Kin Group Plc (LON:KIN) has seen an overwhelming majority of its creditors and its shareholders approve the directors’ proposals for a Creditors' Voluntary Arrangement (CVA), edging its shares closer to coming back from a current trading suspension on AIM.
In a statement on Tuesday, Kin said that the CVA proposals were approved by 98.68% of creditors by value at the creditors’ meeting on October 23, with 1.32% of creditors abstaining.
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Meanwhile, at the shareholders' CVA meeting, held this morning, the proposal was approved in a poll - sent out on October 5 - by 99.78%, with 0.17% voting against the plan, and 0.05% abstaining.
The group added that at a general meeting after the CVA meeting, all the company’s resolutions were also almost unanimously approved including the allotment of shares under a placing, a subdivison of shares, and the appointment of two new directors.
Kin – which now constitutes a cash shell – said that following completion of the CVA and of the placing, which is expected to take place at 8:00 am on 26 October 2017, its directors believe that the company will have clarified its financial position and will apply to AIM for the trading suspension in its shares to be lifted.
The firm added that further announcements will be made as appropriate.