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LONDON - Kinovo plc announced Friday that the High Court has sanctioned the scheme of arrangement for its acquisition by Sureserve Compliance Holdings Limited, an indirect wholly-owned subsidiary of Sureserve Group Limited.
The all-cash acquisition, first announced on May 14, is expected to become effective on July 1 following registration of the court order with the Registrar of Companies.
Trading in Kinovo shares on London’s AIM market will be suspended from 7:30 a.m. on July 1, with the last trading day set for June 30. The company expects cancellation of its AIM listing to take effect from 7:00 a.m. on July 2.
Following the court sanction, Kinovo confirmed that 1,027,142 new shares will be issued to satisfy the exercise of outstanding options under the company’s CSOP (Company Share Option Plan). These shares are expected to be admitted to trading on AIM around 8:00 a.m. on June 30.
Among the executives exercising options are CEO David Bullen, CFO Clive Lovett, and COO Lee Venables, each receiving 85,714 shares. Following these transactions, Bullen will hold approximately 4.97% of the enlarged share capital, while Lovett and Venables will hold 1.78% and 1.87% respectively.
Upon completion of the share issuance, Kinovo will have 64,388,457 shares in issue with total voting rights of the same amount.
Sureserve has confirmed that the financial terms of the acquisition are final and will not be increased unless a third-party offer emerges.
The information in this article is based on a press release statement issued by Kinovo.
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