Surface Transforms PLC Open Offer Excess (1518M)
July 26 2017 - 5:21AM
UK Regulatory
TIDMSCE
RNS Number : 1518M
Surface Transforms PLC
26 July 2017
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
26 July 2017
Surface Transforms Plc.
("Surface Transforms" or the "Company")
Open Offer Excess
Subsequent to the Open Offer of July 6 and as announced on July
25, applications were received for 5,091,616 Open Offer Shares,
representing a take-up of 157.84 per cent that was scaled back to
3,225,806 Open Offer Shares. The Company also announced that it was
exploring alternative avenues to satisfy this additional excess
demand.
The Board is able to use its discretionary powers to issue up to
10% of the share capital in any year, as granted by shareholders at
the general meeting of the Company held yesterday, and intends to
use this authority to offer to allot 1,865,810 shares at 15.5p per
share to those shareholders who applied for an excess of their
entitlement in the Open Offer but were scaled back on their
applications.
As a result up to 1,865,810 new ordinary shares of 1 pence each
in the Company ("Ordinary Shares") will be admitted to trading on
10 August 2017.
To this end the Company is writing to this limited number of
shareholders and asking them to inform the Company if they do not
wish to continue with their Open Offer application. The Company is
asking shareholders to reply by Wednesday August 8(th) and that if
no reply is received the Company will assume that the shareholder
has accepted the proposal and confirmed their wish to apply for new
ordinary shares as aforesaid and will allot the shares by using the
funds held on the Registrars.
For further information, please contact:
Surface Transforms plc.
Kevin Johnson, CEO +44 151 356 2141
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint Broker)
David Foreman, Michael Reynolds (Corporate Finance) +44 20 7894
7000
Mark Westcott, Alex Pollen (Sales)
finnCap Ltd (Joint Broker)
Stephen Norcross, Richard Chambers (Corporate Broking) +44 20
7220 0500
Ed Frisby, Giles Rolls (Corporate Finance)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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