Kin Group (formerly Fitbug) is delaying its return to Aim

 
Alys Key
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The London Stock Exchange
Kin Group was expected to resume trading today (Source: Getty)

Kin Group, a cash shell which was once known as Fitbug, has delayed its return to trading on London's junior market.

Earlier this year the beleaguered company sold its Kin Wellness business, a corporate fitness company which had evolved from Fitbit rival Fitbug. It was bought by Australian tech company SMG for £50,000 in September.

This left the company as a cash shell, meaning it needs to make an acquisition which would become a reverse takeover in the next six months.

Shares in the Aim-listed company have been suspended since one of its creditors pulled funding in July.

It had been due to begin trading again this week after securing a company voluntary arrangement (CVA), which stopped it from going into administration.

Read more: Jog on: Fitbug is no more as it runs away from retail

But today it announced that it would complete a consolidation of its shares before resuming trading.

This is conditional on the approval of shareholders, and if the suspension on Kin's shares is not lifted for any reason, this could affect previously agreed-on actions.

These include the CVA, the placing of new shares and board changes to add administrators from ReSolve to the board, all of which were conditional on the lifting of the suspension.

Read more: The company formerly known as Fitbug has halted its shares... again

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