REG - Surface Transforms - Director/PDMR Shareholding
11/11/2021 07:00
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RNS Number : 0210S Surface Transforms PLC 11 November 2021
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.
Surface Transforms plc
("Surface Transforms" or the "Company")
Grant of Options
11 November 2021
Surface Transforms plc (AIM:SCE) announces that it has granted options over
1,810,105 new ordinary shares of 1 pence each in the Company ("Ordinary
Shares") under its existing HMRC "Enterprise Management Investment scheme"
(EMI) share option scheme to a director, Michael Cunningham, five non-director
PDMRs, and 29 other employees (the "Options").
The Options are exercisable at a price of 57p per Ordinary Share, being the
closing price on 10 November 2021 and will be exercisable subject to certain
performance criteria being met in the case of directors and non-director
PDMRs, and between the second and tenth anniversaries of grant for other
employees.
Michael Cunningham, CFO, has been awarded 173,700 Options, the five
non-director PDMRs have been awarded a total of 936,405 Options and other
employees have been awarded a total of 700,000 Options.
The vesting of the Options for all employees is conditional on the continued
employment of the option holder. For directors and PDMRs, the Options vest
after the achievement of three independent commercial criteria being, the
Company:
(i) achieving a minimum of £20m of sales in a rolling
twelve-month period;
(ii) achieving a minimum of £5m profit before tax in a rolling
twelve-month period; and
(iii) installing capacity capable of achieving annual sales of at
least £60m.
The achievement of each and any of these three criteria will result in the
vesting of one third of the Options.
David Bundred (Chairman) said: "The timing and quantum of these awards is
simply one of the many actions currently being implemented within the Company
as we transition into higher volume production and profitability in the next
few months.
The Board expects the Company to become profitable in 2022 which will result
in its gross assets exceeding the £30m threshold stipulated in the EMI scheme
rules, thereby precluding any further option grants under the Company's
existing EMI scheme.
PDMRs are normally granted options, up to a common pre-agreed limit,
progressively over their first three to four years of service with the
Company. Whilst there has been a small acceleration in the timing of these
Options being granted, the total number of options granted by the Company
remains within the QCA guidance to the remuneration committee. Notwithstanding
this fact, the Board agreed that given the longer-term nature of these
instruments, that they should be set at levels exceeding current market
expectations. These targets, whilst stretching, are considered achievable by
the Board within the timelines of the Options."
Further details on the Director and PDMR awards are set out in the disclosure
tables further below.
For enquiries, please contact:
Surface Transforms
plc.
+44 151 356
2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Zeus Capital Limited (Nominated Advisor and Joint Broker)
+44 203 829
5000
David Foreman / Dan Bate / Jordan Warburton (Corporate Finance)
Dominic King (Corporate Broking)
finnCap Ltd (Joint Broker)
+44 20 7220 0500
Ed Frisby/Abigail Kelly (Corporate Finance)
Richard Chambers/Barney Hayward (ECM)
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce 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.
For additional information please visit 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 Mr Michael Cunningham
2 Reason for notification
a. Position/Status CFO
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 173,700
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 173,700 £99,009.00
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 173,700 £99,009.00
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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 Mr Steven Harvey
2 Reason for notification
a. Position/Status PDMR
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 290,000
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 290,000 £165,300
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 290,000 £165,300
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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 Mr Geoff Whitfield
2 Reason for notification
a. Position/Status PDMR
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 16,405
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 16,405 £9,350.85
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 16,405 £9,350.85
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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 Mrs Kerry Wood
2 Reason for notification
a. Position/Status PDMR
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 150,000
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 150,000 £85,500
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 150,000 £85,500
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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 Mr Leigh Welch
2 Reason for notification
a. Position/Status PDMR
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 290,000
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 290,000 £165,300
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 290,000 £165,300
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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 Ms Rebecca Hooper-Rhind
2 Reason for notification
a. Position/Status PDMR
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
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 for Ordinary Shares in the Company
c. Price(s) and volume(s) Price(s) Volume(s)
57.0p 190,000
- Transaction 1 (Purchase)
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
57.0p 190,000 £108,300
- Transaction 1
(purchase)
e. Date of the transaction 11/11/2021
f. Place of the transaction London Stock Exchange
d.
Aggregated information
- Transaction 1
(purchase)
Price(s) Aggregated volume(s) Aggregated Total
57.0p 190,000 £108,300
e.
Date of the transaction
11/11/2021
f.
Place of the transaction
London Stock Exchange
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