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Hexagon Human Capital

  • BY: Andrew Hore |
  • POSTED: 06/12/2009 |

Hexagon Human Capital says that a re-forecasting exercise has revealed that cash flows will be weaker than expected.

The executive search and interim management provider has not been able to make scheduled payments to HMRC. This is obviously why it has not agreed new banking facilities. Past cash flow forecasts were over optimistic.

The initial bank facilities deal that was announced involved the conversion of Hexagon’s overdraft into a term loan. A further £500,000 was to be available from an invoice discounting facility.

Profits will be lower than expected and Hexagon needs to make the HMRC payments to ensure its future.

Hexagon says that it can’t afford to pay termination payments to former chief executive and finance director, Jonathan Wright and Carl Thompson respectively. They have not accepted a proposed rescheduling of payments.

At 18p a share, Hexagon is valued at £3.97m. 

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