Surface Transforms Share News (SCE)

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Surface Transforms Plans Open Offer Increase After Oversubscription

Mon, 04th May 2020 17:14

(Alliance News) - Surface Transforms PLC on Monday said it proposes to increase its open offer to GBP1.0 million from GBP300,000 due to excess demand.

On Friday last week, Surface Transforms said it received valid acceptances from shareholders in respect of 10.9 million open offer shares - amounting to GBP1.4 million. This was scaled back to 2.3 million open offer shares raising GBP300,000.

However, Surface Transforms has not proposed to increase the offer by 5.4 million shares of the total 10.9 million applications received. This would raise the open offer proceeds raised to GBP1.0 million.

Shareholders will be asks to confirm is the wish to proceed with the open offer application. Shareholder approval will be needed for the additional share offer.

Chair David Bundred said: "We are delighted with the strong support from all our shareholders who have participated in this placing and open offer. For a host of reasons, but not least a defensive plan should the company's application for a [coronavirus business interruption loan scheme] loan not be successful, we have taken this opportunity to accept, subject to shareholder approval, a proportion of the excess applications received under the open offer. Assuming shareholders approve the increase in the open offer, the company will have a considerably stronger balance sheet that would otherwise be the case, and can look to the future with optimism."

Shares in Surface Transforms ended down 6.3% at 15.00 pence in London on Monday.

By Anna Farley; annafarley@alliancenews.com