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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.
SolarNext has been sold bit by bit to the Directors and Mr Gunn.... they should have asked for shareholder approval for the last 26% ....but circumstances overtook events. SolarNext is in private hands.
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.
"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
less
There are so many issues that are never going to be addressed. The 3.3m bad debts are the subject of an Insurance Claim and a Court Case, so what happened to the claim and what happened to the legal action?. What happened to SolarNext? ..... How do 2 sales of 3% sneak through days before the RNS? The biggest question of all is 'Why would a Company that is about to declare a huge loss reduce their 'GOODWILL VALUE" by 4 MILLION? .............. I think what's going to happen here has been carefully planned and it is now being played out.
NO WAY are they able to draw down on any more funds from TCA ........... They are in default!!!!! and that will cost them dearly..... oh no they don't have any funds so what the heck.... oh except for the 'takeover funds" they need £8million to carry on the business that is worth 2 years back profits and 3 years forward profits.... that about emmm MINUS 5MILLION..... and a bit...... if anyone takes this on they are going to make YOU pay
I add..... that TCA 'are' not in a good position because... The Directors are buying the assets from Hightex (which are owned by TCA) in a fire sale under the noses of TCA (and the shareholders)... TCA own all of the assets and 33% of Hightex shares....TCA are not in a good position as they have let this thing happen.... All will be put right as TCA are an honest YET ruthless lender.... Hightex directors are not.... search who owns SolarNext? Anyone looking to take over Hightex will get it for a negative value..... I see Red and Russians ....shame but eh?
DAYS before SUSPENSION....Must have been St David's day ie. leeks everywhere.................sorry guys TCA don't negotiate so I expected the worst. I quote "TCA Fund Management Group, a U.S. and UK-based investment management company that specializes in senior secured lending and advisory services, announces it has reached a settlement with Pharmagen, Inc. (PHRX) in a dispute between the two parties. Pharmagen will be responsible for payment of its full loan amount, accompanying fees, default interest, and legal fees incurred by TCA. The nearly $2.5 million settlement stems from line of credit and debenture advances Pharmagen took from TCA in 2012 and 2013. The agreement requires Pharmagen to satisfy its obligations by March 15 or June 15, 2015, depending on the repayment schedule it is able to meet. “We are always the senior secured lender in the funding we provide companies and will vigorously fight any unauthorized changes to the terms of the agreement,” said Bob Press, founding partner of the TCA Fund Management Group. “It is our duty to protect to protect the resources of those who invest in our Global Credit Master Fund and believe in the tightly structured way we conduct business.” ....... hope I'm wrong but I've never seen a way out of the TCA situation as soon as they signed their life away.
We expected dividend payments in 2010......... we had earnings of .78 a share...but the Greedy B****** s never paid
you said it but you need to apologise as it is total garbage and I thought better of you !!! and I quote ... "but in 2011 we made a profit !!!!!! " 8 April 2012 Hightex Group plc Preliminary Unaudited Results for the Year Ended 31 December 2011 Hightex Group plc (AIM: HTIG), a leading systems designer and installer of large area membrane roofs and façades worldwide, announces its preliminary unaudited results for the year ended 31 December 2011. Financial Overview: · Turnover of €19.4 million (2010: €30.2 million) · Gross loss of €1.9 million (2010: gross profit of €5.7 million) · Pre tax loss of €5.5 million (2010: pre tax profit of €2.0 million) · Result per share - loss of 2.54 cents (2010: earnings of 0.78 cents) · Cash balances of €2.4 million (2010: €4.0 million) mas BAAD... 5.5million LOSSSSSSSSSSSS
Proven Facts... banks/creditors buy a major shareholding in this case 3% of stocks prior to closing them down... t Banks/creditors buy 3% to juxtaposition, it happens all the time and triggers rises ...... sometimes great rises, peaks and spikes ......... before the reality kicks in .... you are all screwed unless you sell on the rise ... The banks have 3% TCA has 33% and the directors have most of the rest ... we are playing with a few shares but you need a bloody good broker or an early stop loss or are you mates with the get-out -of jail brigade?
TCA are owed 100 million shares at .20 .... is this what you mean? or is it another pump ky?
love you didn't mean to blow you off ................sleep well my little Ricky
Judge Rinder type answer..... love you bye
I do not understand as you said. "I want this up as invested. Now that does not take a genius. But you your up and down on this." I presume that you are invested below the current SP and you are so wanting to sell so want others to buy and make it easy for you to get your money back.... these others are your friends?