Kin Group PLC Update on Suspension, CVA, Placing (5162W)

TIDMKIN

RNS Number : 5162W

Kin Group PLC

15 November 2017

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Embargoed: 07.00a.m.

15 November 2017

Kin Group Plc ("the Company")

Update on Suspension, CVA, Placing

Lifting of Suspension in Trading and Admission

Trading in the Company's Ordinary Shares on AIM has been suspended since 18 July 2017, pending clarification of its financial position. Following the completion of the CVA and the Placing which has eliminated the Company's debts and raised new cash of GBP1 million (before expenses), the Company has now clarified its financial position and has requested that the suspension in trading be lifted and that trading in the ordinary shares of the Company on AIM be resumed.

Consequently, the suspension in trading of the Company's ordinary shares will be lifted at 07.30 a.m. this morning.

Admission of the New Ordinary Shares, following the Consolidation and completion of the Placing and the CVA, to trading on AIM is set for 8.00 a.m. this morning.

Rule 15 (AIM Rules for Companies)

As the Directors have announced previously, the Company became a "Rule 15 Cash Shell" under Rule 15 of the AIM Rules with effect from 30 August 2017.

Within six months of becoming a Rule 15 Cash Shell, the Company must make an acquisition or acquisitions which constitute(s) a reverse takeover under AIM Rule 14. If it does not do so, the London Stock Exchange will suspend trading in the Company's AIM securities pursuant to AIM Rule 40. The London Stock Exchange will cancel the admission of the Company's AIM securities pursuant to AIM Rule 41 where they have been suspended from trading for six months.

Further announcements will be made as appropriate.

Note: Definitions in this announcement will, unless otherwise stated, have the same meaning as in the circulars to shareholders dated 5 and 27 October 2017.

Ends

For further information please contact:

 
 Donald Stewart 
  (Chairman)           Kin Group Plc             07786 575372 
 
                       SPARK Advisory 
 Mark Brady/Neil       Partners Limited 
  Baldwin              (nominated adviser)      020 3368 3551 
 Eran Zucker/Fungai    Peterhouse Corporate 
  Ndoro                Finance Limited          020 7469 0930 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 15, 2017 02:00 ET (07:00 GMT)