The Hexicon liquidation vote scheduled for 25 November will ask shareholders to choose between continued operations and liquidation of the Swedish floating-wind developer. The board’s primary proposal is to continue operating; liquidation is its secondary proposal if shareholders do not approve continuation.
A balance sheet prepared for liquidation purposes by the board on 6 November, using 31 August as its balance-sheet date, showed equity of SEK 880.7 million against registered share capital of SEK 3.64 million. Hexicon said the figure was not less than half its registered share capital. However, auditor KPMG AB refrained from expressing an opinion on whether the balance sheet met the requirements of the Swedish Companies Act. The auditor cited uncertainty over whether financing could be secured and insufficient audit evidence to confirm that revaluations of financial fixed assets followed generally accepted accounting principles.
The board said it sees a realistic path to continued operations and has identified short-term financing and liquidity inflows, strict payment prioritisation and possible cost reductions. None of these measures has been secured, leaving material uncertainty over the company’s ability to fund its ongoing operations.
If shareholders approve continuation, Hexicon must hold a second meeting for liquidation purposes within eight months to review whether liquidation should proceed. Before then, a new balance sheet must be prepared and reviewed. If it does not show equity of at least the registered share capital, the company will be required to enter liquidation.
If shareholders approve liquidation, the resolution will take effect when the Swedish Companies Registration Office appoints a liquidator. The board’s preliminary assessment is that asset distribution could take place within 12 months of that appointment, but it advised shareholders not to expect any proceeds. Energy Voice reported that liquidation could also affect Hexicon’s 10% stake in Scotland’s 100MW Pentland floating-wind project.