Superglass Share Discussion Threads

[john09] 16/11/2011 20:11

Why don't you read up mate

[sleepy] 15/11/2011 14:47

Are the shares currently trading with or ex the right to subscribe for shares under the open offer?

[masurenguy] 08/11/2011 07:35

Main summary of the proposed recapitalisation and share consolidation.
________________________________________________________

RNS Number : 6539R
Superglass Holdings PLC
07 November 2011

Proposed Equity Issue to raise approximately £9.5m and Capital Restructuring
Firm Placing of 37,818,196 New Ordinary Shares.
Placing and Open Offer of up to 9,454,549 New Ordinary Shares at a price of 20p per share.
Conversion of £12.15m of bank debt into Convertible Shares
Share Consolidation and Notice of General Meeting

urther to the announcement issued on 31 October 2011, Superglass today confirms that it has successfully raised approximately £8.0m net of expenses from investors (the "Proposed Equity Issue") and agreed a capital restructuring in collaboration with the Company's bankers, Clydesdale Bank to convert £12.15 million of its bank debt into Convertible Shares (the "Capital Restructuring").
Completion of the Proposed Equity Issue and Capital Restructuring is subject, inter alia to shareholder approval, which will be sought at a General Meeting of the Company to be held at 10.00 a.m. on 30 November 2011. Dealings in the New Ordinary Shares are expected to commence at 8.00am on 1 December 2011. A prospectus providing full details of the Proposed Equity Issue and Capital Restructuring incorporating notice of the General Meeting will be posted to shareholders later today. Once it has been posted, a copy of the prospectus will be available on the Company's website at www.superglass.co.uk.

Details of the Proposed Equity Issue and Capital Restructuring are as follows:

· Firm Placing of 37,818,196 New Ordinary Shares to raise £7.6m from certain existing and new investors at the Issue Price of 20 pence per share;

· Placing and Open Offer of up to 9,454,549 New Ordinary Shares to raise up to £1.9m, representing in aggregate 18.8% of the Enlarged Share Capital at the Issue Price of 20 pence per share;

· The Open Offer Shares have been conditionally pre-placed by Brewin Dolphin with institutional investors at the Issue Price, subject to clawback by Qualifying Shareholders in order to satisfy valid applications under the Open Offer;

· On completion of the Firm Placing and Placing and Open Offer, the Company intends to undertake a share consolidation such that the Existing Ordinary Shares are consolidated into Post-Consolidation Ordinary Shares on a twenty for one basis;

· The Issue Price of 20p per New Ordinary Share represents an effective 88.9% discount to the Closing Price of 9.0p (prior to the Share Consolidation) on 4 September 2011, being the business day prior to the announcement by Superglass of its intention to carry out a capital raising and a 52.9% discount to the Closing Price of 2.125p on 4 November 2011

· The Capital Restructuring will reduce the Company's core borrowings to approximately £5.1m.

· Clydesdale Bank has agreed the conversion of £12.15m of the current outstanding core borrowings into 14,985,748 Convertible Shares, which subject to certain conditions, will have the rights of conversion into Ordinary Shares in the capital of the Company representing 23% of the entire issued share capital following conversion;

· In conjunction with these proposals, the Company has submitted a Regional Selective Assistance ("RSA") grant application to Scottish Enterprise. The Board anticipates that a grant award of between £1.6m and £2m will be formally approved at a meeting of the Scottish Enterprise grant executive scheduled to take place on 8 November 2011; and

· The net proceeds from the Proposed Equity Issue and the RSA grant funding will be used to fund the Company's planned capital expenditure programme and to provide working capital.

Tim Ross, Chairman commented: "I would like to thank all our existing and new investors as well as Clydesdale Bank for their substantial support, together with our team of advisers who have worked with us on this transaction. Today's proposals radically transform Superglass' capital base, not only providing us with the working capital we need to grow our business but enabling us to complete a capital investment programme which will substantially improve the operating efficiency of our manufacturing plant. I would encourage all our investors to vote in favour of the proposals."

[pugugly] 01/11/2011 12:00

So why are shares trading at some 2.5p - Confused.

[masurenguy] 01/11/2011 08:10

Recapitalisation via a substantial placing at 1p agreed in principle. Commiserations to any remaining shareholders whose stake will virtually be wiped out as a result !

RNS Number : 1951R
31 October 2011

Update on Proposed Capital Restructuring

In conjunction with the period-end trading update statement released on 5 September 2011, the Board announced that it was pursuing certain options for a capital restructuring in collaboration with the Company's bankers, Clydesdale Bank plc (the 'Bank'), and that it had reached agreement in principle with the Bank on headline terms for addressing the debt component of the Restructuring.

