MPG - Metro Performance Glass

[Shareguy]

Yup, something like 7.5% of the company traded today, mostly at 3c... at that scale, not many candidates for who's selling. Wonder what's up?

Looks like either Opito Trust (Masfen) or Takutai (Wells) sold out - trade volume is consistent with either ~20M-odd holding.

Indeed. Crystallising a nasty loss. Have made the call that the future is not bright.

[BlackPeter]

Indeed. Crystallising a nasty loss. Have made the call that the future is not bright.

Hmm - somebody bought these 21m shares. I guess they see it as an opportunity to make money.

We'll see in due time who was right ... possibly it will be both seller as well as buyer ;

[bulltrap]

Hmm - somebody bought these 21m shares. I guess they see it as an opportunity to make money.

We'll see in due time who was right ... possibly it will be both seller as well as buyer ;

Bain Capital sell out. No buyer notice yet.

Didn't realize they were holders.

[bulltrap]

... of that scale.

Looking back, their last SHH notice was this one in 2021, which has:

Substantial product holder(s) giving disclosure
Full name(s): BCC SSA I, LLC
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Metro Performance Glass Limited
(NZX: MPG)
Summary for BCC SSA I, LLC
For this disclosure,—
(a) total number held in class: 12,522,769
(b) total in class: 185,378,086
(c) total percentage held in class: 6.755%

... and that's the same and only relevant holding given in the latest Annual Report.

But according to today's disclosure:

Summary for Bain Capital Credit, LP

For last disclosure,—
(a) total number held in class: 21,968,422
(b) total in class: 185,378,086
(c) total percentage held in class: 11.851%

Looks like big old porkies to big old me.

[Minimoke]

Hmm - somebody bought these 21m shares. I guess they see it as an opportunity to make money.

We'll see in due time who was right ... possibly it will be both seller as well as buyer ;

Seems like someone has bought 21,968,422 off Bain Capital Credit, LP. And bought  21,968,422 off Bain Capital Investments (Europe) Limited.

Combines is 23.7% of issued shares

[BlackPeter]

... of that scale.

Looking back, their last SHH notice was this one in 2021, which has:

... and that's the same and only relevant holding given in the latest Annual Report.

But according to today's disclosure:

Looks like big old porkies to big old me.

Hmm, yes - looks on that notice a bit flaky.

Don't really follow them anymore, and not sure where the difference is coming from.

Maybe they did take the various entities (looks like several of their funds did include MPG) as separate owners and never exceeded the 5% on most of them. Or maybe it has something to do with the fundrises (they had some, didn't they)?

I guess quite easy to check with the person who announced the sell. Might well be some lack of announcement (or not), but not sure I'd see at this stage a porkie.

What benefits would you see for mixing this up?

[bulltrap]

Hmm, yes - looks on that notice a bit flaky.

Don't really follow them anymore, and not sure where the difference is coming from.

Maybe they did take the various entities (looks like several of their funds did include MPG) as separate owners and never exceeded the 5% on most of them. Or maybe it has something to do with the fundrises (they had some, didn't they)?

The disclosed holding for BCC SSA I, alphabet soup apparently derived from 'Bain Capital Special Situations Asia' is unchanged from previous disclosures. But the other holdings, their combined treatment, and notably the holding under 'Bain Capital Distressed and Special Situations' appear to be previously undisclosed.

Whether anyone holding or acquiring shares might have decided otherwise, had it been adequately disclosed that 'Bain Capital Distressed and Special Situations' was a significant holder, is a valid question.

What benefits would you see for mixing this up?

That's essentially asking why significant shareholder disclosure regimes exist. Not sure but I'll look into it.

[Cod]

MPG notice of holding

Anthony David Frith in their capacity as the trustee of the Ototara Trust
Summary of substantial holding
Class of quoted voting products: Ordinary shares
Summary for Ototara Trust
For this disclosure,—
(a) total number held in class: 10,666,666
(b) total in class: 185,378,086
(c) total percentage held in class: 5.754%

[bulltrap]

MPG notice of holding

Anthony David Frith in their capacity as the trustee of the Ototara Trust

A bit of armchair sleuthing through the NZ Companies Register, following the 'ant trail', puts Mr Frith within the Masfen sphere of influence.

Supposing that Masfen, Wells and Frith, with ~30% of the company, along with unknowns unaccounted for by SSH notices:

• whoever picked up the remaining ~5% dumped by Bain
• any holdings picked up by Viridian in support of their takeover bid, and aligned interests

... all decided to vote against the recap, it could be a close-run thing.

Another interesting thing about this vote, is that all related resolutions are being voted as Ordinary Resolutions, requiring only a simple majority to approve.

However, from my lay viewpoint (IANAL), the resolutions taken together effectively constitute a takeover of Metro by Amari. That is, through Amari acquiring a 51% shareholding, Metro will legally become its subsidiary. In fairness, this really ought to require a Special Resolution, approved by at least a 75% supermajority, as would be required if the takeover were via Scheme of Arrangement.

Masfen and Wells together would be able to block a Special Resolution if they chose to.

[bulltrap]

Update on ComCom case extends the decision date from today (28th July) to 20th October.

The outcome out today is that Viridian withdrew their application, apparently at the last minute (Friday 17th)...

At the time the application was withdrawn, the Commission had unresolved issues with the transaction's potential effect on competition, although it had reached no final decision.

The Commission's case register will be updated in due course.

Sounds like the outcome would've been a no-go, I would guess in part because the cap raise improved Metro's chances of keeping the race to the bottom going.

Disc: I voted against the cap raise but was pissing in the wind. Participated in the cap raise (no choice really) but sold out afterwards. Will continue to watch from the sidelines...

[winner (n)]

40 for 1 consolidation

Who would have ever though MPG at 15 bucks

[Greekwatchdog]

40 for 1 consolidation

Who would have ever though MPG at 15 bucks

Then wait for the envitable Cap Raise to pay the rest of the debt mountain they have.

No brainer if they wanted to survive.

Thing is their corporate costs are crazy and operationally the buisness is hopeless.

Whats going to change? They will never get the largest client back as they are producing their own glass

[Minimoke]

40 for 1 consolidation

Who would have ever though MPG at 15 bucks

Gee a company with shares worth $15 a pop. They must be pretty good. I'll have to buy some.

[winner (n)]

Gee a company with shares worth $15 a pop. They must be pretty good. I'll have to buy some.

IPO'd at $1.75 lol

[Basil]

IPO'd at $1.75 lol

Might go back there or even lower from its new $15 level lol