Superglass shake-up agreed by shareholders

Dec 2 2011 by Johnathon Menzies, Stirling Observer Friday

DEALS to transform the fortunes of a prominent Stirling employer were confirmed this week.

Shareholders of Kerse Road insulation manufacturers Superglass Holdings PLC, who employ 190 people, sanctioned a capital restructuring plan at a meeting in London on Wednesday this week (November 30).

The Thistle Industrial Estate-based company previously announced it was planning to raise in the region of £8 million from an equity issue.

In addition, they said an agreement had been reached to turn £12.25 million of existing debt into convertible shares.

Both moves were officially rubber-stamped at the St Andrew’s Day emergency general meeting in the UK capital.

They have been supplemented by a £2 million regional selective assistance (RSA) grant from investment agency Scottish Enterprise.

A shortfall in trading during the previous financial year, on top of expenditure needed to repair a damaged furnace, were cited as the primary reasons for the firm’s net debt standing at £18 million on August 31 this year.

A spokesperson for the firm yesterday (Thursday) thanked Clydesdale Bank and the shareholders themselves for their support and said further information was expected to be released following an announcement to the London Stock Exchange next week.