It was also announced that it was envisaged that the Restructuring would, subject to the requisite shareholder approvals being granted, incorporate a substantial new equity issue (the 'Proposed Equity Issue'). Significant progress has since been made. More specifically, indicative commitments have been received from equity investors in support of the Proposed Equity Issue for an amount which would be sufficient to secure the recapitalisation of the Company on terms which are acceptable to the Bank, at an indicative issue price of 1p per share. The Board is in the process of agreeing final amendments to the formal documentation required to support the transaction and the Directors expect to announce full terms of the Proposed Equity Issue and the Restructuring shortly.

In the meantime, the temporary and conditional relaxations and amendments to the Company's existing facility structure previously agreed between the Company and the Bank and described in the announcement of 5 September 2011 have been extended until 30 November 2011.

[masurenguy] 24/10/2011 12:57

Priced to go into administration with the market cap now under £1.4m and an ATL share price of 2.375p.

"The Company has now agreed further temporary and conditional relaxations and amendments to its facility structure with the Bank, being (i) the deferment until 31 October 2011 of the capital repayment which would otherwise have been due on 31 August 20112.......In the event that the relevant shareholder approvals are not granted, or the proposed equity funding is not otherwise completed in accordance with the Bank's requirements, then the Company may be unable to satisfy the financial covenants and/or comply with the debt service obligations within the terms of its current bank facilities."RNS Sept 5th

Still no news of any financial restructuring or an EGM to put alternative proposals, including the conversion of debt into equity, to the existing shareholders and the October 31st deadline is next Monday !

[envirovision] 24/10/2011 12:47

1 week till the pre pack.

[masurenguy] 12/10/2011 13:00

Is the endgame now approaching here ? In the Trading and Banking Update issued on Sept 5th the company indicated that capital repayments due in August had been deferred until the end of October.

"The Company has now agreed further temporary and conditional relaxations and amendments to its facility structure with the Bank, being (i) the deferment until 31 October 2011 of the capital repayment which would otherwise have been due on 31 August 20112.

This deferred date is now less than 3 weeks away and there is still no sign of any capital restructuring proposal or any EGM date to put any proposal to shareholders, including conversion of debt into equity.

"The Board has also been pursuing the options for a capital restructuring (the 'Restructuring') in collaboration with the Bank and has reached agreement in principle on headline terms for addressing the debt component of the Restructuring, including the conversion of a proportion of the current bank debt into an instrument or securities convertible into shares in the Company, subject to certain exercise or conversion criteria. It is envisaged that the Restructuring will (subject to the requisite shareholder approvals being granted at a general meeting proposed to be convened in due course) incorporate a substantial equity issue. Formal completion of the Restructuring, including the debt conversion agreed with the Bank, will be conditional upon successful completion of the equity fundraising."

Failure by the company to resume capital repayments and/or the implement an approved capital restructuring is likely to either lead to administration or possibly an acquisition at a distressed price
before this happens or as a prepack on the day following the announcement of any administration.

"In the event that the relevant shareholder approvals are not granted, or the proposed equity funding is not otherwise completed in accordance with the Bank's requirements, then the Company may be unable to satisfy the financial covenants and/or comply with the debt service obligations within the terms of its current bank facilities."

Whatever the outcome here, the end result appears unlikely to leave anything for existing shareholders !

[john09] 12/9/2011 22:11

Explain....

[topvest] 12/9/2011 21:04

Not if a debt for equity swap is on the cards, it isn't!

[john09] 12/9/2011 14:34

I'm sorted of tempted at these levels 2p is insane.

[masurenguy] 12/9/2011 10:07

Another ATL - market cap is now below £2m !

[hosede] 09/9/2011 10:58

John 09
Yes your'e probably right. Reliance on govt. subsidies is always risky (specially now and specially when the govt. changes). I think all these people who have invested in Green electricity on the basis of being paid some inflated price for it are going to be disappointed at some point.

[masurenguy] 09/9/2011 09:13

This now looks priced for administration !

[john09] 08/9/2011 21:00

I've held it before. May again....

[active trader] 08/9/2011 20:24

dont know why were both on superglass thread as nether of us hold or are every likely to

[john09] 08/9/2011 20:16

We might hit oil. If we do it will be double that

[active trader] 08/9/2011 20:10

lets hope so,seems to be shaping up nicely,50p by xmas ?

[john09] 08/9/2011 20:02

I am indeed active t. 50,000 from memory . Rns tomorrow on that one perhaps

[active trader] 08/9/2011 19:50

john09 are you still in red emperor ? looks very promising.

[masurenguy] 08/9/2011 09:46

Looking pretty forlorn here now.

I also agree with the above comments on the new iii format - find it hard to believe that they trialled it and got a positive response before implementation !

[envirovision] 08/9/2011 08:13

Ditto, similar experience with poor level of discussions on iii, so I'm with you there. A more knowledgeable community frequents advfn and always has.

[john09] 07/9/2011 23:49

Hu. I don't really like the new format of iii . I find the discussion generally better on advfn on most stocks I'm interested in I still follow iii and post there on ocassion :-)

[active trader] 07/9/2011 21:02

john09 how come your not on the iii board any more i use to enjoy your posts