Under the plan the pre-emption right of existing shareholders has been excluded, meaning that the stakes held by a group of managers who controlled Trimo via a buyout vehicle will be wiped out.

Subscription of new shares will be carried out between 5 and 19 December and will likely feature a foreign investor.

Supervisory board chairman Bogdan Topič told the STA a binding offer from the as yet unnamed investor is expected by 9 December.

There were rumours in the media that construction materials giants Rockwool and Knauf had expressed interest, but Topič said they were not in the running.

STA also learnt today that the supervisory board had not extended the term of Klemen Boštjančič, who had been appointed procurator at the insistence of creditors.

It was not immediately clear what promoted the move, but Boštjančič had been named to the post when the company was still controlled by its managers, in order to protect creditors' interests.

With the interests of old shareholders now close to being wiped out, his post is no longer that relevant.