From the administrators' statement

NXGGG granted floating charges to Polymer N2 Limited, a connected party in both March 2017 and August 2018, and to Polymer N4 Limited in November 2021. Both Polymer entities are owned by Dr G Speirs, who has been a director of NXGGG since August 2018.

NXGGG was not in a position to repay the borrowings. A debt for equity deai was considered but the plan dismissed because neither floating charge holder wished to increase their shareholding in NXGGG.

The board concluded that the practical resolution would be to place NXGGG into administration in order to secure a sale of the subsidiaries. This process avoided the technical issues that might arise presenting from a liquidation petition to court and hence, enhanced dividend prospects.

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NXG Global Group Limited (SC553204)

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