Hightex Group Regulatory News (HTIG)

25 Apr 2008 07:01

Hightex Group PLC25 April 2008 Hightex Group plc ("Hightex") Board Changes and Trading Update Hightex Group plc today announces that Klaus-Michael Koch has been removed asDirector and Chief Executive Officer of Hightex, with immediate effect. He hasbeen placed on Garden Leave until 24 April 2009. The search for a replacement CEO has commenced, but as an interim measureCharles DesForges, the Company's non-executive Chairman, will become activelyinvolved in the day to day running of Hightex as Executive Chairman. Charles isan experienced industrial manager, having held senior management and boardpositions in several multi-national companies. Hightex also announces that with immediate effect Frank Molter, currently theFinance Director, has been appointed Chief Operating Officer, responsible formanaging all aspects of the membrane and solar business. Until a replacementFinance Director has been appointed, Mr Molter will act in a dual capacity. Hightex is also pleased to announce that David Walker, an Executive Director,has been appointed Commercial Director with immediate effect. He will beresponsible for all commercial matters across the group. Hightex intends to announce its preliminary results for the year ended 31December 2007 in due course. The directors of Hightex estimate that theconsolidated turnover will be around EUR 13 million and that the loss beforeinterest and taxation will be around EUR 2.4 million. In the current trading year ending 31 December 2008, Hightex's turnover willinclude the bulk of its EUR 7 million contract to provide the membrane roof aspart of the upgrading of the First National Bank ("FNB") Stadium inJohannesburg, South Africa, with additional turnover from European contractsincluding work on the retractable roof at the Centre Court, Wimbledon. Hightexis also close to signing one further significant contract, in respect of whichan appropriate announcement is expected to be made in due course. It is activelypursuing further exciting potential contracts. Charles DesForges, Executive Chairman commented: "We congratulate Frank andDavid on their new roles, and hope and expect that this newly shaped Board willhelp to drive the business forward to its next stage of development." Enquiries: Hightex Tony Hunter 020 7603 1515 Landsbanki Securities (UK) LimitedSindre Ottesen 0207 426 9000 There are no further disclosures under paragraph (g) of Schedule II to the AIMRules About Hightex Hightex has a long history of building large span roofs and facades usingarchitectural membranes, exemplified by the Abuja Stadium for the All AfricanGames in 2003 as well as the Berlin Stadium, Germany, used for the most recentFIFA World Cup Final in 2006. Last autumn Hightex completed the one of the largest membrane projects in theworld, designing and constructing the energy-saving, sound-optimised, triplelayer membrane roof for the Suvarnabhumi Airport in Bangkok, Thailand. This information is provided by RNS The company news service from the London Stock Exchange