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natch
You make a claim against a plc they cannot dissolve the company until court case is heard!
Thanks Harley, good to know
Was circa 3 months for the sub so this could be suspended and news-less for a while yet!
This is a complete joke. They need to update shareholders on what is actually going to happen to our investment
InTheMix - "I suppose everyone knew the risks, just hope we all get lucky on the next" Nobody knew the risks. In fact it was quite the reverse. Shareholders were led to believe that the survival of the German subsidiary would lead to the survival of the PLC. Who in their right mind would have thought the inverse to be true. The survival of the German subsidiary would lead to the destruction of the PLC. The German subsidiary coming out of 'Eigenverwaltung' has led to the PLC going into 'Eigenverwaltung' and beyond. Keep your ears to the ground. Reading the RNS again it seems to me they need the PLC going into insolvency before they can safely move forward with the sale of Hightex Gmbh without any legal objections.
Gster and Stevie really like to help, i'm afraid this is out of my experience-but if you need letters sent out or anything a layman can do i will gladly help. Many thanks-james
267, 040
Thanks for reply. I suppose everyone knew the risks, just hope we all get lucky on the next...
Stevie I am going to be out of circulation until next week. But will drop a mail through. We will need to present a Group front , that there is a collective action from the minority shareholders with c 10% of the overall share value - who are being represented by either an individual or group. that level of shareholding is enough to call an EGM - the EGM though has to have very specific detail around why it is being called - an asset sold off that prejudices the minority being one ( with a little extra detail) In the mix - the shares are just kept individually , no need to amalgamate( if thats what you mean) - its just a representation of the whole - a collective mind of the minority. However fundamentally the question I think all want answered is this - when and how much . The answer will be that either the suspension is lifted and the insolvency doesn't occur ( unlikely) or that the insolvency goes ahead and with the right outcome by making sure any financial transactions are properly apportioned ( ie not pushing debt into group and sale value into subsid) then there will be a final pot of money available to be distributed amongst the shareholders (300m) thats ALL shareholders. unfortunately that will take a little time. There are other scenarios to the biggest one being debt v asset (effectively sale value of gmbh) , and there is a lot of debt, what we dont know is how this deal has been structured and perhaps achieving an understanding of that equiation and the proposal will let everyone understand the potential outcomes. Hopefully no one needs the money they invested today! any outcome will take a little while.
Stevie, how would we go about sorting the shares out? If we are all merging them? Which was a great idea whoever thought of it... Have to also say I'm impressed with the intelligence of this board and hope we all get a decent settlement out of this. ":^)
The main thing thats bugging me currently is the outstanding information... 1. Solarnext - what is the company valued at and are those accounts audited? What is the sale price? 2. What will happen with capital gained from the Brazil insurance claim? 3. Is it in the directors interest to get best value for money for the shareholders of HTIG when selling assets (i.e. what are the conflicts of interest, if any)? The exchange of loans between the various companies and the valuation of assets seems clouded. I would like to review if this is merely a transfer of assets by the majority shareholders in order to write off debt, and if so, pursue that issue to the LSE & FSA. Any other avenues to follow?
they already said they wont be continuing as no revenue will be generated!!but:: we need to know:: 1) what happen to the solarnext? 2) what will happen to the brazil money? i am sure bod will make a better deal,because they might get some rebate from taxes because of old losses??(18,million)!!
We should be told the terms of the sale of HTIG Gmbh before its accepted, god knows whats going to happen with the group
shouldnt we wait a bit? as i feel like we might get something out of here!!we still dont know the figures here,or who is getting what??sorry if wrong!!
Yes, thanks Stevie, im sure all holders will owe you one if you follow though with it
That someone has come forward to lead a shareholder action group. james
Appreciate your input on the board, I would be interested in investing time to protecting our shareholder rights. I run my own construction commercial management consultancy and am available to pick this up next week; I'd need to carry out research on the topic but am willing to pick this up. Im only carrying 1m shares but not too happy with where the boards decisions are leading us. Happy to carry out any tasks that may arise from our research and coordinate our approach to the topic. Thanks
I think that's what I was implying. The 1 concern is however that GmbH ( the only assett) is approved to be sold and sold before it can be questioned. Once that's done the final - let's call it repayment To sharehioders (creditors ) - will be un-influenceable ( made up word for speed) A blocked sale and a question over its validity, whether its best for all sharehioders may at least provide some leverage . The RNS states that it would seem the sale has been accepted and that its is somehow wrapped up the the "procedure " - I can't see both being interlinked . The procedure was to protect the business whilst a solution was sought- The sale whilst is some sort of solution would I believe be separate from the procedure . Got time to take advice today will revert if it sheds light. G
Gster I have no doubt what you and CEO2 have touched upon is only the tip of the iceberg. However the primary concern for retail shareholders is not really the shenanigans of the past but what happens as of now to their investment. Until further news is released its impossible to plan any rear guard action. What is of paramount importance is that ears are kept to the ground and research done so that all are aware of any impending court cases or insolvency hearings.
