SHAREHOLDERS in ­Superglass have backed plans for the insulation maker to raise £6.25 million through a share placing.

They have also agreed to allow the Bronsstadet AB vehicle, controlled by Swedish investor Peter Gyllenhammar, to take a 38.9 per cent stake in Superglass without triggering a takeover offer.

The investment by Bronsstadet, of about £3 million, means it is now the biggest shareholder in Superglass.

The 125 million new shares, which are being issued at five pence each, are expected to be admitted to the Alternative Investment Market today.

Superglass chief executive Alex McLeod and executive chairman John Colley are buying 20,000 new shares in the issue. The company has also confirmed that Lars Rutegard is joining the board as a non-executive director.

Mr Rutegard is managing director of textiles firm International Fibres Group and an investment manager at Bronsstadet.

Earlier this month the directors of Superglass said the discounted share issue was needed to bolster the firm's finances amid ongoing tough trading conditions.

Mr Gyllenhammar ­previously held a 14.7 per cent stake in Superglass but sold the bulk of his shares in January 2013.