Kin shares to be suspended as it hunts for reverse takeover offers
19-02-2018 16:36
Kin Group updated the market on its states as a cash shell under rule 15 of the AIM rules on Monday - a status it entered into on 30 August last year, when its principal trading subsidiary appointed administrators.
The firm's current board was appointed on 15 November last year, on completion of a placing to raise £1m before expenses and a company voluntary arrangement.
Since then, the company said it had discussions with several businesses interested in obtaining a listing through a reverse takeover into the company.
Its board said it considered potential acquisitions within sectors including messaging apps, online property services, virtual reality, e-sports and blockchain technology.
It was currently in ongoing discussions, and continued to receive approaches from what it called "interesting businesses".
However, it confirmed the company would not now be in a position to announce that it has entered into a definitive agreement with a suitable business by 28 February.
As a result, the London Stock Exchange is expected to suspend trading in its ordinary shares on AIM at 0730 GMT on 1 March.
As it previously announced, in the event that no reverse takeover it completed by 30 August, the London Stock Exchange will cancel the admission of the company's ordinary shares to trading on AIM.
The board said its priority remained control over the company's cash resources which, on Monday, were approximately £0.8m.
"In the three months since the new board was appointed we have considered a number of innovative businesses interested in a reverse takeover of Kin," said chairman Donald Stewart.
"We will continue to pursue these opportunities during the suspension period and remain confident we will deliver a transformational RTO for shareholders before 30 August."
