Debt facility repayment terms

RNS Number : 4605X

Surface Transforms PLC

19 November 2014

 



19 November 2014

Surface Transforms Plc

("Surface Transforms" or "the Company")

Debt facility repayment terms

On 31 March 2014 Surface Transforms plc, manufacturers of carbon fibre reinforced ceramic (CFRC) materials, announced that it had re-financed its debt facilities with Group-14 Limited ("Group-14"), a company beneficially owned by Richard Gledhill, a non-executive director of the Company. The provision of this debt facility, of £400,000, constituted a related party transaction under the AIM Rules for Companies.

The loan facility is repayable at any time at the discretion of the Company without penalty, but was immediately repayable in full should the Company complete an equity placing.

Group-14 has, for nil consideration, agreed with the Company to waive this requirement for the immediate repayment of the loan in respect of the placing and open offer announced on 18 November 2014. As such no monies raised from this fundraising will be applied against repayment of this loan.

For enquiries, please contact:

Surface Transforms plc

Dr. Kevin Johnson, CEO	[phone]
David Bundred, Chairman	[phone]

Cantor Fitzgerald Europe

David Foreman, Michael Reynolds, Rick Thompson (Corporate Finance)	[phone]
Paul Jewell, David Banks (Corporate Broking)	[phone]

 

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