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Hexagon Human Capital

  • BY: Andrew Hore |
  • POSTED: 17/02/2009 |

Hexagon Human Capital says that it has received a bid approach.

The approach for the executive search and interim management provider says that the approach is from a third party. No potential valuation is mentioned.

This sparked a 9p rise in the share price to 48.5p, which values Hexagon at £9.45m. 

Hexagon also plans to swap £1.5m of bank debt with Barclays with a £1.5m convertible loan note. As part of this deal Hexagon will have to raise £300,000 from a share issue within 60 days of the convertibles being issued. A general meeting will have to be held for the convertible issue to happen.

This will improve the working capital position. This will provide flexibility for the company if trading deteriorates. Hexagon remains confident about current trading.

Analysts forecast profits of £6.2m in the year to March 2009, which puts the shares on less than three times forecast earnings.

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