REG - Surface Transforms - Result of General Meeting and Total Voting Rights

Surface TransformsAnnouncement

23/05/2024 12:30

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RNS Number : 6934P  Surface Transforms PLC  23 May 2024

Surface Transforms plc

("Surface Transforms" or the "Company")

 

Result of General Meeting and

Total Voting Rights

 

Surface Transforms (AIM: SCE), manufacturers of carbon fibre reinforced
ceramic automotive brake discs, announces that, at its General Meeting held
earlier today, all Resolutions were duly passed.

 

A summary of the votes lodged by proxy at the General Meeting is set out
below:

     Resolution                                                                    Votes For    % For  Votes Against  % Against  Votes Withheld
 1.  To increase the limit of the maximum number of shares the Company may issue   143,483,407  98.78  1,774,779      1.22       97,606
 2.  To authorise the Directors to allot relevant securities for the Conditional   109,999,378  75.73  35,258,808     24.27      97,606
     Placing and Open Offer
 3.  To authorise the Directors to issue Ordinary Shares for cash other than on a  109,363,496  75.62  35,256,639     24.38      735,657
     pre-emptive basis*

 * Special Resolution

The Company recognises that a significant proportion of the votes were cast
against Resolutions 2 and 3. The Board takes seriously its responsibilities to
maintain a healthy dialogue with shareholders and has already engaged with
several of them to better understand their concerns.  We will continue to
listen to their views.

(1)     Any proxy appointments, which gave discretion to the Chairman have
been included in the 'For' votes total.

(2)     Votes "For" and "Against" any resolution are expressed as a
percentage of votes validly cast for that resolution.

(3)     A "Vote withheld" is not a vote in law and is not counted in the
calculation of the percentage of shares voted "For" or "Against".

(4)     The number of shares in issue on 22 May 2024 was 432,650,382 with
no shares in treasury.

(5)     The full text of the resolutions passed at the General Meeting can
be found in the Circular which is available on the Company's website
at  www.surfacetransforms.com (http://www.surfacetransforms.com/) .

Following approval of the Resolutions, application has been made for
569,422,256 new Ordinary Shares pursuant to the Conditional Placing to be
admitted to trading on AIM, with dealings expected to commence at 8.00 a.m. on
24 May 2024.

Total Voting Rights

Following the Conditional Placing Admission, the total number of voting rights
in the Company will be 1,002,072,638 Shareholders may use this figure 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, the
Company under the FCA's Disclosure Guidance and Transparency Rules.

Open Offer

The result of the Open Offer is expected to be announced on 24 May 2024.

 

The Capitalised terms used in this announcement have the same meanings as in
the Circular, unless otherwise stated.

 

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 / Ed Beddows (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) 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

 

 

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