INVESTORS in Scottish insulation manufacturer Superglass will have no doubt raised an eyebrow at a board change announced at the Stirling-based firm last week.
In a brief stock market statement the Aim-listed company announced that non-executive Declan Billington had resigned with immediate effect.
Billington is chief executive of John Thompson and Sons, a leading retailer and manufacturer of animal feeds based in Northern Ireland and is also a director of W & R Barnett, Superglass’s largest shareholder with a stake of more than 22 per cent.
At the time of his appointment less than a year ago the company said Billington brought a “wealth of operational and financial experience to the board”.
Although there is no indication that the resignation may be linked to a possible approach for the £11 million firm, a fund manager who holds a small stake in the firm said some form of corporate activity wouldn’t be surprising.
“We believe there is quite a lot of value in the firm and while its performance hasn’t been disastrous since the refinancing last year it has been disappointing, and there are quite a lot of disgruntled shareholders out there,” he said.
In May Superglass reported that its first-half losses had widened dramatically, but said it was confident of moving back into the black towards the end of the year.
The firm said that demand for UK government energy- efficiency schemes remained “disappointing” as it posted a pre-tax loss of £2.3m for the six months to 28 February, compared with £200,000 a year earlier.
Revenues fell 17 per cent to £11.4m, but chief executive Alex McLeod said he was encouraged by an upturn in the work for the construction sector. Superglass said sales to central and eastern Europe more than doubled from a year ago.
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