Harte shareholders have absolutely no claim when a lender starts making claims on their loan documentation. In relations to multiple lenders, it appears that BNP had first chattel mortgage over all assets. As such all subsequent lenders need to advise BNP before calling in assets under their loans. If all assets sold or other wise DO NOT cover the debt of the first lender then everyone else gets squat. Now SLR has first dibs on assets. Apparently Harte had been shopping themselves around for takeover/JV partners since May 2021 with no success. From commentary available it appears that Harte were having problems from two covid 19 shutdowns, they were also having labour issues (they couldn't get underground workers). Harte have recently stated that DO NOT have funds to see out the year. I hoping that SLR will come out with a plan for Harte after 30/11. I hope its detailed and that they address the problems that Harte failed to overcome which led to their downfall.
SLR Price at posting:
$1.68 Sentiment: Hold Disclosure: Held
