TIDMSCE
RNS Number : 3811T
Surface Transforms PLC
14 November 2023
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA
OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO
SO.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE
MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF THE
DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (AS AMED) ("MAR"). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA THE REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
Surface Transforms plc.
("Surface Transforms" or the "Company")
Result of Placing and Subscription
Launch of Open Offer
Notice of General Meeting
Surface Transforms (AIM: SCE), manufacturers of carbon fibre
reinforced ceramic automotive brake discs, is pleased to announce
that further to the Company's announcement released at
approximately 4.56 p.m. on 13 November 2023 ("Launch
Announcement"), the Bookbuild has closed and the Company has
conditionally raised gross proceeds of GBP 8.3 million, through the
successful placing of 18,650,000 Firm Placing Shares, 62,918,660
Conditional Placing Shares and 1,350,000 Subscription Shares at the
Issue Price of 10 pence per Ordinary Share.
The Firm Placing Shares, Conditional Placing Shares and
Subscription Shares represent approximately 34.3 per cent. of the
Company's Existing Ordinary Shares. The Issue Price represents a
discount of approximately 13.0 per cent. to the closing mid-market
price per Ordinary Share of 11.5 pence on 10 November 2023, being
the last Business Day prior to the Launch Announcement.
In addition to the Placing and Subscription, the Company intends
to provide all Qualifying Shareholders with the opportunity to
subscribe for an aggregate of up to 20,000,000 Open Offer Shares at
the Issue Price, to raise up to approximately GBP 2.0 million
(before expenses), on the basis of 1 Open Offer Share for every
12.08666165 Existing Ordinary Shares held on the Record Date. The
Board has discretion to increase the size of the Open Offer up to
an aggregate of 30,000,000 Open Offer Shares. Qualifying
Shareholders subscribing for their full entitlement under the Open
Offer may also request additional Open Offer Shares through an
excess application facility (the "Excess Application
Facility").
The Firm Placing and Subscription are conditional upon the
Placing Agreement becoming unconditional in all respects (save for
the condition relating to Firm Placing Admission) in relation to
the Firm Placing and Firm Placing Admission. The Conditional
Placing and the Open Offer are conditional upon, inter alia, the
Company executing the proposed Loan Facility agreement, the passing
of the Resolutions at the General Meeting and upon the Placing
Agreement becoming unconditional in all respects. The Conditional
Placing is not conditional on the Open Offer proceeding or on any
minimum take-up under the Open Offer.
Shareholders should note that the Conditional Placing and Open
Offer are conditional, inter alia, on the Company executing the
Loan Facility agreement and the passing of the Resolutions. Failure
to approve the Resolutions would therefore prevent the Company from
raising funds pursuant to the Conditional Placing and Open Offer,
and only part of the net proceeds would be received by the Company.
This would require the Company to seek urgent alternate financing
that may or may not be available and, if available, may or may not
be on worse terms than the Fundraising. Furthermore, the Loan
Facility is also critical in enabling the Company to continue with
the necessary capital expenditure to meet the Company's
manufacturing capacity requirements. Failure to obtain the Loan
Facility or such other debt financing or to secure it on acceptable
terms, as required to finance Phase 2 and Phase 3 of the Company's
manufacturing strategy, would have a material adverse effect on the
Company's business, financial condition, results of operations and
prospects. The Directors believe that the Resolutions to be
proposed at the General Meeting are in the best interests of the
Company and Shareholders as a whole and unanimously recommend that
Shareholders vote in favour of the Resolutions.
David Bundred, Chairman of Surface Transforms commented:
"We would like to thank both existing and new Shareholders for
their support of this Placing, particularly those existing larger
Shareholders who, in difficult market conditions, have increased
their percentage holding in the Company. Additionally, the Open
Offer, accompanying the Placing, has been scaled to provide
existing non-institutional shareholders the opportunity, should
they so wish, to support the Company to both minimise their
dilution and also support the Company in its next phase of
growth.
