Agreement over a long term financing deal between Hexagon Human Capital and its bankers is taking longer than anticipated, according to the company. 

In a statement to the London Stock Exchange, Hexagon says that while the board “had hoped these discussions would be concluded by 31 July 2009, this has not proved to be the case.”

Hexagon’s statement continues: “The company is pleased, however, to inform the market that Barclays has agreed to continue to support the company and provide temporary extensions to the company ahead of concluding discussions on longer term facilities. Further announcements will be made in due course.”

In early July, Jonathon Wright, Hexagon’s chief executive, told Recruiter that the company was “very well advanced in discussions” with Barclays about a long-term financing deal.  He indicated that the company was looking for an extension of the existing convertible, where Barclays has the option of converting £2.3m of debt into equity at a piece of 48p per share.

“We just need to do more of that,” he said, emphasising that the increase would only be a “modest one, “ Wright told Recruiter in July.