KINOVO PLC

Legal Proceedings Report • May 24, 2022

National Storage Mechanism | Additional information

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 £3.7 million. 

A further announcement will be made to shareholders as and when appropriate.

Enquiries

Kinovo plc
Sangita Shah, Chairman David Bullen, Chief Executive Officer	+44 (0)20 7796 4133 (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, this information is now considered to be in the public domain.

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