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The creditors committee would have come to a decision before the court hearing today.
An RNS will come soon but not necessarily today. With the stock now suspended nobody can trade so the directors can take their time to prepare a detailed RNS. If stories leak in the press then that's just tough nobody can trade.
Don't imagine for one moment the suspension has come out of the blue. The directors on the advise of the nomads would have always been planning to suspend the stock once the outcome of the court proceedings were known. There would not have been enough time to write up a detailed RNS before news was disseminated to various parties surrounding the restructure including traders.
maqsood7 What it says is that the directors are going to receive the recommendations made to the court today. It does not say another RNS will be out today. Though I am inclined to agree with you it won't be long before shareholders receive further news. The business press attend court hearings. So if its not today it'll in press today or tomorrow. But the main thing is to stop anybody including the directors trading before the news has been announced to the markets.
All suspensions are temporary so it does not mean the stock is coming back. However in this instance I am inclined to think KNIGELK is correct. The reorganisation recommendations announced to the court are now public knowledge for those involved. However the markets are unaware as yet so the stock is suspended to prevent market abuse.
Advance123 Your broker has looked into the case has he?
Its a court decision which means its transparent. The onus is on the companies involved to disseminate the information as soon as possible.
If a decision is made today I would expect the RNS to come out as soon as possible otherwise wise many would be able to trade on insider information. How much does a return flight to Germany cost and a phone call to your broker outside the court house £68.00. Or cheaper still send a friend or relative to the court house for the decision.
RainbowDust - "Genuine question: what sort of news are you guys expecting tomorrow?" I am personally expecting favourable news that's if there is a judgement tomorrow. The German subsidiary was placed in this situation through no fault of its own. A fraud was committed against it by the Brazilian JV company that cost them millions. As a result creditors cannot be paid. I understand they have received a partial insurance payment and are still pursuing the rest.
19/11/14 - "Hightex GmbH, the principal operating subsidiary of Hightex Group plc, has submitted an application to the German courts for 'personal management', a German legal process also known as 'debtor in possession' ('Eigenverwaltung'). The 'Eigenverwaltung' procedure is similar to a Chapter 11 procedure in the United States." 17/12/14 - "Further to the statement issued on November 19th, the Company announces that the German courts have approved the application by Hightex GmbH, the principal operating subsidiary of Hightex Group plc, for 'personal management', a German legal process also known as 'debtor in possession' ('Eigenverwaltung'). The 'Eigenverwaltung' procedure is similar to a Chapter 11 procedure in the United States" I reiterate only the application has been approved. If the company is already in Chapter 11 and protected from its creditors then what is tomorrow's judgement about?. I will tell you. Tomorrows judgement is whether the court will approve the Chapter 11 protection or grant the creditors the right to seek a winding up order for debts owed.
At least we know why the price ended flat on Friday. Under 3% your holdings do not have to be declared. However it is my opinion that he sold the lot (assuming he ever bought them) that's why there is no current holding figure in the RNS. Strange the RNS 05/02/15 states the threshold of 3% was crossed on 30/01/15 but on ADVFN there are no trades for that day. Something's not quite adding up here. Maybe MM are trying to scare retail shareholders out. 10 million sale WOW!!
masqood7 - Fri 12:51 "we are expecting a very strong afternoon here,as many will take position for monday news!!" You know news is coming on Monday do you/ Now don't get me wrong I'm not saying it isn't because I don't know either way I'm just puzzled as to how you know.
Why are the pending court hearings considered to be good news. What happens if the company is declared insolvent due to its debts?.
The recent peace accord between Russian and Ukraine is good news for Hightex.
Test 123
Manchesterscum He is certainly genuine and in touch but they are feeding him a load of baloney as they have fed us all. Administration would not have been the easiest route if the authorities are still investigating the disappearance of punters funds.
"Why pay Lawyers and Nomads £20k plus? You are so innocent and naive. Did they pay anybody anything. One week on from the cancellation and the results are still not out. Are you aware there are no auditors or nomads. LOL.
If the company re-lists no other forum is required. All the developments on the deal should be on their website.
The big question is this. At what point will shareholders accept there is not going to be a deal. You see what the current and past directors are waiting for before they do the final dirty is the shutting down of share blog threads. When that happens the community of desent no longer exists. So they can't formulate any kind of collective action.
Stop clutching at straws. The FCA is the only route out of here. Giving rays of hope when there are none is a skill AIM directors are masters at. Have you learnt nothing from the debacle?