SCHEDULE: Shareholder Urges MoneyHero to Explore Sale Amidst Concerns

A major shareholder has publicly called on MoneyHero's board to initiate a strategic review for a potential sale, citing leadership instability and declining performance.

Summary

• Jonathan Honig, the largest unaffiliated shareholder owning approximately 9.0% of MoneyHero Limited's Class A Ordinary Shares, has issued an open letter to the Board of Directors.
• Honig urges the Board to immediately retain an independent financial advisor and commence a strategic review process to explore a sale of the company.
• Concerns cited include leadership uncertainty following the CEO's departure, stalled revenue growth with a decline in the last two fiscal years, significant shareholder value destruction (an 88% drop in share price since IPO), and a perceived lack of insider confidence.
• Honig believes a sale is the best risk-adjusted path to maximize shareholder value and suggests the company could be worth at least $1.50 per share in a transaction.
• He also requests transparency regarding the CEO search process and an expected timeline for appointing a permanent CEO.

Sentiment

Score: 2

Explanation: StockSavvy.ai views this as a negative sentiment due to a significant shareholder's public call for a sale, citing leadership uncertainty, stalled growth, and value destruction.

Positives

• The company has prominent investors such as Peter Thiel and Richard Li, indicating initial belief in its potential.
• MoneyHero reported its first profitable quarter in Q4 2025, despite a full-year net loss.

Negatives

• Annual revenue has declined in each of the last two fiscal years, falling from US$80.7 million in FY2023 to US$73.4 million in FY2025.
• The company has not appointed a permanent CEO nearly six months after the previous CEO's tenure concluded.
• The share price has fallen over 88% from its IPO opening price in October 2023, representing significant shareholder value destruction.
• No director or executive officer appears to have purchased shares on the open market, suggesting a lack of insider confidence.

Risks

• Leadership uncertainty and the prolonged interim CEO period could hinder strategic execution and market responsiveness.
• Continued stalled growth and revenue decline pose a significant risk to future profitability and shareholder value.
• The substantial decline in share price indicates a high level of investor dissatisfaction and potential for further value erosion if strategic issues are not addressed.
• Lack of insider buying may signal a lack of confidence in the company's current strategy and future prospects.

Future Outlook

The filing does not contain forward-looking statements or guidance from the company itself. However, the shareholder's letter implies a negative outlook if the company does not pursue a sale, suggesting potential for further value destruction. The shareholder believes a sale could unlock value, indicating a positive outlook under new ownership.

Management Comments

• Management's stated expectation in April 2025 was that the Company would reach US$100 million in revenue.
• Then-CEO Rohith Murthy stated in the Company Q4 and Full Year 2024 Earnings Release (April 29, 2025) that the Company was confident in its ability to build upon this momentum and regain topline growth momentum with US$100 million in revenue and generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.

Industry Context

StockSavvy.ai notes that shareholder activism, particularly calls for strategic reviews or sales, often intensifies when companies experience prolonged periods of underperformance, leadership instability, or significant market value erosion. This situation at MoneyHero Limited appears to be a classic case of a large shareholder attempting to force a change in strategy to unlock perceived hidden value.

Management Changes

Stakeholder Impact

• Shareholders: Facing significant value destruction and potential for further losses if current trends continue. A sale could offer a path to recoup investments.
• Employees: Potential impact from leadership uncertainty and the possibility of a sale, which could lead to restructuring or changes in management.
• Management/Board: Facing pressure from a major shareholder to initiate a strategic review and potentially sell the company, alongside demands for transparency and leadership changes.

Next Steps

• Jonathan Honig intends to engage in communications with MoneyHero's Board and management team regarding opportunities to enhance shareholder value.
• Honig intends to discuss his views with the Issuer, its shareholders, and other market participants.
• The Board is requested to respond by October 5, 2026, regarding their willingness and availability to discuss these matters.

Key Dates

Recommendation

The filing indicates significant issues with leadership and financial performance, leading a major shareholder to call for a sale. While this suggests potential upside if a sale occurs at a premium, the current operational and leadership uncertainties warrant caution. A 'hold' recommendation reflects the need to await further developments regarding the strategic review and potential sale process, balancing the downside risks with the potential for a value-unlocking transaction.

Keywords

strategic review, sale of company, shareholder activism, leadership uncertainty, revenue decline, value destruction, corporate governance, MoneyHero