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Sarantel Group

  • BY: Andrew Hore |
  • POSTED: 31/05/2013 |

Miniature antenna manufacturer Sarantel Group is placing its main subsidiary in administration after immediate repayment of its debt was demanded.

Harris Corporation provided security for a £2m loan from HSBC and it has demanded that Sarantel immediately repays this loan plus interest of £17,000. Military radios manufacturer Harris which provided security in exchange for charges over the assets and IP of Sarantel Ltd.

The £2m loan facility was secured on 1 March 2012. Harris was not mentioned at the time but it was obtained to finance a large order from a “leading military radio manufacturer”.

Trading in the shares was suspended on 29 May. At the suspension price of 0.61p a share, Sarantel is valued at £680,000.

It is difficult to assess what will be left in the holding company but it appears that there is very little in the way of assets other than the Aim quotation.

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