Bradda Head  Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSurface Transforms Regulatory News (SCE)

Share Price Information for Surface Transforms (SCE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.45
Bid: 1.40
Ask: 1.50
Change: 0.10 (7.41%)
Spread: 0.10 (7.143%)
Open: 1.35
High: 1.45
Low: 1.35
Prev. Close: 1.35
SCE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Result of Open Offer

24 May 2024 07:00

RNS Number : 7524P
Surface Transforms PLC
24 May 2024
 

This information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Surface Transforms plc

("Surface Transforms" or the "Company")

 

Result of Open Offer

 

Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs is pleased to announce that the Open Offer was significantly over-subscribed, with applications in excess of £4.5m (450,000,000 Open Offer Shares), representing a take-up of 226 per cent. of the 200,000,000 available Open Offer Shares.

 

As permitted under the terms of the Open Offer, the Board has decided to extend and accept 300,000,000 Open Offer Shares, raising £3.0m. It is expected that Admission and dealings in the 300,000,000 Open Offer Shares will commence at 8.00 a.m. on 28 May 2024.

 

In aggregate, £9.5m gross proceeds will have been raised pursuant to the Placing, Subscription and Open Offer, in addition to the £13.2m local authority loan (ringfenced for capital expenditure) announced on 11 December 2023.

 

David Bundred, Non-Executive Chairman, commented:

 

"Against the background of the recent difficult Company trading background, we are particularly appreciative, if not humbled, by this shareholders' support. With the combined £22.7m gross proceeds from the £9.5m Placing, Subscription, and Open Offer together with the £13.2m Loan the Board is now confident that we have sufficient funding for our working capital and capital expenditure needs, thereby enabling us to seize the commercial opportunity available of a £390m order book and £400m confirmed contract prospective pipeline."

 

The capitalised terms used in this announcement have the same meanings as defined in the Circular issued by the Company on 3 May 2024, unless otherwise stated.

 

For further information, please contact:

 

 

Surface Transforms plc

+44 151 356 2141 

 

 

David Bundred, Chairman

Kevin Johnson, CEO

Isabelle Maddock, CFO

 

Zeus (Nominated Adviser and Joint Broker) 

+44 203 829 5000 

 

 

David Foreman / James Edis / Ed Beddows (Investment Banking)

Dominic King (Corporate Broking)

Cavendish 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 

 

 

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.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ROIPPUGGAUPCPPW
Date   Source Headline
6th Jul 201712:09 pmRNSResult of Placing
6th Jul 201711:45 amRNSResult of Placing
6th Jul 20177:00 amRNSProposed Placing and Open Offer
20th Jun 20177:01 amRNSInvestors Open Day
20th Jun 20177:00 amRNSOperations, Customer and Pre Close Trading Update
18th Apr 20174:56 pmRNSExercise of Options
16th Mar 20178:20 amRNSExercise of Options
13th Feb 20177:00 amRNSHalf Yearly Results
2nd Feb 20177:00 amRNSTrading Update
6th Jan 20173:49 pmRNSChange of Registered Office
8th Dec 20167:00 amRNSTrading Update
29th Nov 20161:14 pmRNSResult of AGM
18th Oct 20164:14 pmRNSHolding(s) in Company
10th Oct 20167:00 amRNSPreliminary Results and Trading Statement
3rd Oct 20167:00 amRNSExercise of Options
5th Sep 20167:00 amRNSNotice of Results
2nd Aug 201610:42 amRNSHolding(s) in Company
11th Jul 20167:00 amRNSPre-Production Technology Development Agreement
15th Jun 20167:00 amRNSTrading, Premises and Operating Update
14th Apr 20165:18 pmRNSDirector Dealing
14th Apr 20162:33 pmRNSDirector Dealing & Director Interests in Company
14th Apr 20167:00 amRNSResult of Open Offer and Total Voting Rights
11th Apr 20167:00 amRNSDirector Dealing
6th Apr 201612:18 pmRNSHolding(s) in Company
4th Apr 20162:01 pmRNSResult of General Meeting
29th Mar 20167:00 amRNSDirector Dealing
18th Mar 20167:00 amRNSPlacing, Open Offer & Notice of General Meeting
18th Feb 20167:00 amRNSGrant Income of £600,000 and New Factory
3rd Feb 20167:00 amRNSHalf Yearly Results
7th Dec 20157:00 amRNSTrading Update
24th Nov 20154:00 pmRNSResult of AGM
12th Nov 201512:50 pmRNSReplacement: Exercise of Options
12th Nov 20157:00 amRNSExercise of Options
20th Oct 20158:51 amRNSHolding(s) in Company
8th Oct 201510:36 amRNSHolding(s) in Company
2nd Oct 201512:00 pmRNSGrant of Options
1st Oct 201512:15 pmRNSGrant of Options
30th Sep 20157:36 amRNSPreliminary Results and Notice of AGM
27th Aug 20157:00 amRNSTS16949 certification and Automotive progress
20th Jul 20157:42 amRNSAS9100 certification and Aerospace progress
10th Jun 20157:00 amRNSPre Close Trading Statement
16th Apr 20157:00 amRNSSuccessful Placing to Raise £350,000
17th Feb 201510:00 amRNSReplacement: Half Yearly Results
16th Feb 20157:00 amRNSHalf Yearly Results
12th Dec 201412:00 pmRNSResult of General Meeting
12th Dec 20147:00 amRNSResult of Open Offer
4th Dec 20147:00 amRNSTrading Update
26th Nov 20144:20 pmRNSPosting of Open Offer Application Forms
19th Nov 20141:02 pmRNSDebt facility repayment terms
18th Nov 201412:53 pmRNSPlacing, Open Offer & Notice of General Meeting

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.