Surface Transforms PLC Result of Open Offer (2572W)
11 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMSCE
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), manu facturers of carbon fibre
reinforced ceramic automotive brake discs is pleased to announce
that the Open Offer was significantly over-subscribed, raising
gross proceeds of GBP 2.7 m.
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, GBP11.0m 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 GBP13.2m loan, described during the fund raising and still
expected to conclude imminently, the combined GBP24.2m 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, Chairm an
Kevin Johnson, CEO
I sabelle Maddock , CFO
Zeus (Nominated Adviser and Joint Broker) +44 203 829 5000
David Foreman / Dan Bate / James Edis (Investment
Banking)
Dominic King (Corporate Broking)
C avendish 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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END
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December 11, 2023 02:00 ET (07:00 GMT)
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