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 David Bullen, Chief Executive Officer | +44 (0)20 7796 4133 (via Hudson Sandler) |
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Canaccord Genuity Limited (Nominated Adviser and Sole Broker) | +44 (0)20 7523 8000 |
Adam James Andrew Potts Harry Rees | |
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Hudson Sandler (Financial PR) | +44 (0)20 7796 4133 |
Dan de Belder Harry Griffiths | |
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