REG - Surface Transforms - Result of Open Offer

Surface TransformsAnnouncement

19/10/2022 07:00

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RNS Number : 3269D  Surface Transforms PLC  19 October 2022

 

19 October 2022

 

Surface Transforms plc

("Surface Transforms" or the "Company")

 

Result of Open Offer

 

Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic
automotive brake discs is pleased to announce that it has raised gross
proceeds of £2.0 million, pursuant to the Open Offer, as set out in the
Circular dated 29 September 2022.

 

Applications were received for 4,963,739 Open Offer Shares, representing a
take-up of 66.2 per cent of the 7,500,000 available Open Offer Shares.

 

All Qualifying Shareholders who have validly applied for Open Offer Shares
will receive their Basic Entitlement and any application made under Excess
Application Facility in full.

 

Application has been made for 4,963,739 Open Offer Shares to be admitted to
trading on AIM ("Admission"), conditional on the Resolutions being passed. It
is expected that Admission and dealings in the Open Offer Shares will commence
at 8.00 a.m. on 20 October 2022.

 

David Bundred, Non-Executive Chairman, commented:

 

"We want to take this opportunity to thank our smaller shareholders for their
support of this Open Offer, bringing total funds raised, including the
Placing, to £18m. This Fundraising enables us to complete factory one and
commit to the second factory. We continue to expect that this confidence in
our future growth will be reflected by a significant contract award before the
year end."

 

The capitalised terms used in this announcement have the same meanings as
defined in the Circular issued by the Company on 29 September 2022, unless
otherwise stated.

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Michael Cunningham, CFO.

 

 For further information, please contact:

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

 Zeus (Nominated Adviser and Joint Broker)                          +44 203 829 5000
 David Foreman / Dan Bate / James Edis (Investment Banking)
 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

 

 

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