REG - Surface Transforms - Result of Open Offer

Surface TransformsAnnouncement

11/12/2023 07:15

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RNS Number : 2572W  Surface Transforms PLC  11 December 2023

 

11 December 2023

 

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 the Open Offer was
significantly over-subscribed, raising gross proceeds of £2.7m.

 

Applications were received for 27,420,745 Open Offer Shares, representing a
take-up of 137.1 per cent of the 20,000,000 available Open Offer Shares.

 

As permitted under the terms of the Open Offer, the Board has decided to
accept these validly received applications for 27,420,745 Open Offer Shares in
full.

 

Application will be made for 27,420,745 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 19 December 2023.

 

Subject to the Resolutions being passed, £11.0m gross proceeds will have been
raised pursuant to the Placing, Subscription and Open Offer

 

David Bundred, Non-Executive Chairman, commented:

 

"We want to thank investors, for their support of this Open Offer and are
delighted, in a difficult market, to have been oversubscribed on both the
Placing and Open Offer. Together with the £13.2m loan, described during the
fund raising and still expected to conclude imminently, the combined £24.2m
cash availability gives us the balance sheet strength to accelerate our
capacity expansion, thereby delivering the contract wins of recent years.

 

We continue to expect to move into profitability and free cash generation in
2024."

 

The capitalised terms used in this announcement have the same meanings as
defined in the Circular issued by the Company on 15 November 2023, unless
otherwise stated.

 

 For further information, 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 / Dan Bate / 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 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

 

 

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