Last checked at 24 May 2024 07:00
This information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Surface Transforms plc
("Surface Transforms" or the "Company")
Result of Open Offer
Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs is pleased to announce that the Open Offer was significantly over-subscribed, with applications in excess of £4.5m (450,000,000 Open Offer Shares), representing a take-up of 226 per cent. of the 200,000,000 available Open Offer Shares.
As permitted under the terms of the Open Offer, the Board has decided to extend and accept 300,000,000 Open Offer Shares, raising £3.0m. It is expected that Admission and dealings in the 300,000,000 Open Offer Shares will commence at 8.00 a.m. on 28 May 2024.
In aggregate, £9.5m gross proceeds will have been raised pursuant to the Placing, Subscription and Open Offer, in addition to the £13.2m local authority loan (ringfenced for capital expenditure) announced on 11 December 2023.
David Bundred, Non-Executive Chairman, commented:
"Against the background of the recent difficult Company trading background, we are particularly appreciative, if not humbled, by this shareholders' support. With the combined £22.7m gross proceeds from the £9.5m Placing, Subscription, and Open Offer together with the £13.2m Loan the Board is now confident that we have sufficient funding for our working capital and capital expenditure needs, thereby enabling us to seize the commercial opportunity available of a £390m order book and £400m confirmed contract prospective pipeline."
The capitalised terms used in this announcement have the same meanings as defined in the Circular issued by the Company on 3 May 2024, unless otherwise stated.
For further information, please contact: |
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Surface Transforms plc | +44 151 356 2141 | ||
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David Bundred, Chairman | |||
Kevin Johnson, CEO | |||
Isabelle Maddock, CFO | |||
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Zeus (Nominated Adviser and Joint Broker) | +44 203 829 5000 | ||
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David Foreman / James Edis / Ed Beddows (Investment Banking) | |||
Dominic King (Corporate Broking) | |||
Cavendish Capital Markets Ltd (Joint Broker) | +44 20 7220 0500 | ||
Ed Frisby / Abigail Kelly (Corporate Finance) | |||
Andrew Burdis / Harriet Ward (ECM) | |||
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces 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.
The Company holds the London Stock exchange's Green Economy Mark
For additional information please visit www.surfacetransforms.com