Superglass, the loss-making insulation maker, has reported the resignation of a non-executive director after less than three months and a correction to its most recent letter to shareholders.
The Stirling-based group announced on October 30 that it had appointed as a non-executive Lars Rutegard, 36, who would bring "a wealth of industry and financial experience to the Board". But Mr Rutegard, an associate of Swedish investor Peter Gyllenhammer who holds a 38.9per cent stake in the company, is now said to have resigned with immediate effect.
The board has also corrected an "error" in its letter to shareholders regarding the forthcoming annual general meeting, to be held next Wednesday.
The letter had said that the directors had unanimously recommended that shareholders vote in favour of the proposed resolutions. The board said yesterday: "In fact, Lars Rutegård did not participate in the board discussions which preceded the posting of the notice of annual general meeting, nor in the decision to recommend that shareholders vote in favour of the proposed resolutions."
On his appointment Mr Rutegard was said to be the managing director of International Fibres Group AB, a worldwide manufacturer of coloured polypropylene staple fibre and filament yarn, as well as investment manager at Bronsstädet AB , which would be the company's largest shareholder following a refinancing in October.
On November 21, Superglass reported a £6.8m pre-tax loss in the year to August 31, similar to the previous year's £7m loss, on revenues 4 per cent lower at £23.5m.
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