The Placing, in combination with the anticipated loan and future
free cash flows provides the funding required to build GBP150m p.a.
sales capacity in the period to 2027. We remain confident that,
from the combination of our existing order book and potential
pipeline conversion, we can deliver these revenues and also fill
this capacity. This funding provides the financial foundation to
maintain our momentum."
Reasons for the Fundraising
The Company's commercial discussions have progressed well and,
as a result, its contracted expected revenue pipeline is now GBP390
million [1] together with a PCP totalling GBP300 million [2] . The
Company has recently been nominated for a further vehicle contract
with OEM 10.
While the Company expects to fund Phase 2 and Phase 3 of its
manufacturing expansion through a combination of external funding
(expected to be from the proposed Loan Facility) and retained
profits in the Company, it also requires working capital to fund
the scale up, especially in Q1 2024 as actual production capacity,
which has been delayed, begins to match installed capacity, such
installed capacity run rate increasing towards the total Phase 2
revenue capacity of GBP50 million [3] p.a. during 2024. The
Fundraising also enables the Company to remain on track to deliver
on its recent contract successes.
Without the completion of Phase 2 or the commencement of Phase
3, the Company will not be able to service all of its current
contracts or convert its PCP as it has been able to do successfully
to date. Indeed, the Board believe committed plans for future
capacity expansion are crucial to the Company's ability to win
further contracts.
Whilst it is possible that no OEMs will award any new contracts
to the Company, based on dealings with OEMs to date and managements
understanding of the OEMs' production plans, the Directors are of
the opinion that there is ongoing positive progress with multiple
OEM customers, both for new contracts and follow on contracts, that
necessitate continuing to plan for the future. The Board is
confident that the Company can achieve significant revenue growth
in the coming years, and is targeting an annualised revenue of
GBP250 million by 2030.
Accordingly, the Board are confident that production capacity
provided by Phase 3 will be required, noting that the combined
revenue capability of the existing and extended Knowsley footprint
will be GBP150 million [4] p.a. Putting this in context, the
Company's combined current OEM contracts and PCP total GBP690
million [5] , and assuming an average contract term of five years,
provides an annual equivalent revenue requirement, should all the
PCP be formally awarded, to approximately GBP129 million annual
revenue; this significantly exceeds the maximum revenue capacity of
GBP75 million [6] of the existing Knowsley site, which will be
available in 2025.
Accordingly, the Board believe this Phase 3 capacity needs to
start being developed as soon as possible.
Use of proceeds
The total cost of Phases 2 and 3 is expected to be c.GBP52
million, comprising:
Phase 2 remaining GBP14 million
Phase 3 GBP30 million
Working capital (to support revenue growth) GBP8 million
--------------
GBP52 million
The capital expenditure will be funded by the proposed Loan
Facility previously announced by the Company, and its future cash
generation.
The working capital requirement will be provided by the
Fundraise, with c.GBP5 million required to fund operations, and
c.GBP3 million as contingency and to fund expenses incurred as a
result of the Fundraising. Any excess raised pursuant to the Open
Offer will enable the Company to accelerate its capacity
resilience. The Company does not currently anticipate requiring any
further external funding for future expansion up to Phase 3 but
will explore non-equity options in the first instance should any
further external funding be required.
Related Party Transactions
The Directors' interests as at today and following completion of
the Fundraising are as follows:
Existing Open
beneficial Offer Ordinary
interest % of Subscription Shares Shares % of
in Ordinary current Shares to be after Enlarged
Shares share subscribed applied Placing Share
Director capital for for and Subscription Capital(2)
David Bundred
(1) 1,552,626 0.64% 500,000 - 2,052,626 0.60%
------------- --------- ------------- --------- ------------------ ------------
Kevin Johnson 991,308 0.41% 150,000 - 1,141,308 0.33%
------------- --------- ------------- --------- ------------------ ------------
Isabelle Maddock 13,763 0.01% 100,000 - 113,763 0.03%
------------- --------- ------------- --------- ------------------ ------------
Matthew Taylor 740,203 0.31% 500,000 - 1,240,203 0.36%
------------- --------- ------------- --------- ------------------ ------------
Julia Woodhouse 435,203 0.18% 100,000 - 535,203 0.16%
------------- --------- ------------- --------- ------------------ ------------
(1) Including 681,865 Ordinary Shares held in nominee accounts
and ISAs of connected parties
(2) Assuming Open Offer applications in total for GBP2.0 million
of Open Offer Shares at the Issue Price
The Directors and/or persons connected with each of them have
conditionally subscribed for an aggregate of 1,350,000 Subscription
Shares, which constitutes a related party transaction under the AIM
Rules.
