Superglass Share Discussion Threads

[meijiman] 12/3/2015 10:09

Actually thinking about it I think I have been too harsh on Korky the Cat. The ceo has abilities more akin to Rodger the Dodger-an ability to get away it with time after time. Being useless is not necessarily a bar to becoming ceo of a plc.
This company makes stuff that nobody wants to buy so its not the fault of management that the shares are worthless. You couldn't make it up.

[bozzy_s] 10/3/2015 09:18

943 Masurenguy: Market cap nearer £4.5m when placing shares are accounted for (125 million issued last October, ADVFN haven't yet updated their system).

As usual agree with 21T, this is a dead duck. Overpriced by about £4m. Perhaps the only hope for holders is sale (or giveaway) of trading business, and use the £22m+ of trading losses to encourage a RTO somewhere down the road.

[meijiman] 10/3/2015 08:38

At least the clown running this has been sacked. Korky the Kat could have done a better job than this complete incompetent. This could have been sold 4/5 yrs ago for meaningful money. Instead it has been run into the ground -however it has provided salaries in that period for the 'management'. You couldn't make it up.

[21trader] 10/3/2015 08:19

Sad but if the business clearly does not make money and burns money there should not even be a business. Looks certain to go in 2015.

[envirovision] 10/3/2015 08:17

This dog should have been shot in 2013, what the hell is it doing still trading ?

How have they managed to extract funding from shareholders, are its investors complete and utter morons or something?

[masurenguy] 10/3/2015 08:08

This company now has a market cap of just £900K. They have already blown around £1.7m, or almost 30%, of the money they raised in their recent placing last October. How much longer can they survive?

Trading Update

Partially as a result of customer uncertainty in advance of the successful refinancing of the Company completed at the end of October 2014, demand for the Company's products remained subdued during the majority of the first half of the current financial year. The ongoing failure of the Green Deal and Energy Company Obligation ("ECO") to deliver any meaningful volumes further compounded a challenging commercial backdrop. Low sales volumes also resulted in increased manufacturing costs per tonne through the under-absorption of fixed overheads. This coincided with a period of increased energy consumption and higher raw material costs as a result of the cullet supplier commissioning a new facility producing higher quality cullet in January 2015. As a result, Superglass expects to post an EBITDA loss of approximately GBP1.9m in H1.

[21trader] 14/10/2014 10:33

Right price. Company in distress 5p is a good price to survive. Mpow did a 5p placing when it was 20p a few weeks ago.

[chesty1] 14/10/2014 10:31

Pleased to announce....PLACING at 5p ......Down you go.....

How do they get away with it.

[pictureframe] 09/10/2014 13:35

tick tock...

[pictureframe] 03/10/2014 12:17

They will have to announce/update soon - thought finance was meant to be in place by end of Sept?

[pictureframe] 12/9/2014 20:13

But is the banking in place? They are "expected" to be in place by the end of September according to the above. I suspect that lack of clarity has something to do with the sell off.

[masurenguy] 12/9/2014 19:19

The suggestion that the recent trading statement stated that private shareholders would get nothing for their shares is complete nonsense. They have just negotiated a new £4.8m banking facility, they have a possible sale opportunity for part of the group and they will probably implement a dilutive placing in order to finance a further cost saving restructuring.

"New banking facilities of up to GBP4.8m are expected to be in place before the end of September with the level of draw down largely determined by the quantum of trade debtors. These will replace the existing arrangements with Clydesdale Bank, which will be repaid on the drawdown of this facility. The new facility will provide the headroom required to meet our foreseeable trading needs, but will not be adequate to fund the additional cost saving initiatives described above.

The Board also confirms that it has received unsolicited approaches to acquire the Group's principal trading subsidiary and, in response, appointed advisors to approach a restricted number of other potential buyers to gauge their interest. For the avoidance of doubt, the sale process did not envisage an offer for the shares of Superglass Holdings PLC and the Board has not received any approach nor is it engaged in any discussions which may lead to an offer for the shares of Superglass Holdings PLC. In the opinion of the Board the offers received do not currently reflect the value inherent in the business, the invested capital, nor its future potential and, as such, would provide unacceptable returns for shareholders. As part of the sale process, a proposal to underwrite a discounted equity issue of not less than GBP5m was received. This proposal has the support, in principle, of certain significant shareholders and, it is envisaged, would allow for some element of participation by existing shareholders. Although by its nature highly dilutive for the current equity, in the Board's opinion, the implementation of this proposal would enable the latest cost saving plan to be implemented and address any foreseeable funding requirement of the Group and is therefore under active consideration."

