Highway Capital loss narrows in 2023, continues restructuring scheme

Highway Capital PLC on Friday reported a narrowed loss in 2023, but is yet to publish results for 2024 following a failed reverse takeover.

The Beaconsfield, Buckinghamshire-based cash shell said pretax loss in the year to February 28, 2023 narrowed to £429,745 from £525,803 in 2022. Loss per share was 3.74 pence, narrowed from 4.58p the year prior.

The company reported no revenue for either year, and has set no dividends. Highway Capital said it progressed its reverse takeover with Guinevere Capital Esports & Entertainment Pty Ltd. The cash shell company signed a head of terms to buy Guinevere via reverse takeover back in 2021.

Highway Capital in 2022 said the deal was delayed due to ‘market conditions’. The proposal remained in limbo until September 2024, when Highway Capital said it had been terminated, and that it was pursuing a corporate restructuring scheme.

Between February and April, Highway Capital secured 12-month loans for £45,334, plus 10% annual interest. The loans are to pay its audit fees.

Highway Capital shares are suspended in London. The firm insisted it is working on 2024 and 2025 accounts, and intends to restore its shares to trading ‘as soon as possible’.

‘The directors strongly believe the company will be in a much stronger position to pursue potential strategic opportunities after completing a successful company voluntary arrangement,’ commented Director Maciej Szytko.

The company was originally established to identify acquisition targets and provide access to capital. It is a subsidiary of Paragon Ventures LLC, a Newtown, Pennsylvania-based financial consultancy.

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