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Glaston Corporation Is Planning to Strengthen the Company's Financial Position

Post Time:Dec 25,2012Classify:Industry NewsView:425

The Board of Directors of Glaston Corporation has decided to start measures to strengthen the Company’s financial position. The Company is negotiating with the holders of the convertible bond issued in 2009 and debenture bond issued in 2011 on conversion of such loans into Glaston shares. The current total principal of the bonds is EUR 12.75 million. Furthermore, the Company is planning a share issue where the shareholders would, in case of possible oversubscription, have allocation preference to the new shares in proportion to their current shareholding. In connection with the arrangement, the intention is to negotiate also a new long-term credit facility with the Company’s current lenders.

The arrangements require decision by the Extraordinary General Meeting of Shareholders. The Extraordinary General Meeting of Shareholders will be held on or about February 2013.

In addition to the above measures, the financial position of the Company will be strengthened by the sale of Glaston’s Software Solutions Business Area announced on 12 November 2012. The sale of the Software Solutions Business Area is expected to be completed by the end of January 2013. Completion of the agreement is subject to, among other things, competition review by the German Federal Cartel Office. Furthermore, the Company announced on 5 January 2012 an undertaking on the sale of Glaston factory property complex located in Tampere, Finland. The sale of Tampere factory property complex is expected to be executed no later than March 2013.

The Company will publish further information on the arrangements in connection with convening the Extraordinary General Meeting of Shareholders on or about January 2013.

For further information, please contact:
Arto Metsänen, CEO and President, Glaston Corporation, Tel. +358 10 500 500
 
GLASTON CORPORATION
Agneta Selroos
Director, Communications and Marketing

Glaston Corporation
Glaston is a global company developing glass processing technology for architectural, solar, appliance and automotive applications. Our portfolio ranges from pre-processing and safety glass machines to software solutions and services. We are dedicated to our customers’ continued success and provide services for all glass processing needs with a lifecycle-long commitment in mind. For more information, please visit www.glaston.net. Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.

Source: Glaston Oyj AbpAuthor: shangyi

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