Shares in Kin Group Plc (LON:KIN) resumed trading on AIM this morning having been suspended since the middle of July while the company shored up its finances.
Kin investors voted to approve a 5,000-into-one share consolidation earlier this week, which was one of the key conditions of the proposed financial restructuring.
READ: Kin Group PLC to consolidate on a 5,000-into-1 basis
With that condition now met, Kin – which remains a cash shell – has successfully swapped its £2.27mln of debt into equity and raised £1mln in new cash.
As it is a cash shell, Kin has until the end of February to make an acquisition before the London Stock Exchange will suspend its shares.
If nothing happens for another six months while the shares are suspended, the LSE will cancel its listing.
READ: Kin Group says overwhelming majority of creditors, shareholders approve CVA proposals
Of the previous directors, Anna Gudmundson, Richard Goodlad, Heidi Steiger and Mark Ollila have now resigned while Donald Stewart remains as chairman.
Cash shell specialists John Taylor and Lindsay Mair have now joined the board as non-executives.