Glaston Corp. Works to Strengthen Balance Sheet, Financial Position

February 11th, 2013 | Category: Industry News
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Glaston Corp. has announced that it is working to strengthen its balance sheet and financial position through a number of activities, including the recent sale of its Software Solutions Business Area, Albat+Wirsam, share issues directed to the public and to the holders of the convertible bond and debenture bond issued by the company, the sale of the Glaston factory property complex located in Tampere, Finland, as well as by a new long-term credit facility.

The company’s board of directors will hold an Extraordinary General Meeting of Shareholders on February 12, during which the board of directors will decide whether to proceed with one share issue or several share issues, according to the company. Shareholders representing approximately 46 percent of the company’s shares have committed themselves to voting in favor of the share issue authorization in the Extraordinary General Meeting of Shareholders, according to the company. The maximum amount of the proposed authorization is 86 million shares.

As part of the announcement, Glaston officials say they plan to sell the company’s factory property complex located in Tampere, Finland by March 31, in an effort to reduce the company’s senior loans.

In addition, the company has agreed on the implementation of a new three-year credit facility with the company’s current lenders, if certain prerequisites are fulfilled.

“[All of these activities] will reduce the company´s net debt significantly and will increase the equity ratio to a good level,” says Arto Metsänen, CEO and president. “Strengthening of the financial position provides better opportunities for the business development of the company in the long term.”

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