Result of Excess Open Offer

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

18 May 2020

Surface Transforms plc.

("Surface Transforms" or the "Company")

Result of Excess Open Offer

Surface Transforms plc, a manufacturer of carbon fibre ceramic brake discs, (AIM:SCE) is pleased to announce that the excess Open Offer totaling 5,384,56 Ordinary Shares, as detailed in the Company's RNS announcement on 4 May 2020, has been fully subscribed. Subject to the passing of the resolutions at the General Meeting to be held at 09:00 a.m. on 21 May 2020, the Company expects the 5,384,616 Ordinary Shares to be admitted to trading on AIM on 25 May 2020.

David Bundred, Chairman commented:

"This further confirmation of shareholder support during the current Covid 19 pandemic is greatly appreciated by the Board. It is particularly pleasing that, on this occasion, we have been able to provide the opportunity for smaller shareholders to participate, at scale, in an equity fundraising on the same terms as institutional shareholders. The total amount raised by the Placing and extended Open Offer is £2.4 million, which significantly strengths the Company's balance sheet and provide management with flexibility to fully take advantage of opportunities as they arise."

For further information, please contact:

Surface Transforms plc.

Kevin Johnson, CEO +44 151 356 2141

David Bundred, Chairman

Michael Cunningham, Finance Director

Cantor Fitzgerald Europe (Nomad & Joint Broker) 

David Foreman (Corporate Finance) +44 20 7894 7000

Caspar Shand Kydd (Sales)

finnCap Ltd (Joint Broker)

Richard Chambers (ECM) +44 20 7220 0500

Ed Frisby, Giles Rolls (Corporate Finance)