Grant of Options

RNS Number : 2495S
Surface Transforms PLC
13 July 2022
 

  13 July 2022

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

 

Surface Transforms plc (AIM:SCE) announces that it has granted options over 910,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing HMRC approved EMI share option scheme to a non-director PDMR, and 27 other employees (the "Options").

 

The Options are exercisable at a price of 50.5p per Ordinary Share, being the closing price on 12 July 2022 and will be exercisable subject to certain performance criteria being met in the case of the non-director PDMR, and between the second and tenth anniversaries of grant for other employees.

 

A PDMR has been awarded a total of 210,000 Options and other employees have been awarded a total of 700,000 Options.

 

The vesting of the Options for all employees is conditional on the continued employment of the option holder. For the PDMR, the Options vest after the achievement of three independent commercial criteria being, the Company:

 

(i)  achieving a minimum of 30m of sales in a financial year;

(ii)  achieving a minimum of 8m profit before tax in a financial year;

(iii)  installing capacity capable of achieving annual sales of at least 80m; and

(iv)   3 years continuous service from date of grant.

 

The achievement of each and any of the three performance criteria will result in the vesting of one third of the Options after the 3 year period.

  

Further details on the PDMR awards are set out in the disclosure table further below.

 

For enquiries, please contact:

Surface Transforms plc.      +44 151 356 2141

David Bundred, Chairman

Kevin Johnson, CEO 

Michael Cunningham CFO

 

Zeus (Nominated Adviser and Joint Broker)    +44 203 829 5000

 

David Foreman / Dan Bate / James Edis (Investment Banking)

Dominic King (Corporate Broking)

finnCap Ltd (Joint-Broker)      +44 20 7220 0500

Ed Frisby / Abigail Kelly (Corporate Finance)
Richard Chambers / Barney Hayward (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

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

a.

Name

Mr. Mark Strutz

2

Reason for notification

 

 

 

a.

Position/Status

PDMR

b.

Initial notification/

Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Surface Transforms plc

b.

LEI

213800GQHNJPE5O8XO79

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the financial instrument, type of instrument

Identification Code

Ordinary Shares of 1p each


ISIN: GB0002892528

b.

Nature of the transaction

Grant of Options

 

c.

Price(s) and volume(s)

Price(s)

Volume(s)

50.5p

210,000

d.

Aggregated information

 

Price(s)

Aggregated volume(s)

Aggregated Total

50.5p

210,000

£106,050

e.

Date of the transaction

12/07/2022

f.

Place of the transaction

London Stock Exchange

 

 

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