Kin Group PLC (LON:KIN) has announced details of a financial restructuring and corporate overhaul that will see it emerge as a financial shell and allow the resumption of trading in its shares on AIM.
Two company turnaround specialists, John Taylor and Lindsay Mair, are to join as non-executives, with all of the current board standing down, bar chairman Donald Stewart who is staying on.
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A company voluntary arrangement that will see debts of £2.27mln swapped into shares has been proposed alongside a placing that will raise £1mln.
If the CVA and placing go ahead, the share capital will be restructured and an application made for trading to resume on AIM.
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As a cash shell, Kin will then have six months to carry out a reverse takeover of a trading business, otherwise its listing will be cancelled.