13 Jun 2017 07:00
Kin Group Plc / Epic: KIN / Index: AIM
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
13 June 2017
KIN GROUP PLC ('KIN' OR 'THE COMPANY')
Convertible Loan Notes update
On 15 May 2017, Kin Group Plc (AIM: KIN), the AIM quoted digital wellness provider for corporate organisations trading as Kin Wellness, announced that it had agreed to issue convertible unsecured loan notes with a term of three years ("Notes"), to raise up to £1.125 million (before expenses) in four tranches, to Belastock Capital L.P., an overseas based institutional investor ("Belastock") to fund its general working capital requirements.
The issue of the Notes was subject to the terms and conditions summarised in the announcement dated 15 May. The first tranche of Notes with a nominal amount of £350,000 and a subscription price of £315,000 ("Tranche 1 Notes") were issued on 15 May 2017 with the remaining three tranches being issued at 60 day intervals thereafter.
One of the conditions attaching to the issue of subsequent Notes, which can be waived by Belastock, is that the closing bid price of the Company's ordinary shares (as reported by Bloomberg) falls below £0.001 (0.1 pence) for any five (5) consecutive trading days on or prior to the relevant issue date. The Company notes that this condition was not met at the close of business last night, 12 June 2017.
Notwithstanding this breach of the condition the Directors are pleased to report that Belastock has confirmed its ongoing support for the Company and that it is the current intention of Belastock to subscribe for the remaining tranches of the Notes as previously outlined. The second tranche of the Notes, which should raise approximately £255,000 (net of expenses), are due to be issued in mid-July.
Further announcements will be made as appropriate.
**ENDS**
For further information visit www.kinwellness.com
Contact:
Anna Gudmundson / Donald Stewart
| Kin Group Plc | 020 7449 4949 |
Mark Brady / Neil Baldwin
| SPARK Advisory Partners Limited (Nominated Advisor)
| 020 3368 3551 |
Claire Louise Noyce | Hybridan LLP, Broker | 020 3764 2341
|
Stephanie Forrest | T/F/D, Public Relations | 07917 695755 |
Notes
About Kin Wellness
Kin Wellness provides digital wellness solutions that empower employers to create a positive culture of health within their organisation. By helping employees to embrace a healthier way of living, Kin Wellness can help maximise performance, reduce absenteeism, decrease the risk of chronic illness, and lower healthcare costs.
The Company's technological edge allows it to address holistic wellness by engaging both individuals and teams through intelligent, personalised interaction and gamification. This is an opportunity to make incremental behavioural changes that will last a lifetime. The progress of individuals translates to actionable data, meaningful reporting and insights that allow the organisation to monitor the impact of the programme and to refine it in order to achieve success.
Shares are admitted to trading on the London Stock Exchange AIM market under ticker KIN.