Metro Performance Glass Ltd (AU:MPP) has released an update.
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Metro Performance Glass Ltd has halted the sale of Australian Glass Group (AGG) after evaluating a revised offer, deciding instead to retain the investment and pursue a capital raise targeting at least $15m to reduce debt and bolster both AGG and its New Zealand operations. AGG remains a strong asset, generating solid cash flow and positioned to benefit from new investments and building regulations. The company’s capital raise plan, alongside other options to maximize shareholder value, will be detailed after the annual results announcement in late May.
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