REG - Surface Transforms - Contract update, suspension of trading and NOIA

Surface TransformsAnnouncement

12/03/2026 12:45

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RNS Number : 4502W  Surface Transforms PLC  12 March 2026

The 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")

 

Update following loss of major customer contract

Notice of intention to appoint administrators and

 Suspension of trading

Surface Transforms (AIM: SCE) manufacturers of carbon fibre reinforced
ceramic automotive brake discs, announces the following update, further to its
announcement on 3 March 2026 regarding the loss of the contract with General
Motors ("GM") (the "Announcement").

In response to the terminated contract by GM, the Company has enacted the
following:

·    Appointed Alvarez and Marsal ("A&M") as corporate restructuring
advisers, and the Board are working closely with them to understand the
options available to the Company to provide the best outcome for all
stakeholders;

·    Initiated a cost rationalisation exercise as a consequence of the
reduced production volumes. This will include commencing a consultation with
employees in respect of potential redundancies and layoffs.

Notice of intention to appoint administrators

The Board has taken the decision to file a notice of intention to appoint
A&M as administrators ("NOIA") with the High Court. Once the NOIA is
filed, the Company will be protected against any creditor enforcement action
for a period of ten working days and will continue to work with A&M on the
options available to the Company.

Suspension of trading

Due to the circumstances outlined above, the Company has requested that its
shares are suspended from trading on AIM with effect from 12.35 p.m. on 12
March 2026, pending clarification of the Company's financial position.

For enquiries, please contact:

 Surface Transforms plc                                        +44 151 356 2141
 Kevin Johnson, CEO
 Steve Harrison, CFO

 Zeus (Nominated Adviser and Broker)                           +44 203 829 5000
 David Foreman / James Edis / Ed Beddows (Investment Banking)
 Dominic King (Corporate Broking)

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/)

 

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