.97 per cent of shares eligible to vote. Admission of the 41,066,085 conversion shares is expected during the first half of 2027, with the shareholder circular to be published shortly.