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 Click Here for more Surface Transforms Charts.
Surface Transforms (LSE:SCE)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Surface Transforms Charts.