SPGH.L Regulatory News (SPGH)

For immediate release 17 November 2011

Superglass Holdings Plc

(the "Company")

Confirmation of a Regional Selective Assistance Grant Award

and

Banking Relaxations and Amendments

Introduction

By way of an update to the announcement issued by the Company on 7 November 2011: (i) the Company and Superglass Insulation Limited (a wholly owned subsidiary of the Company) ("SIL") received an offer of an RSA grant award of up to £2 million from Scottish Enterprise dated 9 November 2011 (the "RSA Grant"); (ii) the Company and SIL accepted the offer of the RSA Grant on 16 November 2011; and (iii) the Company, SIL and Superglass Group Limited ("SGL") have agreed further temporary and conditional relaxations and amendments to its facility structure with Clydesdale Bank Plc (the "Bank") pursuant to the terms of the Waiver Letter (as such term is defined below) dated 16 November 2011.

RSA Grant

The Company announced on 7 November 2011, further to its publication of a prospectus in relation to the proposed, inter alia, Firm Placing, Placing and Open Offer of New Ordinary Shares to raise, in aggregate, approximately £9.5 million (before expenses) (the "Prospectus") that: (i) it had submitted an application for the RSA Grant to Scottish Enterprise requesting financial support of approximately £2 million; (ii) the RSA Grant appraisal team had carried out an evaluation of the RSA Grant application and the Board of Directors of the Company understood that a proposal would be put forward to the Scottish Enterprise grant executive for a grant award of between £1.6 million and £2 million; and (iii) the Board of Directors of the Company anticipated the RSA Grant would be formally approved at a meeting of the Scottish Enterprise grant executive scheduled to take place on 8 November 2011.

It was explained in the Prospectus, that the New Facilities Agreement is conditional on, inter alia, the Bank being satisfied that the RSA Grant has been awarded to the Company in an amount and on terms which are acceptable to the Bank, and that completion of the Issue and Proposals are conditional on, inter alia, the Company being satisfied that, following its award, the amount and terms of the RSA Grant will be sufficient with respect to the Company's funding requirements, and on Brewin Dolphin Limited, the Company's broker and sponsor in relation to those proposals set out in the Prospectus, being satisfied with the quantum of the RSA Grant.

The Company is pleased to announce that the RSA Grant was offered in an amount and on terms which are acceptable to the Bank and the Company, and in an amount which is acceptable to Brewin Dolphin Limited. Accordingly, the Company and SIL accepted the offer of the RSA Grant on 16 November 2011 and as a result a material condition has been satisfied in respect of the New Facilities Agreement, the Issue and the Proposals and a significant uncertainty concerning the Proposals has now been removed.

The RSA Grant was awarded in order to assist the Company and SIL in: (i) implementing a project to upgrade the Company's manufacturing processes in order to improve efficiency and production utilisation rates; (ii) creating and safeguarding permanent full-time jobs; and (iii) investing £8.23 million in plant and machinery (being the capital expenditure program of £6.5 million and miscellaneous upgrades of £1.73 million) at the Company's factory located at Thistle Industrial Estate in Stirling.

Further to the Prospectus, the Company intends to publish a supplementary prospectus shortly in relation to the RSA Grant.

Banking Relaxations and Amendments

The Company has agreed further temporary and conditional relaxations and amendments to its facility structure with the Bank, being: (i) the deferment until 5 December 2011 of the capital repayment which would otherwise have been due on 30 November 2011; and (ii) a waiver of the requirement to test the financial covenants as at 31 August 2011 contained in the Company's existing facility agreement with the Bank pursuant to the terms of the waiver letter dated 16 November 2011 amongst (1) the Bank, (2) SGL, (3) the Company, and (4) SIL relating to the Existing Facilities Agreement (the "Waiver Letter").

The Company requires these further temporary and conditional relaxations as the General Meeting of the Company, at which the Resolutions will be proposed, is to be held on 30 November 2011. As such, it is expected that the proceeds of the Firm Placing, Placing and Open Offer will be received by the Company on or around 1 December 2011. On receipt of such proceeds, the Loan Capitalisation Agreement and the New Facilities Agreement will become unconditional and the New Facilities will be drawn down to repay the then outstanding balance of the Existing Facilities. Following repayment of the Existing Facilities the deferred capital repayment will cease to be due.

Capitalised terms used in this announcement have the meanings given to them in the Prospectus and references to sections and parts are to sections and parts of the Prospectus, unless otherwise defined or referenced in this announcement.

For further information, please contact: