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I think that you will find that SolarNext belongs to the Directors and Mr Gunn .... Tue, 30th Sep 2014 12:37 RNS Number : 0222T Due to the issue for shares for cash in SolarNext AG the Hightex Group plc shareholding in SolarNext AG has decreased, with a current holding of 26.06%. Providing working capital from all possible sources in the second half of 2014 included a capital increase (by issuing new shares for cash) at SolarNext AG in order to repay a loan to Hightex Group plc. Another capital increase in SolarNext is in execution and shall be terminated by end of October 2014....unquote The loan made by the Directors to SolarNext was actually loaned on to GMBH who were skint so the Directors personally received shares in SolarNext as there was a default clause if they did not repay the loan in six months. Why did they loan money to SolarNext and not GMBH? In the meantime SolarNext already owed money to the HighTex Group so to repay this SolarNext issued more shares and I wonder who got these? Perhaps if anyone has the stamina they can look into who owns SolarNext officially after the dust settles.
Very good post there, I'm happy to put my 2.8 million into this purse, but i won't be able to lead anything. Should we compile a list of holdings from everyone here? Im sure we have over 15 million.
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If it could be defined as a takeover rather than an acquisition of a subsid. then its possible for shareholders to block. In uk 5% allows ability to force EGM- c 15 million Not sure the ruling in Germany and don't have time to pursue , but if anyone out there in the minority wants to add their share pot to total and it alls ads to 15 million and change then maybe its possible to get a seat at the table with one representative . you would need someone to lead the charge cohesively though . Feel free to consider my 700k in the pot. Its worth nothing but leverage now ( in combination with others) . Alternatively if someone can prove that the subsid owes the group then potentially any group debt should attributed to the charge . Interesting that article on the Russian acquisition - wonder if solar next fits into that plan too (?is that IP wrapped up in the German subsid too? If not and its in the holding group then the shareholders own the assett - forward revenue or not. - would work as a bit of leverage too) As a last thought - I wonder what the aquisition value is (if its a pre- pack then it will be low but with gaurantees written in) if its for real value that might be interesting. Finally can't undestand why there was a closed bid - and that it seems concluded already. Would like to see those minutes from the board meeting. JLF good posts ATB
For a company like HTIG, you will get nothing.
Although they had written contracts in Q1 of 2015, which was the main reason i was in here! You win some you lose some =/
Joe would you be able to talk to the relevant legal bodies about the way HTIG has went about things? You seemed very switched on about them
Feel pretty crap now, and i did say the suspension wasn't positive......oh well! all those millions of shares down the drain for me lol
Latino - "Guys, no one in their right minds could have pre-empted this....its one you just have to learn from...and move on." The trouble is there is nothing to learn. How can you avoid this happening to you again. Normally before suspension and insolvency the directors would advise shareholders in an RNS that if talks fail or whatever "there will be little or no value left in the shares". This has not happened here. The directors have always indicated the problems in Brazil affected only one subsidiary. The German subsidiary is such a percentage of the overall PLC that this is effectively a takeover for the whole company for which they are attempting disenfranchise retail shareholders financially and by not allowing them to vote.
Great post,once again lied to by directors,i bet the directors will be fine,
Guys, no one in their right minds could have pre-empted this....its one you just have to learn from...and move on.
I suspect the Austrian company is Inteco Beteiligungs GmbH which is owned by Yelena Baturina the Russian billionaires. The article below is an earlier purchase of hers. http://www.azocleantech.com/news.aspx?newsID=20382 Inteco Beteiligungs GmbH, an Austrian company owned by Russian businesswoman Yelena Baturina, has signed an agreement with the German company RE-Pro (RE-Pro Renewable Energy Provider KGaA) for the development of a project aimed to generate, use and market renewable energy in Europe.
"The directors have concluded that an insolvency procedure should be commenced immediately and details will be confirmed as soon as practicable." Practise telling us who the Austrian Company is and who the directors and shareholders are? Practise telling us how much they paid? Practise telling us if any Directors are involved past and new (major shareholders too)? Practise telling us how the 3.3 million claim went? Practise telling us how TCA got off lightly? Practise telling us why you devalued the company by 4.5million in good will, before you sold out Practise telling us who gets SOLARNEXT Practise telling the TRUTH ..... OOOOOppppps sorry this is aim ..... and you dont have to!
I meant January
... they did not listen...."No news of loan came ! One month later just days before xmas the sp (as you know) went up to mid 0.40's. I SOLD from 0.32p doubling my investment ! I could not resist taking the profit on that day ! I had been in since AUG/SEPT time and had given them until xmas to win a new contract; Which they had not yet done.! Call me greedy, but I choose to get a return on my punt ! Should I have stayed in ? that's what I am waiting to see /find out. YOU JUST FOUND OUT .... congrats
too late ..... they sold out to the Austrians...... gosh Hitler would be proud
Post recommended. Most of us have been there and it isn't nice, but the truth is a lot of AIM companies are at times, months, weeks or days away from the precipice. Some recover and offer stunning returns and others don't. It's all about balancing your exposure and protecting your capital where possible. Sorry for all holders I hope that you make up the loss on your next investment.
To be fair, it's very rare for an active investor - who likes the AIM market - not to have made a poor decision or been in a share that got suspended at least once... we can't all pick winners all the time....
so after sale of any assets and stake in solarnext.receivables from brazil,and if possible text rebate,there might be still a little bite left for shareholders??any idea?
Yes. Stick together for the German subsidiary is so large this is technically a takeover of the company.
as per june 2014== total assets for company is==12339000. total liabilities==11546000. if we deduct good will and receivable from total assets is(12339000-2496000-1296000=7647000). current liabilities are==11546000. companies retain losses are==18030000.!!?? does anyone have any idea if company is sold that losses can be claimed?? and if yes then. (1) we need to know what happen to the solarnext stake. (2) we need to know what will happen to the receivables from brazil. (3) we need to know what will happen to the retained losses if can be claimed back??
Fair points but some will be sore today after losing money and not expecting this to happen hence some of the psots have been a bit OTT. Perhaps the best thing we can ALL do is think of questions to ask and perhaps someone may complie a list to forward to the company/nomad at the end of this week? As you say - if we all speak as one they might listen and give us a reply...
Sooner or later we will all get stung on aim, chins up holders! Don't let the onlookers get you down. All the "I told you so's" are doing my head in!
CEO2 I agree so many issues here. Maybe the 2x3% share holders had to be bought out because they had sufficient holdings to call an EGM and block what the directors had planned. Who is the Austrian company . The directors never revealed they were in takeover talks which is against stock market rules.. I just wish the little people on here would shut up.The last thing the directors would want to see is corporation and coordination between retail share holders.