£1 million loan agreement with LCRCA

RNS Number : 2480T

Surface Transforms PLC

24 March 2021

 

Surface Transforms plc

("Surface Transforms" or the "Company")

24 March 2021

£1 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 £1m 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.                                                                                                      [phone]
 

David Bundred, Chairman

Kevin Johnson, CEO 

Michael Cunningham CFO

Zeus Capital Limited (Nominated Advisor and Joint Broker)                                      [phone]

David Foreman / Dan Bate/ Jordan Warburton (Corporate Finance)

Dominic King (Corporate Broking)

finnCap Ltd (Joint-Broker)                                                                                                   [phone]

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

 

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