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

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



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 Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.


600450 Glaston Corporation Is Planning to Strengthen the Company's Financial Position
Date: 24 December 2012
Source: Glaston Oyj Abp

See more news about:

See more from these topics:

Others also read

Our A+W software house has a global reputation for premium software, which allows glass and building element manufacturers to optimise their processes and save production costs.
Glaston presents the next chapter in the glass heat treatment business at this year’s GlassBuild America by combining its technology leadership with smart connectivity.
At the glasstec show LiSEC and Klaes have presented their joint Industry 4.0 solution.
GLASS NATTER Regensburg - Successful LineScanner acceptance including the option to check the overall bending of glass.
Glaston’s employer-employee (YT) consultation on possible lay-offs and personnel reductions, which was launched in Finland on 9 August 2016, has ended.
GPAD offers a rare opportunity to see first-hand the latest user-friendly, comprehensive software integration systems alongside the most up-to-date and cutting-edge glass processing developments.

From industry

Am Pfahlgraben 4
35415 Pohlheim

Add new comment