Placing to Raise ?327,000

RNS Number : 7715T

Surface Transforms PLC

25 November 2013

 



25 November 2013

Surface Transforms plc

("Surface Transforms" or the "Company")

Successful Placing to raise £327,000

Surface Transforms (AIM: SCE) is pleased to announce the placing of 3,843,498 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a placing price of 8.5 pence per share to raise approximately £327,000 (the "Placing").  The proceeds of the Placing will be used to strengthen the Company's working capital position. 

David Bundred (chairman) and Richard Gledhill (non-executive director) are participating in the Placing, having agreed to subscribe for Ordinary Shares at the placing price, as set out below:

	Current shareholding		Following admission of the Placing Shares
	Number	%	Number	%
David Bundred	375,000	1.0%	433,824	1.0%
Richard Gledhill	8,743,153	22.7%	8,801,977	20.8%

David Bundred, Chairman of Surface Transforms commented:

"This Placing completes the proposed fundraising of £821k announced in January 2013 of which £504k was actually raised in the period up to March 2013. The placing proceeds will be used for ongoing working capital purposes. The Board continues to target EBITDA break even and results are expected to be in line with market expectations. The Board would like to place on record its thanks to shareholders for their ongoing support for the Company."

Details of the subscription:

The Company has raised approximately £327,000 by way of a placing of 3,843,498 new Ordinary Shares at 8.5 pence per share.  These new Ordinary Shares will represent approximately 9.1 per cent. of the enlarged issued share capital of the Company.

The placing price of 8.5 pence per share represents a discount of 25.3 per cent. against the closing share price on 22 November 2013 but a 6.3 per cent. premium to the last equity fundraising undertaken by the Company.

Application has been made to the London Stock Exchange for the admission of 3,843,498 Ordinary Shares which are expected to be admitted to trading on AIM on 28 November 2013 ("Admission").  The new Ordinary Shares will rank pari passu with the existing shares of the Company.  Following Admission, the Company will have a total of 42,278,636 Ordinary Shares in issue. This is the figure which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

Surface Transforms plc

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

Cantor Fitzgerald Europe

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

 

END

 

 

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