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Hightex Group PLC - Disposal of Business - Hightex GmbH

RNS Number : 7123N
Hightex Group PLC
20 May 2015
 

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/ 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Market: AIM
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