JLF I believe sharehioders would he best served blocking sale of wholly owned subsid assets right now. These assets are the only group assets they are fully managed by the group and therefore part of the group. I am overwhelmed by work in my own businesses to be able to dedicate time but I believe the sale of this asset alone under the noses of a large group of cohesive minority shareholders needs to be stopped ( and assurances sought and delivered)to preserve any shareholder value on liquidation. Bottom line is this might not be a fair value sale. Potentially its a vehicle for future value for current board . On top of the extrication of the solar next asset. I would think that both those options are enough to raise an action that minority shareholders have been prejudiced. With over 5% the group can call and EGM but it needs to be on specific grounds- separate I don't think the percentage necessarily matters for blocking a sale of asset ( although it will help) For the record I am not a legal expert but have acquired business - pre pack and distressed . So someone needs to take advice and act in this group - Which German court is hearing the action and who should correspondence be directed to? CEO2 has great insight -however it needs distilled to a common solid fact based argument regarding actions that have affected the minority - speculation won't work As I said - I am up to my @@@@ in it today - anyone want to pick up the bat?
Sold out on the 30th October but..... Wed, 2nd Oct 2013 12:01 RNS Number : 5378P Hightex, a leading systems engineering company which designs, fabricates and installs large area, cable supported membrane roofs and facades worldwide, announces that it has raised €255,000 by way of a short term loan. This loan has been advanced to SolarNext AG ("SolarNext"), 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. All three directors of the Company and John Gunn, a significant shareholder in the Company, have subscribed for a portion of the Loan as detailed below: 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.....unquote The loan deal stinks
This was the proposed actions to keep Hightex going.....Quote 3. Going concern The Group has been actively managing the review of the going concern position, including the following material measures: · Capital increase in SolarNext AG in order to repay loans from SolarNext AG to Hightex Group plc · signing a loan facility with TCA Global Credit Master Fund, LP for up to USD 10,000,000, of which the first USD 1,800,000 has been drawn down · negotiation with some creditors regarding the payment terms of proposed settlements · negotiation on an insurance case claim with a view to receiving a potential part payment with reference to a resolution of the problem of the Brazilian JV · contact being made with potential partners in order to assist Hightex on the financial terms for potential new projects. unquote. FACTS: The Directors loaned 255,000 to SolarNext who gave it to GMBH ?????? whilst SolarNext actually owed money to Hightex Group PLC?????? So why the need for a capital increase in SolarNext????? SolarNext is now in the hands of the directors by defaulting on the 255,000 loan and I wonder if they managed to get the rest whilst owing monies to Hightex PLC other questions: TCA where are you? as you owned the assets by way of a charge and were certainly due 1/3 of the company in share guarantees. Insurance case? is it over Potential Partners?....... were they directed to GMBH This is a tangled weave and looks like it was carefully planned.
Sound advice, never nice hearing someone is in that situation. SPC not all is lost yet, the PLC has some value and hopefully us PI's will see some of it!
SoulPowerClub - "So before I come clean to my wife, do we think there is a glimmer of hope that we'll be getting anything back at all? Or is our money long gone" The PLC is not in insolvency yet. The insolvency is just a proposal at the moment. Shareholders need to digest the next RNS to see what went on and obtain all the facts. Whatever is in the next RNS nothing is irreversible or can't be challenged. Hightex PLC was not a company capitalised at millions before it was suspended. It was only capitalised at £500k. This is peanuts in terms of market caps. If the buyer of the German subsidiary is the Russian billionaire then she can well afford to throw an additional £500K at the beleaguered shareholders. Maybe she has put additional money on the table for the shareholders but the directors have embargoed it for unpaid fees, severance pay, pension pot top ups and whatever other excuses they can find. The tax losses alone for the PLC runs into millions. As Gster stated they can well afford to pay 0.15p per share. But at the moment its just a question of wait and see because you don't have any details. However shareholders must keep their ears to the ground. Do a bit of research for court dates and insolvency hearings. No need for expensive lawyers you don't need them in this day and age of the internet. You can represent yourselves collectively. But at the moment there is nothing to go on because the directors have only recommended insolvency that's all. "The directors have concluded that an insolvency procedure should be commenced immediately and details will be confirmed as soon as practicable." Don't let that scary talk put you off defending your rights. Did you notice how the headline was all in BLOCK CAPITALS where as all previous RNS headlines have been more civilised.