This information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
Surface Transforms
plc
("Surface Transforms" or the
"Company")
Result of Open
Offer
Surface Transforms (AIM:SCE),
manufacturers of carbon fibre reinforced
ceramic automotive brake discs is pleased to announce that the Open
Offer was significantly over-subscribed, with applications in
excess of £4.5m
(450,000,000 Open Offer Shares), representing a take-up of
226 per cent. of
the 200,000,000 available Open Offer Shares.
As permitted under the terms of the
Open Offer, the Board has decided to extend and accept 300,000,000
Open Offer Shares, raising £3.0m. It is expected that Admission and
dealings in the 300,000,000 Open Offer Shares will commence
at 8.00 a.m.
on 28 May 2024.
In aggregate, £9.5m gross proceeds will have been
raised pursuant to the Placing, Subscription and Open Offer, in
addition to the £13.2m local authority loan (ringfenced for capital
expenditure) announced on 11 December 2023.
David Bundred, Non-Executive
Chairman, commented:
"Against the background of the recent difficult Company
trading background, we are particularly appreciative, if not
humbled, by this shareholders' support. With the combined £22.7m
gross proceeds from the £9.5m Placing, Subscription, and Open Offer
together with the £13.2m Loan the
Board is now confident that we have sufficient funding for our
working capital and capital expenditure needs, thereby enabling us
to seize the commercial opportunity available of a £390m order book
and £400m confirmed contract prospective pipeline."
The capitalised terms used in this announcement have the same
meanings as defined in the Circular issued by the Company on
3 May 2024, unless otherwise
stated.
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For
further information, please contact:
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Surface Transforms plc
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+44 151 356
2141
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David Bundred,
Chairman
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Kevin Johnson, CEO
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Isabelle
Maddock, CFO
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Zeus (Nominated Adviser and Joint
Broker)
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+44 203 829
5000
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David Foreman / James Edis / Ed
Beddows (Investment Banking)
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Dominic King (Corporate
Broking)
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Cavendish Capital Markets Ltd (Joint
Broker)
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+44 20 7220
0500
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Ed Frisby / Abigail Kelly (Corporate
Finance)
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Andrew Burdis / Harriet
Ward (ECM)
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About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces
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.
The Company holds the London Stock exchange's Green Economy
Mark
For additional information please visit www.surfacetransforms.com