Appointment of new non-executive chair

Surface Transforms PLC
16 September 2024
 

16 September 2024

Surface Transforms plc

("Surface Transforms" or the "Company")

 

Appointment of new non-executive chair

 

Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, is pleased to announce the appointment of Andrew Kitchingman as non-executive chair, with immediate effect.

 

Andrew is an experienced public company director, including being non-executive chair of Mpac Group plc since 2016, and also a non-executive director of Andrew Sykes Group plc and London Security Group plc. Prior to Andrew's non-executive career, he spent many successful years in corporate finance, working for both consultancy firms and stockbrokers, including KPMG, Hill Samuel, Albert E Sharp, Brewin Dolphin and WH Ireland, across a wide range of business sectors, both public and private. Andrew is also a Fellow of the Institute of Chartered Accountants in England and Wales.

 

David Bundred will step down as chair and retire from the Board with immediate effect.

 

Andrew Kitchingman, new chair, said:

 

"I am delighted to be joining Surface Transforms as chair and would like to thank my predecessor, David Bundred, for his service over the last twelve years The company has excellent technology and plenty of demand for its products. The short-term priorities will focus on operational excellence, efficiency and tight management of working capital."

 

David Bundred, outgoing chair said:

 

"I am pleased to be handing over to such an experienced chair as Andrew whom I am confident will lead the Company into the next stage of its development to seize the opportunities for the Company, and our shareholders and employees.

 

 I am proud of the team's performance over the last 12 years in turning a concept into a product that is so world beating that we have been awarded contracts of £390m from some of the world's leading automotive OEMs. Establishing a scaled-up manufacturing process has taken longer than planned. However capacity has been built and yield continues to improve.

 

This success could not have been achieved without the dedication and effort of a remarkable team. I want to thank all of you."

 

Additional disclosures required under the AIM Rules for Companies

 

Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies, Andrew James Kitchingman, age 60, owns no ordinary shares in the Company and is, or has during the last five years, been a director or partner of the following companies and partnerships:

 

Current directorships or partnerships

Previous directorships or partnerships held within the last 5 years

 

London Security Group plc

 

Southworks UK Ltd

Andrew Sykes Group plc

MORhomes plc

Mpac Group plc

Burton Leonard Opposition Group Ltd

HC Slingsby plc

LonPro Holdings Ltd

ESE Direct Ltd

Cathedral Choir School Ripon Limited (The)

British Board of Agrément

Incommunities Group Limited


Northern Aldborough Festival*

 

* Northern Aldborough Festival was converted to a Charitable Incorporated Organisation in July 2022, and remains active 

 

Save as set out in this announcement, Andrew Kitchingman has confirmed that there are no further disclosures to be made in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies.

 

For enquiries, please contact:

Surface Transforms plc

+44 151 356 2141

Kevin Johnson, CEO

Isabelle Maddock, CFO


Zeus (Nominated Adviser and Joint Broker)

+44 203 829 5000

David Foreman / James Edis / Ed Beddows (Investment Banking)


Dominic King (Corporate Broking)


Cavendish Capital Markets Ltd (Joint Broker)

+44 20 7220 0500

Ed Frisby / Abigail Kelly (Corporate Finance)

Andrew Burdis / Harriet Ward (ECM)


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 cars 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

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