Saturday 18 November 2017 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
A previous announcement from Kin Group (KIN) included “the proposals are in effect now conditional upon the consolidation being approved at the General Meeting to be held on 13 November 2017”. There’s now a “Result of General Meeting” announcement…
I previously noted on Kin Group (KIN) that proposed share consolidation delays dilution to oblivion, but at least it should be a good Christmas round at broker Peterhouse hey! There is now a “Consolidation of share capital & GM Notice” announcement from the company…
I previously wrote on Kin Group (KIN) in August; From dire to ‘kin worse; administrators to be appointed for principal trading business & proposed CVA - including commenting on the company stating “there is no guarantee… will be completed successfully”, with it’s got to be ‘kin joking, right? Is “successfully” what, at best, further mega dilution is? I now note a “Suspension update & proposed share consolidation” announcement…
Previously updating on Kin Group (KIN) I last month noted the shares suspended following its bailout funder informing it would not proceed with further tranches – this following having previously warned, with at best it looking like further mega dilution ahoy, ‘kin sell / bargepole. Now there’s an “Update re suspension”…
On 15th May the renamed from Fitbug Holdings, Kin Group (KIN) was “pleased to announce that it has secured up to £1.125 million (before expenses) of additional funding”. I bet it was – as I noted this bailout funding, with also amongst the conditions “the closing bid price of the company's ordinary shares (as reported by Bloomberg) not being below £0.001 (0.1 pence) for any five consecutive trading days on or prior to the relevant issue date” and concluding it remains bargepole ahoy. The shares had now slid towards 0.05p – and there’s a “Statement re. Suspension” announcement. Uh oh…
Previously writing on Kin Group (KIN) earlier this month I noted well that didn’t take ‘kin long; hits bailout funding share price limit – and, thus, a reliance on the funder retaining a “current intention” to subscribe for the remaining tranches of the loan notes. There is now a “new contract - NHS Trust” announcement...
On the 15th May announcement from the former Fitbug, Kin Group (KIN) of bailout funding I noted amongst the conditions “the closing bid price of the company's ordinary shares (as reported by Bloomberg) not being below £0.001 (0.1 pence) for any five consecutive trading days on or prior to the relevant issue date” and later questioned how long the funding would continue. The company has now made a “Convertible Loan Notes update” announcement…
And so it ‘kin begins (that and the title should appease Cynical Bear); Kin Group (KIN) “hereby announces that on 26 May 2017 it received a notice of conversion in respect of £100,000 in nominal value of the loan notes which were issued to Belastock Capital L.P. Definitions used in this announcement are taken from the company's announcements dated 15 May 2017”…
I’ve been away for a few days so just catching up on matters and first things first, I need to pick up my normally excellent colleague, Steve Moore, on a couple of glaring ommissions in his piece on Kin Group (KIN) and its funding announcement earlier this week. It was rather rude after all to not give a warm welcome to an old friend.
Having previously suggested future ramparoonies for the company to place into somewhat more limited, Kin Group (KIN, the former Fitbug) “is pleased to announce that it has… agreed to issue convertible unsecured loan notes with a term of three years, to raise up to £1.125 million (before expenses), to Belastock Capital L.P., an overseas based institutional investor”. Hmmm…
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