Above: Datastop™ Glass for Electromagnetic Shielding (EMI/RF), available from Tex Special Projects.
29th April 2019
The Board of Tex Holdings plc has today asked the FCA to suspend the listing of the Ordinary Shares of Tex Holdings plc. The reason for this has been its inability to supply audited accounts for the year to 31st December 2018 within the permitted four month period. Outstanding issues still need to be dealt with in support of future forecasts and cashflows.
We also refer to a statement in our Trading Update dated 15th April 2019 which read as follows:
“The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached.”
After discussion with the Company’s auditors, it is now evident that the auditor’s opinion that accountancy standard IFRS15 has not been the cause of the breach of bank covenants is correct. Rather, the cause of the breach had been weak trading in the second half of the year. The major shareholder has however reconfirmed his intention to support the company.
The Company has made arrangements for additional resources to be made available to its finance department to assist the completion of the audit.
15th April 2019
The Board of Tex Holdings plc today announces that the pre-tax result for the year to 31 December 2018, will be a modest loss. The introduction of the new accounting standard (IFRS15) affecting the recognition of revenues has had an impact on certain projects. Also, trading has been lower in the second half of the year as previously announced. In consideration of this result, the Board does not recommend the payment of a final dividend in respect of the financial year 31 December 2018. As a consequence of this result, it will be in breach of certain bank loan covenants which will be subject of discussions with its Bank.
The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached.
Share Fraud Warning
5th March 2019
The Company is obliged by law to make its share register publicly available and, as a result, some shareholders may receive unsolicited mail. In addition, many companies have become aware that their shareholders have received unsolicited phone calls or correspondence, typically from overseas ‘brokers’, concerning investment matters.
These callers can be very persistent and extremely persuasive and their activities have resulted in considerable losses for some investors. It is not just the novice investor that has been deceived in this way; many of the victims have been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. Please keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares.
If you receive any unsolicited mail or investment advice:
- make sure you get the correct name of the person and organisation
- check the Finance Conduct Authority (FCA) Financial Service Register to ensure they are authorised at fca.org.uk/consumers
- use the details on the Financial Services Register to contact the firm
- call the FCA Consumer Helpline on 0800 111 6768 if there are no contact details on the Register or you are told they are out of date
- beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details
- search the list of unauthorised firms and individuals to avoid doing business with them and report a share scam or unauthorised firm by telling the FCA using the share fraud reporting form at fca.org.uk/scams
- if the unsolicited phone calls persist, hang up
- if you wish to limit the amount of unsolicited mail you receive, contact The Mailing Preference Service, FREEPOST 29 (LON20771), London W1E 0ZT or visit the website at mpsonline.org.uk
If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040.
12th December 2018
Tex Holdings plc (‘The Group’) makes this announcement in order to give a trading update for 2018. The Group earnings for second half of the financial year will be lower than those anticipated in the half year statement. The drop in full year earnings has been largely caused by the delay in the shipment of a number of project related items that will now fall into the first half of 2019. Also, additional costs have been incurred by re-organisation within the Board and Panels Division. The Group will as a result be going into the new year with a strong order book, which at this stage augers well for 2019. This announcement is based on information currently available.
2018 Interim Report
The 2018 Interim Report is available here: 2018 Interim Report