Surface Transforms PLC GBP1 million loan agreement with LCRCA (2480T)
March 24 2021 - 2:00AM
UK Regulatory
TIDMSCE
RNS Number : 2480T
Surface Transforms PLC
24 March 2021
Surface Transforms plc
("Surface Transforms" or the "Company")
24 March 2021
GBP1 million loan agreement with Liverpool City Region Combined
Authority
Surface Transforms (AIM:SCE), manufacturers of carbon fibre
reinforced ceramic automotive brake discs, announces that it has
reached agreement on a GBP1m Flexible Growth Fund loan from
Liverpool City Region Combined Authority ("LCRCA").
The loan, which is administered by the Merseyside Special
Investment Fund ("MSIF"), is tied to capital expenditure and will
be drawn down between 29 March 2021 and 29 September 2021. The loan
carries interest at 2.0 per cent. over Bank of England base rate
and is repayable over 5 years in equal monthly instalments
following a 3-month repayment holiday. The Company has covenanted
certain continuing employment levels as a part of the
agreement.
David Bundred (Chairman) said "We would like to thank LCRCA and
MSIF for their contribution to our investment and employment plans.
In combination with the excellent support we are receiving from
Knowsley Borough Council on other issues it is symptomatic of their
collective wish to help. Liverpool City Region is, indeed 'Open for
Business'."
For enquiries, please contact:
Surface Transforms plc.
+44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Zeus Capital Limited (Nominated Advisor and Joint Broker) +44
203 829 5000
David Foreman / Dan Bate/ Jordan Warburton (Corporate
Finance)
Dominic King (Corporate Broking)
finnCap Ltd (Joint-Broker)
+44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce
carbon--ceramic material automotive brake discs. The Company is the
UK's only manufacturer of carbon--ceramic brake discs, and only one
of two mainstream carbon ceramic brake disc companies in the world,
serving customers that include major OEMs in the global automotive
markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for
high--performance road and track applications for both internal
combustion engine and electric vehicles. While competitor
carbon--ceramic brake discs use discontinuous chopped carbon fibre,
Surface Transforms interweaves continuous carbon fibre to form a 3D
matrix, producing a stronger and more durable product with improved
heat conductivity compared to competitor products; this reduces the
brake system operating temperature, resulting in lighter and longer
life components with superior brake performance. These benefits are
in addition to the benefits of all carbon--ceramic brake discs vs.
iron brake discs: weight savings of up to 70%, longer product life,
consistent performance, reduced brake pad dust and corrosion
free.
For additional information please visit
www.surfacetransforms.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRFLFEDVDIVFIL
(END) Dow Jones Newswires
March 24, 2021 03:00 ET (07:00 GMT)
Surface Transforms (LSE:SCE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Surface Transforms (LSE:SCE)
Historical Stock Chart
From Apr 2023 to Apr 2024