It has taken more than two decades but fully listed Highway Capital (LON: HWC) has finally found a suitable reverse takeover target.
Originally known as Superframe, the original business manufacturing retail display equipment was sold to its management at the beginning of 2001. That was when the name was changed to Highway Capital. That year there were plans to acquire software bundling business Vector OEM, but that fell through.
The cash that Highway Capital had two decades ago has dwindled away over the years. At the end of February 2021 there were net borrowings of £684,000 and net liabilities of £1.13m. The debt includes convertible loan notes worth £130,000 convertible at 10p a share and £100,000 convertible at 5p a share.
There will be a fundraising alongside...