Directorate Change and Banking Facilities

 

TIDMHHC TIDM30JW 
 
RNS Number : 0967A 
Hexagon Human Capital PLC 
01 October 2009 
 

 
 
 
 
01 October 2009 
 
 
Hexagon Human Capital plc ('the Company') 
 
 
Banking Facilities 
 
 
Further to the publication of the Annual Report and Accounts for year ended 31 
March 2009, we are pleased to confirm that revised terms for our banking 
facilities have been agreed (subject to contract) with Barclays Bank Plc. The 
impact of the new terms is to convert our overdraft to a term loan and to extend 
the repayment date on our loans from December 2011 to September 2012.  An 
additional GBP0.5m working capital is also being provided through an invoice 
discounting facility that will provide a better structure to support the 
business moving forward.  We are delighted with the support we have received 
from the bank and feel the Group is well placed to trade successfully through 
the current economic challenges. 
 
 
Contingent Consideration 
 
 
The Board also confirms that following updated estimates made between the 
preliminary announcement and the publication of the Annual Report and Accounts 
the liability for contingent consideration as at 31 March 2009 was reduced to 
GBP3.1m, from GBP4.2m.  It is also important to note that since the year end 
contingent consideration has been settled or renegotiated and currently stands 
at approximately GBP1.8m with the majority due to be settled in November 2011 as 
opposed to March 2011. Additionally, the Board has reviewed its goodwill 
impairment charge and as a result for the year to 31 March 2009 the goodwill 
impairment charge was GBP8.1m. 
 
 
Directorate change 
 
 
The Company announces today that Carl Thompson, Chief Financial Officer, and the 
Board have mutually agreed that Carl will leave the Company with immediate 
effect. 
 
 
In the interim, prior to the Company appointing a suitable Chief Financial 
Officer, the Company has appointed Edmund Watkinson as Interim Group Head of 
Finance. 
 
 
Ed, a CIMA qualified accountant, has significant experience having held a number 
of senior financial roles within public companies. He will not sit on Hexagon's 
main board but will ensure the smooth running of the Company's finances in this 
transitional period. 
 
 
Commenting on the Board changes, Rob Walker Executive Chairman said: 
'Since joining the Company, Carl has been influential in bringing together the 
core businesses within the Hexagon Group.  This additional Board change reflects 
the decision to refocus strategy on organic growth from the existing businesses 
and away from the buy and build model adopted at IPO in more benign market 
conditions.  I wish to thank Carl for his contribution to the business and wish 
him well for the future.' 
 
 
 
 
Enquires to: 
 
 
Hexagon Human Capital plc                                      Tel: [phone] 
1133 
Rob Walker, Executive Chairman 
 
Brewin Dolphin Investment Banking (NOMAD)         Tel: [phone] 
Matt Davis/ Adam Rudd 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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