£1.5 Million Placing
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
27 June 2018
Surface Transforms plc
("Surface Transforms" or the "Company")
£1.5 million Placing
Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic materials, is pleased to announce that it has successfully placed 9,000,000 new ordinary shares of 1p each ("Ordinary Shares") at 17 pence per share, raising gross proceeds of £1.53 million pursuant to its existing authority to issue equity for cash, conditional on admission of the Ordinary Shares to trading on AIM ("Admission").
The oversubscribed placing sees the addition of two new institutional shareholders to the Company's share register. The proceeds will be used for general working capital purposes and for any further testing and development costs required. The Company did not apply for or receive confirmation of advanced assurance from HMRC that the Ordinary Shares pursuant to this placing would satisfy the requirements for tax relief under the Enterprise Investment Scheme.
The Company continues to trade in line with the outlook as recently notified in its Pre Close Trading, Customer and Operations Update announcement of 13 June 2018.
David Bundred, Chairman of the Company, commented: "Following recent investor demand we have conducted a placing that broadens the institutional shareholder base and provides additional working capital. The strengthened balance sheet will also be beneficial during the current ongoing evaluations by mainstream automotive OEMs.
"We are pleased to welcome the new investors to the register as we continue with our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer (OEM) automotive market and to the niche military and small commercial aircraft brake market."
Admission and Total Voting Rights
The new Ordinary Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares of the Company. Application will be made for the 9,000,000 new Ordinary Shares to be admitted to trading on AIM and accordingly dealings are expected to commence at 8.00 a.m. on 3 July 2018. Following Admission, the total number of voting rights in the Company will be 123,035,416 and shareholders may use this figure 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, the Company under the FCA's Disclosure Guidance and Transparency Rules.
For enquiries, please contact:
Surface Transforms plc
Kevin Johnson, CEO +44 151 356 2141
Michael Cunningham, CFO
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint-Broker) +44 20 7894 7000
David Foreman / Richard Salmond (Corporate Finance)
Alex Pollen (Sales)
finnCap Ltd (Joint-Broker) +44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Stephen Norcross / Richard Chambers (Corporate Broking)
For further Company details, visit www.surfacetransforms.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 7 hours ago Johnson Matthey
- 8 hours ago Galliford Try
- 8 hours ago Galliford Try
- 8 hours ago Centrica
- 9 hours ago Smith & Nephew