Open Offer Excess

RNS Number : 1518M

Surface Transforms PLC

26 July 2017

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

26 July 2017

Surface Transforms Plc.

("Surface Transforms" or the "Company")

Open Offer Excess

Subsequent to the Open Offer of July 6 and as announced on July 25, applications were received for 5,091,616 Open Offer Shares, representing a take-up of 157.84 per cent that was scaled back to 3,225,806 Open Offer Shares. The Company also announced that it was exploring alternative avenues to satisfy this additional excess demand.

The Board is able to use its discretionary powers to issue up to 10% of the share capital in any year, as granted by shareholders  at the general meeting of the Company held yesterday, and intends to use this authority to offer to allot 1,865,810 shares at 15.5p per share to those shareholders who applied for an excess of their entitlement in the Open Offer but were scaled back on their applications.

As a result up to 1,865,810 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") will be admitted to trading on 10 August 2017.

To this end the Company is writing to this limited number of shareholders and asking them to inform the Company if they do not wish to continue with their Open Offer application. The Company is asking shareholders to reply by Wednesday August 8^th and that if no reply is received the Company will assume that the shareholder has accepted the proposal and confirmed their wish to apply for new ordinary shares as aforesaid and will allot the shares by using the funds held on the Registrars.

For further information, please contact:

Surface Transforms plc.

Kevin Johnson, CEO                                                                                                           [phone]

David Bundred, Chairman

Cantor Fitzgerald Europe (Nomad & Joint Broker) 

David Foreman, Michael Reynolds (Corporate Finance)                                              [phone]

Mark Westcott, Alex Pollen (Sales)

finnCap Ltd (Joint Broker)

Stephen Norcross, Richard Chambers (Corporate Broking)                                         [phone]

Ed Frisby, Giles Rolls (Corporate Finance)

 

END

 

 

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