Metro Performance Glass secures funding and equity investment

Metro Performance Glass (ASX:MPP) has reached a conditional agreement with Cowes Bay Group Pty Ltd, a large Australian based family office, for extended and revised funding facilities and a significant equity investment. Cowes Bay will become a shareholder in Metro through a placement of new shares, provide a commitment to invest further capital in the Company's planned equity capital raise, and become the company's main lender. The agreement is subject to confirmatory due diligence by Cowes Bay and completion of final documentation, expected to be completed in approximately 4 weeks.

Executive Commentary on Partnership and Investment

We are very pleased to be partnering with Cowes Bay. They are a strong strategic and financial supporter, and their input will greatly assist us in resetting our NZ business to return it to sustainable profitability and further grow our successful Australian business.

Summary of Metro Performance Glass Announcement

Metro Performance Glass (ASX:MPP) has secured a conditional agreement with Cowes Bay Group Pty Ltd for extended and revised funding facilities and a significant equity investment. Cowes Bay will subscribe for 27.8 million new ordinary shares in Metro at a price of 7 cents per share, raising approximately $1.9 million and holding a 13% shareholding in Metro. Additionally, Cowes Bay will provide extended loan facilities, allowing both time and headroom for Metro to execute its medium-term strategies. The company also plans to raise $10 to $15 million of capital from shareholders through a pro rata issue soon after the completion of the transactions. Metro's board and management continue to implement initiatives to improve operational performance and better serve its customers in a tough market environment. The partnership with Cowes Bay is expected to deliver substantial value growth for shareholders.