Gyllenhammar to take 38.9% stake in Superglass

Gyllenhammar: 39 per cent Superglass investment. Picture: Contributed

Gyllenhammar: 39 per cent Superglass investment. Picture: Contributed

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Activist investor Peter Gyllenhammar is poised to grab almost 39 per cent of Superglass, the Stirling-based insulation maker that today unveiled plans for a crucial £6.25 million share placing.

Shares in the firm, which had been trading at about 53p at the start of the year, fell sharply after it placed 125 million shares with institutional and “sophisticated” private investors at 5p each.

Gyllenhammar, who also has stakes in North Sea explorer Trap Oil and biogas firm TEG Group, has provisionally agreed to subscribe for more than 59 million shares at 5p each through his Bronsstädet investment vehicle.

That would see him owning about 38.9 per cent of Superglass, which is due to hold a general meeting in Edinburgh on 30 October to seek investor backing for the fundraising. Independent shareholders will be asked to support a resolution that would allow Gyllenhammar to take part in the fundraising without triggering a takeover bid – under City rules, an investor is generally required to offer to buy out other shareholders when their stake rises above 30 per cent.

Superglass has been hit by poor demand for UK ­government-backed energy efficiency schemes and is seeking to trim its costs by £1.9m a year through a “significant” reduction in manufacturing capacity.

The Aim-quoted company had considered selling its main trading subsidiary after receiving unsolicited approaches, but said yesterday that a further injection of capital “represents the best available strategy to create shareholder value”.

Superglass has also has negotiated new bank facilities of up to £4.8m with Close Brothers, replacing an existing arrangement with Clydesdale Bank.

Chairman John Colley said: “The company continues to be well placed to benefit from any resurgence in market volumes and the efficiencies from its ongoing capital investment programme. The board looks forward to welcoming a representative of Mr Gyllenhammar to the board in due course.”

Superglass shares closed down 4p, or 41 per cent, at 5.75p.

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