PRICE ABOUT 160p. 27 feb 2008

Superglass, one of the UK's leading manufacturers of glass mineral fibre
insulation products.

Major Shareholders Information Shareholder Name

Black Rock Inc 5,602,460 9.67%
John Smellie* 5,076,640 8.70%
Montanaro Fund Mgrs Ltd 4,368,446 7.54%
GAM Fund Mgmt 4,132,369 7.08%
Goldman Sachs Group Inc 3,511,985 6.06%
Brewin Dolphin Securities Ltd 3,397,222 5.82%
Cazenove Capital 2,727,778 4.68%
Anthony Tony Kirkbright* 2,437,574 4.18%
Ennismore Fund Mgmt 2,050,000 3.54%
Schroder Investment Management Limited 2,034,087 3.49%
Old Mutual Asset Managers 1,965,237 3.37%

Appears this was strongly tipped by SCSW over the weekend and put in their portfolio.

60p coming soon ?

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3ASPGH.L&it=le&action=detail&id=4810300


.

Also in the Times.

http://business.timesonline.co.uk/tol/business/economics/article6256258.ece

May 10, 2009

Sharewatch: Superglass Holdings


The Stirling-based insulation group has had a torrid time since its shares were listed on Aim market at 180p in July 2007. They have been badly affected by investor concerns that Superglass’s fortunes would suffer as a result of the UK-wide slump in the housebuilding and construction sectors.

Last week, however, the shares continued to rally following bullish statements from the chairman. A lot of this can be put down to investor expectations that demand for its products will be boosted by government energy conservation initiatives.

On April 28, Superglass reported a pretax loss of 245,000 for the first half, down from a profit of 1.1m a year ago, while sales fell to 20.1m, from 20.5m.

But the company remains positive about prospects for the second half — largely on the back of government programmes to reduce energy wastage.

“The benefits of the Carbon Emissions Reduction Target and the government's additional 1 billion fuel poverty package are driving demand,” said the firm’s chairman Tim Ross at the recent results conference.

The company’s net debt has fallen marginally to 23m for the six months ended February 28, and it said that it remains comfortably within its banking covenants.

On May 1 a company owned by Ross bought 120,000 Superglass shares.

The shares closed last week at 37p.

Up 20% on the day. Would be good if it can get back to the 50p to 60p trading range it was in summer of last year, some consolidation again there to strengthen, would be good.

http://www.theherald.co.uk/business/news/display.var.2504871.0.superglass_in_upbeat_mood.php

Superglass in upbeat mood

TIM SHARP - City Editor April 29 2009

Managers at Stirling-based insulation manufacturer Superglass think a bottoming of its market is looming after it posted a pre-tax loss of 200,000 for the first half of its financial year in "the most challenging conditions the group has experienced".

Superglass managing director John Smellie said: "If it has not bottomed it has not got (much) further to go."

The fibreglass insulation manufacturer saw turnover tick down from 20.5m last year to 20.1m, over the six months to February 28 as it continued to suffer from a lacklustre housebuilding sector.

Competition reduced prices even in its fallback markets in continental Europe.

One positive for the company, which employs 180 staff, has been the expansion of the government's Carbon Efficiency Reduction Target (CERT), under which utilities have to improve home energy efficiency. The government allocated an additional 1bn of funding to the scheme last year.

Smellie said: "The (CERT) market has certainly picked up significantly and we antici- pate in the autumn there is going to be a bit of a step change when more funding becomes available."

Despite the headwinds, strong cash generation enabled Superglass to announce an interim dividend of 1p per share, albeit down from 1.7p last year, and the company's broker is tipping it to match last year's full-year payout of 3.4p a share.

The upbeat tones lifted its shares yesterday by 1.25p or 5.3% to 25p, more than twice the all-time low of 12.25p it reached earlier this month.

Less than two years ago it floated at 180p a share.

The company has faced pressure from high utility costs, a situation exacerbated by fixing its tariffs at the peak of the market last summer.

It is continuing to refine its fibreglass product in an effort to cut costs. It has moved from using a mix of plate glass and recycled bottles to using only recycled glass. This saves it 250,000 a year as the company benefits from selling on the packaging reclamation notes that reward recycling.

The company has sought to reduce elements such as industrial mineral borax, whose price has remained stubbornly high as other commodities have fallen, It is in talks with a Turkish supplier over a cheaper source.

It is also investigating ways of reclaiming borax from the cathode ray tubes of old televisions.

Smellie is optimistic about the crucial new-build sector, noting that builders are beginning to discuss plans for future projects.

He said: "Things are going relatively well. The housing market has flattened us. CERT being slow to start up was a bit of a pain. But new builds are now slowly going to start being built."

Over the last six months it has cut its borrowings by 1.1m to 23m and the company said it is comfortably within banking covenants.

made 40p

OVER 41p

Another 119p and you'll break even.

Onwards and upwards , 60p first stop.

I like the look of this share as a recovery stock, but the spread of 5p is putting me...and probably lots of others off. The share would have to appreciate by >20% to make any money at all....madness

6p today, that's a long way from the floatation at 180p - DYOR - is the Insulation Market that thin? (Down 45% as Exec consider cost-reduction options) - pity they didn't a year ago, eh? = as "housebuilding" is not really getting anywhere.
Maybe they need nother "use" for their fibres...

No recovery here.