Hightex Group PLC Loan Facility & Restoration to Trading on AIM (1871D)
26 Mars 2014 - 8:02AM
UK Regulatory
TIDMHTIG
RNS Number : 1871D
Hightex Group PLC
26 March 2014
Hightex Group plc
("Hightex" or the "Company")
Loan facility of up to $10m and re-admission to trading on
AIM
Hightex, a leading systems engineering company which designs,
fabricates and installs large area, cable supported membrane roofs
and facades worldwide, is pleased to announce that it has entered
into a loan facility agreement of up to $10m ("the Loan") with the
TCA Global Credit Master Fund LP ("TCA").
The Company was suspended from trading on 26 September 2013
because of a material uncertainty over certain receivables due from
its Brazilian joint venture, SEPA Hightex Coberturas Ltda, which
prevented the Company from reporting its interim financial
statements for the six months ended 30 June 2013. The Company has
clarified its financial position and a provision has been made for
these receivables. Accordingly, Hightex has today issued its
interim results for the six months ended 30 June 2013 and will be
re-admitted to trading on AIM with effect from 7.45am on 26 March
2014.
The directors of the Company (the "Directors") expect that the
Loan, of which $1.8m has been drawn down, will provide the Company
with sufficient working capital for at least the next six months.
In reaching this conclusion, the Directors have assumed that the
Company will secure a lower level of revenues in the current
financial year than those achieved during the financial year to 31
December 2013 and modest inflows from the Company's (non-Brazilian)
debtors.
Charles DesForges, executive chairman of Hightex, commented:
"We are very pleased to be trading on AIM once again and thank
TCA for their support in this process. We now have funds which will
allow us to build on our acknowledged technical expertise. Hightex
continues to work on a pipeline of substantial projects and we look
forward to updating shareholders in due course"
Principal terms of the Loan
- Coupon of 12% per annum, together with a draw-down fee of 3%
and a collection fee of 0.5% per month on amounts outstanding;
- Secured by way of a debenture of the assets of the Hightex Group plc;
- Term of six months, extendable, at TCA's discretion, for further periods of six months; and
- A loan services fee, payable only upon request by TCA, of
$200,000 to be settled through the issue of new ordinary shares
("New Shares") in the Company. If the New Shares are sold and the
proceeds are less than $200,000, then the Company will make up the
shortfall by way of a cash payment or the issue of such additional
shares as is necessary at the prevailing issue price.
For further information:
Hightex Group plc
Charles DesForges, Executive Tel: +44 (0) 20 7603
Chairman 1515
Frank Molter, Chief Executive www.hightexworld.com
Officer
finnCap (NOMAD & Broker to Hightex)
Geoff Nash - corporate finance Tel: +44 (0)20
7220 0500
Simon Starr - corporate broking www.finncap.com
Plumtree Capital (Financial Advisor Tel: +44 (0) 207
to Hightex re: TCA) 183 2493
Stephen Austin www.plumtreecapital.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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