Metro Performance Glass Limited
Transaction Type: Company meeting (Allotment)
Allottee: Amari Metals Australia Pty Limited
Independent Adviser(s): Grant Samuel & Associates Limited (Rule 18)
Date of meeting: 26/08/2025
Metro Performance Glass Limited (Metroglass) proposed to undertake capital raising via a rights offer to existing shareholders and a top-up placement to Amari Metals Australia Pty Limited (Amari and the Proposed Recapitalisation).
The Proposed Recapitalisation included:
- a renounceable rights issue to existing shareholders (partially underwritten by Amari); and
- a “top-up” placement to Amari,
such that, following the Proposed Recapitalisation, Amari would have a 51% shareholding in Metroglass.
As the issue of shares to Amari would result in Amari increasing its voting control in Metroglass in a manner restricted by the Code, the Proposed Recapitalisation required shareholder approval under rule 7(d) of the Code.
Grant Samuel & Associates Limited prepared an independent adviser’s report required under rule 18 of the Code on the merits of the Proposed Recapitalisation.
On 18 September 2024, Metroglass shareholders voted to approve the Proposed Recapitalisation, which was subsequently completed.
