Metro Performance Glass strengthens finances, leadership following recapitalization

Metro Performance Glass held its annual general meeting of shareholders on September 29, 2025, announcing a successful recapitalization that raised NZ$23.9m and reduced debt by approximately NZ$33.9m. This initiative received 95% shareholder support on August 26, 2025. The rights offer, launched on September 1, 2025, saw 67% of rights exercised and was oversubscribed, with approximately NZ$4.7m in applications for the remaining NZ$2.9m available shares. A new three-year banking facility became effective on September 19.

Shareholders passed three ordinary resolutions supported by the board. These included authorizing the board to fix the fees and expenses of PwC as auditor for the ensuing year, with 99.79% of votes in favor. Julia Mayne was re-elected as a director, receiving 99.86% of votes, and Stephen Robertson was elected as a director, with 99.93% of votes in favor.

The company also provided business updates, noting a 17% reduction in New Zealand staff over two years to 587 people and a 5% reduction in Australian staff to 253 people. New leadership appointments included Sarah Hipkiss as cfo, Nick Hardy-Jones as country manager New Zealand, and Jason McGrath as country manager Australia.