Furthermore David Crawford at City Financial is not a fool. The drop today was caused by an institution unloading and there can be all sorts of reasons for them to do that. Shareholders need to be patient although it is always tough sitting on significant paper losses. I have no position here but I'm still monitoring developments and I may invest after the proposed dilutive placing has taken place.

[brummy_git] 12/9/2014 18:31

I think the statement said there would be a dilutive equity raise. Not yet, but I have to admit adistinct possibility, a bankruptcy filing.

[meijiman] 12/9/2014 18:30

No it doesn't say that -but agree that may be a possible outcome. Shambolic incompetence of the highest order here.........

[john09] 12/9/2014 17:18

The trading statement already said private shareholders aren't going to get anything for their shares so not sure what people are holding out for....that's why there keeps being huge drops . 11p is better than 0p is the premise holders are selling on

[brummy_git] 12/9/2014 17:11

Maybe the shares have fallen so far now, that another buyer will emerge and put us all out of our misery

[meijiman] 12/9/2014 16:39

well done to the ceo -when he looks in the mirror this w/e he can feel pleased and proud of the job he has done. You see non of the issues facing the company are anything to do with him eg
1. people don't want to buy the products the company makes
2, for some reason the government refuses to dole out huge subsidies.
so hats off to Mr McSporran -probably one of the most useless individuals ... oh words fail..........
The clue here was when the man from northern Ireland disappeared -he knew this was going under.

[masurenguy] 12/9/2014 16:27

Interesting, an institution, or possibly two, has unloaded 2m and 2.7m. The later 2m trade could of course be an institutional buyer picking up around 75% of the earlier shares sold by another institution.

There are 4 institutions holding over 2m shares:

W & R Barnett Limited 7,248,000
Ennismore Fund Management 6,107,088
River & Mercantile Asset Management 4,190,000
City Financial 2,680,000

In addition to the above, Blackrock,has been a recent seller and probably had circa 850,000 - 1,350,000 after their last reported disposal earlier this week. It will be interesting to discover
the identity of the seller & potential buyer - there should be an RNS reporting this next week.

[the_beagle] 12/9/2014 16:06

What a shambles. Sales of millions at 8.5p. Massive dilution on it's way I fear. Really sorry for anyone left here, It's been a nightmare which through luck rather than good judgement I managed to avoid. Six months ago I thought this was the best recovery share in the market, but financial problems elsewhere forced me to sell in the high 40s. Thank God.

[brummy_git] 11/9/2014 19:33

I hope Mr Crawford is right, albeit I suspect he also bought into the same value trap as I did, trying to catch falling knives..!

[masurenguy] 11/9/2014 17:56

David Crawford at City Financial obviously has a very different view. He bought 725,000 shares @20p a couple of weeks ago to increase his stake to 2.7m shares, which represents a 9.6% stake. Todays 20% fall was on a miniscule volume of only 32,000 shares.

[brummy_git] 11/9/2014 17:21

Yes, totally written off my investment. Going into it 9 months ago, the stock was always ultra high risk (re turnaround and track record); and in hindsight I suppose I was a bit stupid thinking the booming housing market would provide a get-out-of-jail-free-card to drag the company back into profits.

It does beg the question though - that if the management team really want to preserve capital, then why don't they just sweat the assets further, rather than borrowing more just to close parts of the under-utilised plant?

[meijiman] 11/9/2014 16:04

unmitigated POS -suspect nothing will be left for equity shareholders when this management is done.

[masurenguy] 09/9/2014 08:27

In my view it is still too early to consider any possible investment here as a recovery play, despite the recent confidence shown by David Crawford at City Financial. They recently increased their stake, from 1.96m to 2.7m at the end of last month, in buying a further 725,000 shares @20p.



Clear indication that a further dilutive placing is on the cards in todays trading update (see below). Better to wait for the placing to be implemented before revisiting any potential investment case !

"a proposal to underwrite a discounted equity issue of not less than GBP5m was received. This proposal has the support, in principle, of certain significant shareholders and, it is envisaged, would allow for some element of participation by existing shareholders. Although by its nature highly dilutive for the current equity, in the Board's opinion, the implementation of this proposal would enable the latest cost saving plan to be implemented and address any foreseeable funding requirement of the Group and is therefore under active consideration.

Whilst there are increasing signs of recovery and growth in construction markets, the poor uptake of Government energy efficiency schemes is expected to persist through the coming financial year and beyond. As a result, it is the Board's view that the scale and pace of revenue and earnings growth is now expected to be more modest than previously anticipated. Against this backdrop the Board believes that it is right to continue to maximise operational efficiency, reduce costs and take steps towards securing the additional capital required to support its competitive position."