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Goodbye jam-tomorrow entity Fitbug Holdings Plc. Hello, er, jam-tomorrow entity, Kin Group Plc

By Steve Moore | Friday 5 May 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Fitbug Holdings (FITB) has updated that all resolutions were passed at its AGM today – including meaning it’s soon goodbye the jam-tomorrow entity that is Fitbug Holdings Plc and hello a, er, jam-tomorrow entity that is to be Kin Group Plc.

This is with the company noting the new name has now been registered at Companies House and that dealings under it are expected to commence (with the code KIN) on Monday. In addition; “each of the existing ordinary shares of 0.1p each has been subdivided… Following Admission the ordinary share capital of the Company will consist of 1,731,366,968 New Ordinary Shares of 0.01p each”.

The latter is with the ‘Notice of Annual General Meeting’ notes including;
“The Companies Act 2006 prohibits the Company from issuing shares at a price below their nominal value. As the Company’s current share price is close to the current nominal value of 0.1p per share… Passing this resolution will ensure that the directors have the flexibility to act in the best interests of shareholders to take advantage of fundraising and other business opportunities as they arise.”

Haha – “flexibility” to take advantage of fundraising opportunities as they arise hey? It mean on the back of future ramparoonies? - though I suggest those now somewhat more limited.

The need to reduce the nominal value reflects a track record of non-delivery here and, in itself, being an “AIM quoted digital wellness provider for corporate organisations trading as Kin Wellness” doesn’t change that. To me, this currently remains a clear bargepole stock.

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