Result of EGM and of the Plac

RNS Number : 8170W

Surface Transforms PLC

25 November 2010

 



RNS

Surface Transforms plc

Result of General Meeting

Surface Transforms plc ("Surface Transforms or the Company") is pleased to announce that all resolutions proposed at the General Meeting convened today at 10:30 a.m. to give effect to, inter alia, the Placing and Open Offer of New Ordinary Shares, were duly passed.

On 3 November 2010, the Board of Surface Transforms announced details of a Placing and Open Offer in which it had conditionally raised net proceeds of £1.0 million by means of a placing through the issue of 6,317,000 Placing Shares at 17p per share and also, to provide shareholders who had not taken part in the Placing with an opportunity to invest in the Company, the Company was providing all qualifying shareholders with the opportunity to subscribe, also at 17p per share, for an aggregate of up to 3,043,416 Open Offer Shares.

The Open Offer has now closed in accordance with its terms and Surface Transforms is pleased to announce that it has received valid acceptances under the Open Offer in respect of 1,221,094 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 40.1% of the total Open Offer Shares being offered.

As previously reported in the Circular dated 3 November 2010, Mr Ken Baker and Mr Kevin D'Silva, both non-executive directors of the Company have subscribed for 18,000 and 12,000 Ordinary Shares respectively in the Placing.  However, in addition to these subscriptions, Mr Ken Baker and associates of Mr Ken Baker, have subscribed for a further 34,375 Open Offer Shares.  The resulting holdings of Mr Ken Baker and Mr Kevin D'Silva in the Company are 327,375 and 328,986 Ordinary Shares respectively, representing 1.0% and 1.0% respectively of the Enlarged Share Capital. 

Application has been made for the 7,538,094 New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 26 November 2010.

Placing and Open Offer Statistics

Number of Placing Shares issued	6,317,000
Number of Open Offer Shares issued	1,221,094
Issue Price of Placing Shares and Open Offer Shares	17p
Gross proceeds receivable by the Company pursuant to the Placing and Open Offer	£1.3 million
Net proceeds receivable by the Company pursuant to the Placing and Open Offer	£1.2 million

Terms defined in the Circular published by the Company on 3 November 2010 shall have the same meaning in this announcement unless the context requires otherwise.

Kevin D'Silva, Chairman of Surface Transforms, commented:

"We are pleased that the Board was able to make an Open Offer to all shareholders  combined with a Placing of shares to certain institutions.  The take-up we have seen for this capital raising both from new and existing shareholders which, together with the passing of the resolutions at today's General Meeting, demonstrates the strength of support for the Company's proposed strategy."

In conformity with rule 5.6.1 of Disclosure and Transparency Rules, the Board of the Company notifies the market of the following:

The total number of ordinary shares of 1p each in Surface Transforms in issue as at the date of this notice is 31,885,422 with each share carrying the right to one vote. There are no shares held in Treasury.

The total number of voting rights in the Company is therefore 31,885,422.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Surface Transforms under the FSA's Disclosure and Transparency Rules.

- Ends -

Enquiries:

Surface Transforms Plc	[phone]
Kevin Johnson
Geoff Hall
www.surface-transforms.com
Seymour Pierce Limited	[phone]
Guy Peters, Nandita Sahgal, David Foreman (Corporate Finance)
Paul Jewell (Corporate Broking)

 

END

 

 

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