Kinovo hunts for new auditor after shareholder rejects incumbent's reappointment

Property services company Kinovo announced on Friday that it has initiated a tender process to appoint a new external auditor, after a significant shareholder vote led to the rejection of the reappointment of Moore Kingston Smith at its annual general meeting on 29 August.

The AIM-traded firm said it would keep shareholders informed once a new auditor was appointed.

In line with regulatory obligations, Kinovo said it had notified the Secretary of State for Business and Trade of the situation, as required by the Companies Act.

It said Moore Kingston Smith, which had served as Kinovo's auditor for the last eight years, would complete the closing and signing off of the group's subsidiary company accounts for the financial year ended 31 March, to ensure the company's immediate auditing needs were met during the transition period.

At 1100 BST, shares in Kinovo were up 1.54% at 66p.

Reporting by Josh White for Sharecast.com.