SUPERGLASS last night said it was not aware of any reason for a more than 12% fall in its share price.

In a statement released after the market closed, the insulation maker admitted trading conditions were extremely difficult.

It has yet to see any increase in demand for its products, made in Stirling, from the recent introduction of the UK Government's Green Deal scheme.

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Shares in the company had closed down 12.85%, or 1.25p, at 8.5p.

Investor Peter Gyllenhammer reduced his stake in Superglass from 14.7% to less than 3% in January.