REG - Kinovo PLC - Renewal of Bank Facilities

KinovoAnnouncement

05/09/2023 07:00

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RNS Number : 3396L  Kinovo PLC  05 September 2023

5 September 2023

Kinovo plc

("Kinovo" or the "Company")

 

Renewal of Bank Facilities

 

Kinovo Plc (AIM: KINO), the specialist property services group that delivers
compliance and sustainability solutions, is pleased to confirm that it has
completed the renewal of its banking facilities with its partner, HSBC UK Bank
plc.

 

The facilities have been renewed to 31 May 2024, to align with Kinovo's
year-end reporting schedules, and are customarily repayable on demand. They
consist of a £2.5 million overdraft facility at an interest rate of 2.85%
above the Bank of England base rate and a £6.0 million purchasing card
facility, on which there is no interest charge.

 

The renewal of the facilities was highlighted in the auditor's report and the
going concern statement (note 2.1) in Kinovo's 2023 Annual Report and Accounts
as a material uncertainty related to going concern. With the renewal of these
facilities now being signed, this matter of material uncertainty has now been
addressed and resolved.

 

 

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
 Adam James

 Andrew Potts

 Harry Rees

 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, this information is now considered to be in the public
domain.

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