Metro Performance Glass shareholders approve recapitalization plan

Metro Performance Glass shareholders overwhelmingly approved a series of resolutions at a special meeting on August 26, 2025, to implement a crucial recapitalization plan. This includes the issuance of up to 501,655,800 shares to Amari Metals Australia Pty Ltd, potentially granting them over 20% control, along with 798,260,738 shares to other subscribers and 33,333,333 and 6,666,667 shares to Simon Bennett and Pramod Khatri respectively, all at NZ$0.03 per share. These resolutions passed with strong support, exceeding 90% "For" votes for each.

The recapitalization is designed to address the company's poor financial performance, excessive debt, and improve its overall financial position and operational efficiency. The plan is expected to raise between NZ$15 and NZ$24 million, significantly reducing net debt and improving the Net Debt/EBITDA ratio to as low as 0.7x by FY27 under the NZ$24 million scenario. The board strongly recommended the plan, emphasizing its importance in securing the company's future as a going concern.

This comprehensive recapitalization package is considered inseparable, including a NZ$9 million pro-rata renounceable rights offer, Amari's investment for a 51% stake, NZ$4.5 million from other investors (including directors), and a NZ$10 million debt forgiveness alongside a new debt facility. Independent adviser Grant Samuel concluded that the positives outweigh the negatives, and no viable alternatives provided the required capital.