Kin Group Plc (LON:KIN) has explained the decision to consolidate its shares ahead of a fund raise and return from suspension on AIM.
“The directors recognise that having over 125bn shares in issue might create market stability issues.”
READ: Kin Group delays resumption of trading
Approval is now being sought to consolidate the shares on a 5,000-into-1 basis.
A shareholders meeting will be held on November 13 to approve the consolidation, which is one of the conditions required for the group’s refinancing plan to go ahead.