Superglass Share Discussion Threads

[lpavlou] 16/5/2013 19:46

To all those that moaned about not being given the chance to buy in the placing, you can now pick them up at a cheaper price in the market

[lpavlou] 03/5/2013 21:06

8m shares not taken up by the major shareholders representing 28percent of the share capital. 3 shareholders will now control 60percent of the company. Existing shareholders will only keep 7.2 percent of the company. L&G wiped out.Don't see much happening in the short term until they are admitted to AIM as everyone is now in at the equivalent of 2p. Might be better to wait for them to start trading at 50p before buying in.

[kinbasket] 03/5/2013 10:52

Only just spotted the schedule 1 above.

Gives details of some of the placees. Ennismore are in pretty big as are blackrock.

Miton and L&G said no :-)

[kinbasket] 03/5/2013 10:45

Couple of further notes.

W&R Barnett will subscribe to 7m new shares which will take them to 26.59% of reorganised company. Up from 22.3%

Chadwick will only take 500K and so will reduce from 11.2% to 2.58%

Conway, Ennismore and Lazard will vote their 12.5% yes. (and probably participate in placing) No word on Miton and whatever Henderson have left.

There are 18m shares unaccounted for in the placing. When the company comes back on AIM it'll be very closely held. I await with interest to find out who by.

[kinbasket] 03/5/2013 08:58

I had a quick look through and will try to work out value later but there's an interesting bit about Management all having to buy shares with bonus money and all purchases being locked in for 18 months.

First read says it's quite a good restructure and not just a sticking plaster.

[parvez] 03/5/2013 08:07

ah ok - so much for reading through quickly :)

[kinbasket] 03/5/2013 07:53

irish have taken placing shares. It's in the detail at the bottom.

[parvez] 03/5/2013 07:48

I bought at 2p yesterday and will be looking to top up more if i can. So approval is required by 20th Maya nd wonder if the Irish will strike with a bid before 20th May ?? anything is possible

[knigel] 03/5/2013 07:22

Still subject to shareholder approval at a general meeting? (which is 99.9% likely)

[masurenguy] 03/5/2013 07:20

Placing has been completed subject to formal shareholder approval.

Superglass Holdings plc
Proposed Delisting from the Official List and Admission to AIM,
Successful Placing of 25,800,000 New Ordinary Shares at 50 pence per share to raise £12.9 million,
Proposed conversion of £5.725 million of bank debt into Convertible Shares,
Proposed Capital Reorganisation,
Proposed Share Consolidation and
Notice of General Meeting

Further to the announcement of 1 May 2013, the Board of Superglass is pleased to announce that, subject to, inter alia, Shareholder approval, it has successfully completed a firm placing to raise £12.9m (circa £12.2m net of expenses) through the issue of 25,800,000 New Ordinary Shares at an issue price of 50 pence per New Ordinary Share. This is the equivalent of 2 pence per Existing Ordinary Share, prior to the Share Consolidation. In addition, the Board announces a restructuring of the Company's banking facilities, conditional, inter alia, on admission of the Ordinary Shares to trading on AIM. The restructuring includes the conversion of £5.725m of bank debt into Convertible Shares and the early repayment of £3.0m of bank debt. The purpose of the Proposals is to reduce the Company's level of debt and to create a strengthened and long term capital structure as a platform upon which to build a sustainable, strong
and resilient business that is better positioned to compete more effectively in challenging markets.

Prior to the Placing, the Company is proposing to undertake a Capital Reorganisation and Share Consolidation, further details of which are described below. In conjunction with the Placing the Board is proposing, immediately following the Capital Reorganisation and Share Consolidation, to cancel the listing of the Existing Ordinary Shares on the Official List and to remove such Existing Ordinary Shares from trading on the Main Market and to apply for admission of the Ordinary Shares, including the Placing Shares, to trading on AIM. Completion of the Proposals is subject, inter alia, to Shareholder approval, which will be sought at the General Meeting to be held at 10.00 a.m. on 20 May 2013. Irrevocable undertakings have been received from Shareholders with 45.9% of the Existing Ordinary Shares to vote in favour of the Resolutions, with the exception of the resolution in respect of the Related Party transaction, from which the related parties must abstain.

A circular (the "Circular") providing full details of the Proposals and incorporating a notice of the General Meeting will be posted to Shareholders later today.

[snatander] 03/5/2013 00:12

hope they dont get the money
worthless crud

[lpavlou] 02/5/2013 23:15

The biggest institutional shareholder here, Blackrock, only have 6m shares and are going to get heavily diluted by the 600m shares in the placing.I don't see much happening to the price until the placing has been confirmed. Shareholders don't have much choice but to vote it thru. If you're quick for £30k you would have enough shares to make a declaration to the stock exchange!!!

[qut] 02/5/2013 13:47

Could be forced sells if held in ISAs? Or just fear? Mind you, the value being traded today is minimal

[lpavlou] 02/5/2013 13:30

Can't work out the rationale for all those selling at 2p unless they think the company's going to the wall.

[lpavlou] 01/5/2013 22:41

When they finish the placing, they will surely have to consolidate the shares given the number they will issue to raise the 12m.It's not clear to me whether they have got the placing away, as the chief exec was reported as saying it depending upon the take up. The take up might be conditional on the share price remaining above 2p at the unconditional date Will monitor tomorrow but might be tempted at 2p

[knigel] 01/5/2013 21:43

The weight/number of new shares in issue will limit the short term upside imo... don't expect a multi-bagger here unless one of the parties makes a bid for the company at some point

[hdenandy] 01/5/2013 15:00

Can now buy at 2.125p - worthwhile ?

[knigel] 01/5/2013 10:07

Understood but my point still stands that all existing shareholders should be offered the chance to buy new shares at 2p in any equity raising. HHR was quite a small company too before the D4E/open offer/placing... However since the share price is now just above the 2p placing - at least new investors can buy in at this level and existing shareholders can average down if they choose to..

[sleepy] 01/5/2013 09:58

Don't know the regulations but anyone who would take a substantial holding (5 million shares?) might well be accommodated in the placing. Suggest you contact brokers

[kinbasket] 01/5/2013 09:47

Knigel, I think you are confusing an open offer with a placing. HHR had a combination of both. Placing for accredited investors and open offer for plebs. And they issued a full prospectus

The full prospectus rules apply if you are offering shares to members of the public. A company the size of SPGH can't go down the route of a full offering, there isn't time nor money.

[kinbasket] 01/5/2013 09:40

PWhite73.

Hence my use of the word "Yet" :-)

I'm inclined to agree that there is a slow motion coup in progress here. It'll be interesting to see if management take shares in the placing as they currently have none.

I still think it's a good business though. I'd happily be a minority shareholder in a de-listed company if it came to that.

[knigel] 01/5/2013 09:36

Kinbasket - HHR had a placing open to all shareholders - it can be both! (open to all or open to selected parties)

[kinbasket] 01/5/2013 09:35

No, A placing can't be open to all shareholders. That makes it a rights issue. There is a limit to the number of holders you can place to without issuing a full prospectus. 150 I think. You can also only place to accredited investors without full prospectus.

If you want to get involved in placings it's pretty simple. Just get a decent broker, get yourself accredited status and put your name on the list. You can contact companies directly and tell them you are interested if they place shares.

Bit of a moot point really as it's already happened here.