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Kenetics

  • BY: Andrew Hore |
  • POSTED: 22/12/2010 |

Radio Frequency Identification (RFID) technology developer Kenetics intends to leave Aim.

The shares fell 1p to 2p a share, which values Kenetics at £820,000.

Directors and other major shareholders support the cancellation of the quotation and that means the company already has more than 75% support for the motion. The meeting will be held on 18 January. Kenetics has been on Aim since 18 August 2006.

Kenetics does not feel that the share price reflects the progress of the business and it makes it difficult to raise cash.

The costs of being quoted are £125,000 a year and Kenetics is short of cash. Net debt was £666,000 at the end of June 2010, and there was a further £599,000 owed to directors.

Kenetics lost £206,000 in the six months to June 2010, which is more than in the previous 12 months. Revenues fell from £570,000 to £472,000.

Kenetics is setting up a matched bargain facility run by its broker SVS Securities.

The strategy is to provide an exit for shareholders within a three to five year period. That could be via a trade sale or a flotation on another market.

Download the December edition of AIM Journal at http://www.hubinvest.com/AIMPDFDecember2010_15.pdf

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