Less Ads, More Data, More Tools Register for FREE

Pin to quick picksKinovo Plc Regulatory News (KINO)

Share Price Information for Kinovo Plc (KINO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 61.00
Bid: 60.00
Ask: 62.00
Change: 0.00 (0.00%)
Spread: 2.00 (3.333%)
Open: 62.00
High: 62.00
Low: 61.00
Prev. Close: 61.00
KINO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update re DCB Kent Limited ("DCB")

16 May 2022 16:33

RNS Number : 6689L
Kinovo PLC
16 May 2022
 

16 May 2022

Kinovo plc

("Kinovo" or the "Company")

 

Update re DCB Kent Limited ("DCB")

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers compliance and sustainability solutions, provides the following update on developments in the financial position of DCB, its former subsidiary, since the release by Kinovo, on 6 May 2022, of its trading update for the year ended 31 March 2022 (the "6 May Announcement").

 

Kinovo has today been informed that two partners of CFS Restructuring LLP have been appointed as joint administrators of DCB (the "Joint Administrators").

 

As referred to in the 6 May Announcement, since the completion of its disposal of DCB, Kinovo has provided working capital support to DCB in the amount of £3.7 million in aggregate, to facilitate the completion by DCB of active projects. Prior to the disposal, as also referred to in the 6 May Announcement, Kinovo provided certain parent company guarantees relating to construction projects in existence at the time of the disposal, which were expected to be released by the purchaser of DCB following completion of the disposal.

 

Kinovo is currently establishing the impact of an administration of DCB on the monies it has advanced DCB to support its working capital, which remain at £3.7 million, as well as on the parent company guarantees it has provided.

 

The deferred purchase price for the disposal of DCB was based on the successful completion of active projects, upon trade settlements relating to those projects, and on profits for financial years ending March 2023 and 2024, respectively. In consequence of an administration of DCB, Kinovo's directors expect that any deferred consideration it may receive would only likely now arise from trade settlements and retentions related to contracts; this would be linked directly to the administration process and completion of the relevant construction projects. 

 

A further announcement will be made to shareholders as and when appropriate.

 

Sangita Shah, Chairman of Kinovo plc, commented:

"We are very disappointed to be informed of the appointment by DCB of the Joint Administrators. We are actively engaged with our legal advisors in establishing Kinovo's position in consequence of an administration of DCB, and we are also in direct discussions with the Joint Administrators."

 

Enquiries

 

Kinovo plc

Sangita Shah, Chairman

David Bullen, Chief Executive Officer

+44 (0)20 7796 4133

(via Hudson Sandler)

Canaccord Genuity Limited (Nominated Adviser and Sole Broker)

+44 (0)20 7523 8000

Andrew Potts

Bobbie Hilliam

Hudson Sandler (Financial PR)

+44 (0)20 7796 4133

Dan de Belder

Harry Griffiths

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFLFVEELIRLIF
Date   Source Headline
25th Aug 20239:10 amRNSForm 8.5 (EPT/RI)
25th Aug 20237:00 amRNSShare Incentive Plan, Director/PDMR Shareholding
25th Aug 20237:00 amRNSRule 2.9 announcement
25th Aug 20237:00 amRNSStatement regarding minimum potential offer
24th Aug 20232:14 pmRNSForm 8.3 - Kinovo plc
24th Aug 20231:00 pmRNSStatement regarding possible offer
4th Aug 20235:20 pmRNSAnnual Report and Notice of Annual General Meeting
19th Jul 20237:00 amRNSHolding(s) in Company
11th Jul 20237:00 amRNSFinal results for the year ended 31 March 2023
7th Jul 20237:00 amRNSNotice of Results & Investor Presentation
3rd Jul 20237:00 amRNSHolding(s) in Company
29th Jun 202310:58 amRNSHolding(s) in Company
22nd May 20237:00 amRNSAdditional Framework and Contracts Wins
17th May 20237:00 amRNSTrading Update
28th Feb 202312:00 pmRNSHolding(s) in Company
22nd Feb 20237:00 amRNSContract Win and NHMF Net Zero Carbon Framework
23rd Jan 20237:00 amRNSLondon Borough of Waltham Forest Contract Win
17th Jan 20237:00 amRNSHighest-ranking regional contractor awards
5th Dec 20227:00 amRNSNotice of Investor Presentation
28th Nov 20227:00 amRNSInterim Results
15th Nov 20227:00 amRNSNotice of Results
5th Oct 20227:00 amRNSRenewal of Debt Facilities
15th Sep 202212:06 pmRNSResult of AGM and Directorate change
15th Sep 20227:00 amRNSAGM Trading Update
13th Sep 202211:41 amRNSDirector/PDMR Shareholding
12th Sep 20228:18 amRNSHolding(s) in Company
26th Aug 20227:54 amRNSShare Incentive Plan purchase
23rd Aug 20222:38 pmRNSAnnual Report and Notice of Annual General Meeting
19th Aug 20222:05 pmRNSSecond Price Monitoring Extn
19th Aug 20222:00 pmRNSPrice Monitoring Extension
19th Aug 20227:00 amRNSFinal Results
28th Jul 20222:22 pmRNSHolding(s) in Company
27th Jul 20226:14 pmRNSHolding(s) in Company
27th Jul 20224:41 pmRNSSecond Price Monitoring Extn
27th Jul 20224:36 pmRNSPrice Monitoring Extension
27th Jul 20222:05 pmRNSSecond Price Monitoring Extn
27th Jul 20222:00 pmRNSPrice Monitoring Extension
15th Jul 202212:54 pmRNSHolding(s) in Company
11th Jul 20227:00 amRNSFurther update re DCB Kent Limited
25th May 20227:11 amRNSHolding(s) in Company
24th May 20225:20 pmRNSUpdate re DCB Kent Limited
17th May 20229:05 amRNSSecond Price Monitoring Extn
17th May 20229:00 amRNSPrice Monitoring Extension
16th May 20224:33 pmRNSUpdate re DCB Kent Limited ("DCB")
6th May 202211:06 amRNSSecond Price Monitoring Extn
6th May 202211:00 amRNSPrice Monitoring Extension
6th May 20227:00 amRNSYear-End Trading Update
31st Mar 20221:25 pmRNSDirectorate Change
12th Jan 20227:10 amRNSDisposal of Construction Division
7th Dec 20217:00 amRNSHalf year results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.