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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.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf

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