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Findi Ltd (ASX:FND) has triggered its own suspension of shares from the market on Wednesday after apparently failing to finalise a strategic investment announcement within 48 hours, as suggested by an earlier published trading halt.
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While in the realm of business, these things happen – sometimes lawyers are on planes, people’s kids get sick, mistresses threaten blackmail (this finance journalist is not aware of any such goings-on at Findi, just voicing it) – while these delays sometimes happen, it comes at a perhaps-not-so-great time for Findi.
Case in point, let’s start here, one-year returns are down just north of -70%. So there’s that. For those out of the loop, it’s worth recapping what Findi does, because they’re an interesting company.
The company is rolling out white label ATMs across parts of India where cash machines have been slow to expand, putting it at an interesting intersection – that of a not-so-emerging economy where there’s still a chance to build out financial infrastructure, while also being a nation renowned for loving tech and embracing digital. Which kind of puts Findi in between two antithetical but equally compelling narratives.
But that’s not the only reason the company is interesting. What I find far more interesting is that the company actually had an ex-staffer at the Indian division recently take to HotCopper, apparently drunk, who posted a series of reportedly defamatory comments, leading the company to tell the market it would be suing lawyers onto the individual. (Unfortunately, this finance journalist never actually managed to acquire a screenshot; our moderation team are pretty quick.)
This came after, in February, Findi downgraded its FY25 guidance at the same time it picked up thousands of new ATMs. A month later, it increased ATM fees.
Anyway, this cursory overview of Findi’s recent history put aside, at least some shareholders on the forums were concerned that the fact Findi issued a halt, and has now had to suspend its own shares, could suggest whatever news it has around a strategic investment mightn’t be as fleshed out as suggested by a trading halt (which only last 48 hours, give or take).
Time will tell, but there are reasons to be optimistic, or at least to keep eyes on the company: Findi is gearing up for an Indian IPO in FY27, it expects revenues of over $100M in FY26, well surpassing FY25; and the company reported in October that its digital services continue to grow.
If you happen to have screenshots of the messages that were reportedly posted to the forums by a Findi ex-staffer earlier this year, though, shoot me an e-mail, just because I enjoy that kind of human folly.
FND last traded at $1.64/sh today.
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