Metro Performance Glass has announced a proposed recapitalisation plan, which will be put to a special shareholders' meeting for approval.
The plan includes a 1.6 for 1 pro-rata renounceable rights offer, aiming to raise $8.9 million, and a potential placement of up to $15m to Amari Metals Australia.
The rights offer and top-up placement will be priced at $0.03 per new share, representing a 41% discount to the last close price.
The company said the proceeds from the recapitalisation will be used to repay a portion of its outstanding debt and enable it to enter into a new three-year bank facility.
Metro has already received binding commitments from wholesale investors and two directors to subscribe for shortfall shares.
The special shareholders' meeting is scheduled for August 26, 2025.
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