Glaston's Board of Directors approves convertible bond conversion undertakings

Glaston Corporation                Stock Exchange Release         28 March 2011 at 15.00  

Glaston’s Board of Directors approves convertible bond conversion undertakings

On 25 February 2011, Glaston published a stock exchange release outlining the company’s new financing package. As part of the arrangement, Glaston’s convertible bond investors were offered the opportunity to convert convertible bond book entries into the company’s shares.  

Glaston’s Board of Directors has today approved conversion undertakings totalling EUR 6.0 million euros, against which bond holders will receive in the conversion 4,615,367 shares in Glaston. The share conversion will take place in accordance with the terms and conditions of the convertible bond at a conversion price of EUR 1.30 per share. To compensate for the difference between the conversion price and the market price of the shares, the company has agreed to provide the investors 21 cents per share as additional consideration.     

Glaston’s Board of Directors has proposed to the company’s Annual General Meeting, to be held on 5 April 2011, to authorise the Board of Directors to decide on the issuance of shares. As part of the proposal, the Board of Directors seeks an authorisation for a share issue without payment, which can be used for the payment of the above-mentioned additional consideration connected with the conversion of the convertible bond. 

The new shares are expected to be registered in the Trade Register on 4 April 2011. After the Trade Register entry, Glaston will have a total of 102,496,135 shares. The new shares will carry the same rights as the existing shares of the company. The new shares are subject to trade in Helsinki Stock Exchange on or about 5 April 2011.

For further information, please contact:
President & CEO Arto Metsänen, tel. +358 10 500 6100
Chief Financial Officer Tapio Engström, +358 10 500 6419

Glaston Corporation
Arto Metsänen
President & CEO

Glaston Corporation
Glaston Corporation is an international glass technology company and a pioneer in glass processing technology. Its product range and service network are the widest in the industry. Glaston's notable brands are Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety glass machines, and Albat+Wirsam in glass industry software. Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.

Distribution: NASDAQ OMX, key media, www.glaston.net