Kinovo PLC Update re DCB Kent Limited (6665M)
May 24 2022 - 12:20PM
UK Regulatory
TIDMKINO
RNS Number : 6665M
Kinovo PLC
24 May 2022
24 May 2022
Kinovo plc
("Kinovo" or the "Company")
Update re DCB Kent Limited ("DCB")
Kinovo Plc (AIM: KINO), the specialist property services Group
that delivers compliance and sustainability solutions, provides the
following update on DCB, its former subsidiary, since the release
by Kinovo, on 6 May 2022, of its trading update for the year ended
31 March 2022 (the "6 May Announcement") and the announcement of 16
May 2022 of the notice of the appointment of joint administrators
to DCB (the "16 May Announcement").
Kinovo is in discussions with the joint administrators of DCB in
relation to the construction projects of DCB that are subject to
the parent company guarantee by Kinovo.
Kinovo also wishes to advise that on 23 May 2022, it received a
Letter Before Action from lawyers acting for MCG Global Limited
("MCG"). The Company is taking legal advice and considers any claim
brought by MCG to be without merit. Further, the Company intends to
pursue counter-claims presently assessed at up to GBP3.7
million.
A further announcement will be made to shareholders as and when
appropriate.
Enquiries
Kinovo plc
Sangita Shah, Chairman +44 (0)20 7796 4133
David Bullen, Chief Executive Officer (via Hudson Sandler)
Canaccord Genuity Limited (Nominated Adviser
and Sole Broker) +44 (0)20 7523 8000
Andrew Potts
Bobbie Hilliam
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Dan de Belder
Harry Griffiths
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
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END
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