Result of Over-Subscribed Open Offer

RNS Number : 2362O

Surface Transforms PLC

08 February 2021

 

8 February 2021

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Surface Transforms plc

("Surface Transforms" or the "Company")

Result of Over-Subscribed Open Offer

Surface Transforms (AIM:SCE), manu facturers of carbon fibre reinforced ceramic automotive brake discs is pleased to announce that it has raised gross proceeds of £2.0  million, pursuant to the Open Offer, as set out in the Circular dated 20 January 2021.

The Open Offer was significantly over-subscribed with applications received for 19,078,264 Open Offer Shares, representing a take-up of 477 per cent of the 4,000,000 available Open Offer Shares.

All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement.  Applications for Open Offer Shares under the Excess Application Facility will be scaled back as outlined in the Circular, with preference being given to Qualifying Shareholders with smaller shareholdings.

Application has been made for 4,000,000 Open Offer Shares to be admitted to trading on AIM ("Admission"), conditional on the Resolutions being passed. It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 10 February 2021.

David Bundred, Non-Executive Chairman, commented:

"We want to thank shareholders for their continuing support through this this huge over subscription. Following the also over-subscribed Placing, this concludes the funding round and provides the Company with the financial resources to commence the next phase of our ambitious growth plans. We are looking forward to the rest of 2021, and beyond, with considerable confidence." 

The capitalised terms used in this announcement have the same meanings as in the announcement made by the Company on 19 January 2021 relating to, inter alia, the Open Offer, unless otherwise stated.

T he person responsible for arranging the release of this announcement on behalf of the Company is Michael Cunningham, Finance Director.

For further information, please contact:

Surface Transforms plc.                                                                                     [phone]
 

David Bundred, Chairman

Kevin Johnson, CEO 

Michael Cunningham, CFO

Zeus Capital Limited (Nominated Adviser 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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