20 May 2015 07:00
20 May 2015
Hightex Group plc (In Administration)
("Hightex" or the "Company")
Disposal of Business - Hightex GmbH
On 6th May 2015 the Company announced that an administrator had been appointed.
Further to the announcement of 2nd March 2015, the Company announces that the offer for the disposal of its operating subsidiary, Hightex GmbH is now finally approved by the court in Rosenheim, Bavaria as a conclusion of the German 'Eigenverwaltung' (Self-administration) process which the subsidiary has been undergoing.
The disposal constitutes a fundamental change of business pursuant to Rule 15 of the AIM Rules.
Under the German court self-administration process, the insolvency plan of Hightex GmbH was accepted by the creditors on 27th April 2015 and came into effect on 18th May 2015. Therefore the capital decrease has now taken place and as soon as funds have been transferred by Inteco Beteiligungs GmbH to the administrator for the capital increase, Inteco Beteiligungs GmbH will be the new shareholder of Hightex GmbH.
Under this process the Company will receive no consideration for the disposal, but the creditors of Hightex GmbH will receive a secured quota of 3%, which is expected to be paid during June 2015 to the creditors.
In the year ended 31 December 2013, Hightex GmbH made losses of 2.0 million Euros on turnover of 9.8 million euros.
Further announcements will be made in due course.
For further information contact:
Hightex Group plc | |
Charles DesForges, Non-Executive Chairman | Tel: +49 8051 6888 200 |
Frank Molter, Chief Executive Officer
| www.hightexworld.com |
ZAI Corporate Finance Ltd | |
Nominated Adviser and Broker Tom Price / Irina Lomova | Tel: +44 20 7060 2220 www.zaicf.com |
Opus Restructuring LLP Tel: +44 (0) 20 7268 3333
Trevor Binyon http://www.opusllp.com/