Surface Transforms raises gross proceeds of £2.0 million

Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced that it has raised gross proceeds of £2.0  million, pursuant to the Open Offer, as set out in the Circular dated 20 January 2021.

The Open Offer was significantly over-subscribed with applications received for 19,078,264 Open Offer Shares, representing a take-up of 477 per cent of the 4,000,000 available Open Offer Shares.

All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement.  Applications for Open Offer Shares under the Excess Application Facility will be scaled back as outlined in the Circular, with preference being given to Qualifying Shareholders with smaller shareholdings.

Application has been made for 4,000,000 Open Offer Shares to be admitted to trading on AIM, conditional on the Resolutions being passed. It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 10 February 2021.

David Bundred, Non-Executive Chairman, commented:

“We want to thank shareholders for their continuing support through this this huge over subscription. Following the also over-subscribed Placing, this concludes the funding round and provides the Company with the financial resources to commence the next phase of our ambitious growth plans. We are looking forward to the rest of 2021, and beyond, with considerable confidence.” 

The capitalised terms used in this announcement have the same meanings as in the announcement made by the Company on 19 January 2021 relating to, inter alia, the Open Offer, unless otherwise stated.

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Surface Transforms Plc

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