Last checked at 28 Feb 2013 07:00
Surface Transforms plc
("Surface Transforms" or the "Company")
Result of Open Offer
Surface Transforms (AIM: SCE) is pleased to announce it has raised a total of £504,000 (gross) by a Placing and Open Offer.
On 31 January 2013, the Board of Surface Transforms announced details of a Placing and Open Offer in which it had conditionally raised net proceeds of £256,000 by means of a placing through the issue of 3,200,000 Placing Shares at 8p per share and also, to provide shareholders who had not taken part in the Placing with an opportunity to invest in the Company, the Company was providing all qualifying shareholders with the opportunity to subscribe, also at 8p per share, for an aggregate of up to 7,068,247 Open Offer Shares.
The Board is pleased to announce that £248,000 (gross) has been raised under the Open Offer having received valid acceptances under in respect of 3,093,902 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 43.8% of the total Open Offer Shares being offered.
Application has been made for the 3,093,902 New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 4 March 2013.
Placing and Open Offer Statistics
Number of Placing Shares issued | 3,200,000 |
Number of Open Offer Shares issued | 3,093,902 |
Issue Price of Placing Shares and Open Offer Shares | 8p |
Gross proceeds receivable by the Company pursuant to the Placing and Open Offer | £504,000 |
Net proceeds receivable by the Company pursuant to the Placing and Open Offer | £450,000 |
Terms defined in the Circular published by the Company on 31 January 2013 shall have the same meaning in this announcement unless the context requires otherwise.
David Bundred, Chairman of Surface Transforms, commented:
"We are pleased that the Board was able to make an Open Offer to all shareholders combined with a Placing of shares to certain institutions. The take-up we have seen for this capital raising both from new and existing shareholders which, together with the passing of the resolutions at today's General Meeting, demonstrates the strength of support for the Company's proposed strategies and cost reduction programme."
In conformity with rule 5.6.1 of Disclosure and Transparency Rules, the Board of the Company notifies the market of the following:
The total number of ordinary shares of 1p each in Surface Transforms in issue as at the date of this notice is 38,435,138 with each share carrying the right to one vote. There are no shares held in Treasury.
The total number of voting rights in the Company is therefore 38,435,138.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Surface Transforms under the FSA's Disclosure and Transparency Rules.
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Enquiries:
Surface Transforms Plc |
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Dr. Kevin Johnson, CEO | +44 151 356 2141 |
David Bundred, Chairman | +44 7785 388 848 |
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Cantor Fitzgerald Europe | +44 207 107 8000 |
David Foreman / Guy Peters (Corporate Finance) |
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Paul Jewell (Corporate Broking) |
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Notes to Editors:
www.surface-transform.com
Surface Transforms plc is the UK's leading manufacturer of `next-generation' carbon fibre reinforced ceramic composite materials (CRFCs).It is one of two global manufacturers of carbon ceramic brake discs and the Company's high-performance products are being commercialised with major industry partners, for an expanding range of innovative global applications in automobile brakes, aircraft brakes and rocket components.