REG - Surface Transforms - Award of 2024 LTIP share options

Surface TransformsAnnouncement

15/08/2024 07:00

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RNS Number : 5105A  Surface Transforms PLC  15 August 2024

 

15 August 2024

 

 

Surface Transforms plc

("Surface Transforms" or "the Company")

 

Award of 2024 LTIP share options

 

Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced
ceramic automotive brake discs, announces that it has granted, in total, 50.8m
share options to three PDMRs and seven non-PDMR senior managers pursuant to
its long term incentive plan ("LTIP") approved by shareholders at the 2023 AGM
(the "Options").

 

Kevin Johnson (CEO) has been awarded 16.1m Options, Isabelle Maddock (CFO)
8.8m, Stephen Easton (COO) 7.7m and the seven other senior managers a total of
18.3m. The exercise price of the Options is 1.7099 pence being the 20 business
day volume weighted average price ("VWAP") up to Friday 9 August. The Options
represent 3.9% of the total issued share capital of the Company.

 

The Options vest at the third anniversary of grant if the following conditions
are met:

 

·    EBITDA per share between 0.31 pence (10.5% of the award) and 0.46
pence (30% of the award). This is based on achieving between £4m EBITDA and
£6m EBITDA in the year to 31 December 2026

·    Installation of realisable £75m sales capacity (30% of the award)

·    Share price above 5.0p on a VWAP basis for the 20 days prior to
vesting date (20% of the award)

·    A commercially confidential strategic milestone providing additional
technical excellence, aimed at maintaining the Company's technical leadership
in the marketplace (20% of the award)

 

The vesting criteria are independent of each other, albeit clearly linked if
the separate criteria are to be achieved.

 

After exercise the participants in the LTIP will be required to maintain a
level of shareholding proportional to their salary.

 

David Bundred (Chairman) said "The LTIP scheme rules provide for annual LTIP
awards and this is the 2024 award. The vesting criteria are stretching but
considered achievable. To this end it is encouraging that the increase in
output, reported in the 19 July trading update, has been maintained at the end
of July and early August."

For enquiries, please contact:

 Surface Transforms plc                              +44 151 356 2141
 David Bundred, Chairman
 Kevin Johnson CEO

 Isabelle Maddock CFO
 Zeus (Nominated Adviser and Joint Broker)           +44 203 829 5000
 David Foreman / James Edis (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 cars 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
(http://www.surfacetransforms.com)

 

Notification and public disclosure of transactions by Persons Discharging
Managerial Responsibilities ("PDMR") and persons closely associated with them
("PCA")

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         1)    Kevin Johnson

                                                                  2)    Isabelle Maddock

                                                                  3)    Stephen Easton
 2   Reason for notification

 a.  Position/Status                                              1)    CEO

                                                                  2)    CFO

                                                                  3)    COO
 b.  Initial notification/                                        Initial Notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Surface Transforms plc
 b.  LEI                                                          213800GQHNJPE5O8XO79
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of 1p each

Identification Code                                         ISIN: GB0002892528
 b.  Nature of the transaction                                    Grant of Options under Surface Transforms plc's 2024 LTIP
 c.  Price(s) and volume(s)                                       Transaction                Price(s)  Volume(s)

                                                            1)    Kevin Johnson        1.7099p   16,082,812
                                                                  2)    Isabelle Maddock     1.7099p   8,772,443

                                                            3)    Stephen Easton       1.7099p   7,675,887

 d.  Aggregated information                                       Transaction     Price(s)  Aggregated volume(s)  Aggregated Total

                                                            Same as 4 (c )

 e.  Date of the transaction                                      14 Aug 2024
 f.  Place of the transaction                                     Outside a trading venue

d.

Aggregated information

 

 

 Transaction     Price(s)  Aggregated volume(s)  Aggregated Total
 Same as 4 (c )

e.

Date of the transaction

14 Aug 2024

f.

Place of the transaction

Outside a trading venue

 

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