Kin operating subsidiary sold by administrators
StockMarketWire.com - Administrators have completed the sale of the business and certain assets of Kin Wellness to SMG Investment Holdings Pty, an Australian company based in Brisbane, for £50,000 in cash.
Kin Group said the proceeds would be used to pay creditors and it was unlikely there would be sufficient realisations in order to make a material distribution to the company.
Trading in the group's shares has been suspended since 18 July following Belastock Capital;s decision not to proceed with the three further tranches of the convertible loan note, initially announced on 15 May.
Kin Wellness - the group's operating subsidiary - appointed Simon Harris and Ben Woodthorpe of ReSolve Partners as administrators at the end of August.
The group said the directors remained in discussions with potential investors to raise new equity funds by way of a placing.
It said this would require the approval of shareholders.
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