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19 Nov 2014 13:02
19 November 2014
Surface Transforms Plc
("Surface Transforms" or "the Company")
Debt facility repayment terms
On 31 March 2014 Surface Transforms plc, manufacturers of carbon fibre reinforced ceramic (CFRC) materials, announced that it had re-financed its debt facilities with Group-14 Limited ("Group-14"), a company beneficially owned by Richard Gledhill, a non-executive director of the Company. The provision of this debt facility, of £400,000, constituted a related party transaction under the AIM Rules for Companies.
The loan facility is repayable at any time at the discretion of the Company without penalty, but was immediately repayable in full should the Company complete an equity placing.
Group-14 has, for nil consideration, agreed with the Company to waive this requirement for the immediate repayment of the loan in respect of the placing and open offer announced on 18 November 2014. As such no monies raised from this fundraising will be applied against repayment of this loan.
For enquiries, please contact:
Surface Transforms plc
Dr. Kevin Johnson, CEO | +44 151 356 2141 |
David Bundred, Chairman | +44 7785 388 848 |
Cantor Fitzgerald Europe
David Foreman, Michael Reynolds, Rick Thompson (Corporate Finance) | +44 207 894 7000 |
Paul Jewell, David Banks (Corporate Broking) | +44 207 894 7000 |
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