Trading in Highway Capital's shares has been suspended at the company's request.
Highway Capital announced on 3 May that it had extended a loan of Polish Zloty500,000 (approximately £89,000) to Mylux, an investment vehicle which was acquiring an interest in Multipay, a newly formed company looking to offer comprehensive payment services in Poland.
On 27 June Highway announced a further loan to Mylux of £120,000 to be used to invest in a medical technology company.
The company has been notified that the UK Listing Authority considers that the making of the loans to Mylux fall under Listing Rule 5.6.5(1), in that they change the strategic direction or nature of the company’s business away from its stated aim to find an acquisition that, in the company’s opinion, would enhance shareholder value.
As such, the company has requested that trading in its ordinary shares be suspended with effect from today pending satisfaction of the conditions under the listing rules for readmission following a reverse transaction.