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hightex group plc (HTIG) Snapshot

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04/22/13 - 1.63 GBp
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hightex group plc (HTIG) Details

Hightex Group plc, together with its subsidiaries, designs, produces, and installs polymer membrane tensile structures in the United Kingdom, Europe, North and South America, Africa, the Middle East, and internationally. The company operates through Membrane Business and Solar Business segments. Its products are used as roofs and facades for sporting stadia and arenas, airport termini, railway stations, shopping malls, and other large area structures. The company also develops and sells solar cooling systems and related controllers to replace electrically powered air conditioning systems. In addition, it offers a range of services to the construction industry, such as budgeting support, concept design advice on fabric selection and feasibility, early stage design input, full design, project management, structural design, foundation design, membrane analysis, form finding, load analysis, pattern making, turnkey design/fabrication/installation, membrane and structural fabrication, installation, warranty, and maintenance services. The company was incorporated in 2006 and is based in London, the United Kingdom.

49 Employees
Last Reported Date: 05/30/13
Founded in 2006

hightex group plc (HTIG) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: €216.0K
Executive Chairman, Chairman of Remuneration ...
Total Annual Compensation: €96.0K
Compensation as of Fiscal Year 2012.

hightex group plc (HTIG) Key Developments

Hightex Group plc Enters into Loan Facility Agreement of Up to $10 Million with the TCA Global Credit Master Fund LP

Hightex Group plc announced that it has entered into a loan facility agreement of up to $10 million with the TCA Global Credit Master Fund LP. The directors of the company expects that the loan, of which $1.8 million has been drawn down, will provide the company with sufficient working capital for at least the next six months. In reaching this conclusion, the Directors have assumed that the company will secure a lower level of revenues in the current financial year than those achieved during the financial year to 31 December 2013 and modest inflows from the company's (non-Brazilian) debtors. Principal terms of the loan: Coupon of 12% per annum, together with a draw-down fee of 3% and a collection fee of 0.5% per month on amounts outstanding; Secured by way of a debenture of the assets of the Hightex Group plc; Term of six months, extendable, at TCA's discretion, for further periods of six months; and A loan services fee, payable only upon request by TCA, of $200,000 to be settled through the issue of new ordinary shares in the Company. If the New Shares are sold and the proceeds are less than $200,000, then the Company will make up the shortfall by way of a cash payment or the issue of such additional shares as is necessary at the prevailing issue price.

Hightex Group plc Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2013

Hightex Group plc announced unaudited consolidated earnings results for the six months ended June 30, 2013. For the period, the company announced revenue of EUR 3,426,000 compared to EUR 7,908,000 for the same period a year ago. Underlying loss before interest, tax, depreciation and amortization was EUR 1,026,000 compared to EUR 499,000 for the same period a year ago. Operating loss was EUR 1,389,000 compared to EUR 927,000 for the same period a year ago. Loss before tax was EUR 1,483,000 compared to EUR 999,000 for the same period a year ago. Loss for the year attributable to equity holders of the company was EUR 1,489,000 or 0.53 cents per basic and diluted share compared to EUR 1,000,000 or 0.35 cents per basic and diluted share for the same period a year ago. Net cash used in operating activities was EUR 18,000 compared to net cash generated from operating activities of EUR 325,000 for the same period a year ago. Acquisition of property, plant and equipment was EUR 145,000 compared to EUR 186,000 for the same period a year ago. The stadia of Maracana and of Beira Rio contributed most of the first half revenues. The 60% fall in revenues resulted in a gross profit EUR 0.5 million(2012 first half: gross profit of EUR 1.1 million). This is mainly explained by the low turnover for the Brazilian stadia of Porto Alegre and Natal in the first half of 2013.

Hightex Group PLC Raises €255,000 Short Term Loan

Hightex Group PLC announced that it has raised €255,000 by way of a short term loan. This loan has been advanced to SolarNext AG, a wholly owned subsidiary of Hightex, which has in turn lent the €255,000 to Hightex GmbH, and has largely been used to satisfy certain German creditors. The terms remain to be finalised, but the Directors anticipate that the €255,000 loan will be for a six month term and be secured over 100% of the share capital of SolarNext. It is proposed that the Loan be repayable on 31 March 2014 and carry a coupon of 10% p.a. payable on redemption. It is also proposed that if the loan is not repaid at that date, the holders will receive approximately 39.2% of the share capital of SolarNext which will be distributed pro rata to the amount of the loan subscribed. In addition, it is intended that the providers of the loan will have an option to acquire the remainder of SolarNext on terms that will require approval by all shareholders.


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