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Hightex Group

  • BY: Andrew Hore |
  • POSTED: 26/03/2014 |

Shares in Hightex Group have returned from suspension after the membrane roofs and facades installer reported its 2013 interim figures and secured a $10m loan facility. 

TCA Global Credit Master Fund is providing a facility of up to $10m. So far, $1.8m has been drawn down. There should be enough cash available for the next six months and it could be extended for a further six months. The loan has an interest rate of 12% a year, a daw down fee of 3% and a fee of 0.5% a month on amounts outstanding. The loan is secured on Hightex’s assets. TCA will receive a $200,000 loan services fee in Hightex shares but if these shares are sold for less than $200,000 then Hightex has to make up the shortfall.

In the first half of 2013, revenues fell from €7.9m to €3.4m, while the loss rose from €1m to €1.5m.

A provision will be made for the money owed by the Brazilian joint venture. All three contracts for Brazilian stadia have been completed.

Hightex says that it has sold 50.2% of SolarNext. In December 2013, 39.2% sold 30.6% for €397,000. Last October, it was stated that a €225,000 loan was being arranged. The loan terms were being finalised but it was going to be secured on the share capital of Hightex’s solar heating subsidiary SolarNext and last for six months. The interest rate was going to be 10% a year. If the loan was not repaid by the end of March 2014, then the loan holders would receive 39.2% of SolarNext and have an option to acquire the rest. The loan terms were changed and the lenders received 19.6% of SolarNext instead. Hightex contributed to the loan and have become shareholders in SolarNext.

Trading in the shares was suspended on 26 September at 1.2p a share. The share price has more than halved to 0.56p, which values Hightex at £1.6m.

Hightex is seeking an industry partner which has the cash to help exploit the company’s technology.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFMarch2014_54.pdf

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