Accordingly, Ian Cleminson is considered to be the only
independent director of the Company for the purposes of AIM Rule
13. Having consulted with the Company's nominated adviser, Ian
Cleminson considers that the terms of the Directors' participation
is fair and reasonable insofar as Shareholders are concerned.
Richard Sneller, as a substantial shareholder of the Company, is
subscribing for 20,000,000 Placing Shares, which constitutes a
related party transaction under the AIM Rules for Companies.
Canaccord, as a substantial shareholder of the Company, is
subscribing for 7,352,660 Placing Shares, which constitutes a
related party transaction under the AIM Rules for Companies.
In the case of participation by Richard Sneller and Canaccord,
all the Directors are considered to be independent for the purposes
of AIM Rule 13. Having consulted with the Company's nominated
adviser, the Directors also consider that the terms of the
participations in the Placing by Mr. Richard Sneller and Canaccord
are fair and reasonable insofar as Shareholders are concerned.
Firm Placing Admission
The Firm Placing Shares will, when issued, rank pari passu in
all respects with the existing Ordinary Shares then in issue.
Application will be made for the 18,650,000 Firm Placing Shares and
1,350,000 Subscription Shares to be admitted to trading on AIM and
dealings are expected to commence at 8.00 a.m. on 17 November 2023.
Following the Firm Placing Admission, the total number of voting
rights in the Company will be 261,733,233 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.
Conditional Placing Admission
The Conditional Placing Shares will, when issued, rank pari
passu in all respects with the existing Ordinary Shares then in
issue. Application will be made for the 62,918,660 Conditional
Placing Shares to be admitted to trading on AIM and dealings are
expected to commence at 8.00 a.m. on 19 December 2023.
Posting of Circular
The Company expects to post a Circular to Shareholders tomorrow,
15 November 2023, containing a Notice of General Meeting, proxy
form and full details of the Open Offer including the Application
Form. The Circular will also be available on the Company's website
at www.surface transforms.co.uk .
Investor presentation
The Company will provide a live presentation to investors and
any other interested parties on via Hardman & Co's platform at
11.00 a.m. on 22 November 2023. Interested parties can register for
the presentation at
https://us06web.zoom.us/webinar/register/WN_55f8RJSASOCSyPe1L6fNIg
Surface Transforms is committed to ensuring that there are
appropriate communication structures for all its Shareholders.
Questions can be submitted in advance as well as during the event
via the "Ask a Question" function. Although management may not be
in a position to answer every question received, they will address
the most prominent ones within the confines of information already
disclosed to the market.
General Meeting
The Fundraising is conditional upon, inter alia, the passing of
the Resolutions. The General Meeting will be held at the offices of
Gateley Plc, Ship Canal House, 98 King Street, Manchester, M2 4WU
at 11.00 a.m. on 18 December 2023.
Irrevocable commitments
The Directors (or persons connected with the Directors within
the meaning of sections 252 - 255 of the Act), who in aggregate
hold 4,052,757 Ordinary Shares, representing approximately 1.7 per
cent. of the Existing Ordinary Shares of the Company, have
irrevocably undertaken to vote in favour of the Resolutions at the
General Meeting and not to subscribe for any of the Open Offer
Shares.
Expected timetable of principal
events
Record Date for the Open Offer close of business on 13 November
2023
Publication of Circular and Application 15 November 2023
Form
Ex entitlement date for the Open 8.00 a.m. on 16 November 2023
Offer
Open Offer Entitlements and Excess as soon as possible after
CREST Open Offer Entitlements credited 8.00 a.m. on 17 November 2023
to stock accounts of Qualifying
CREST Shareholders
Recommended latest time for requesting 4.30 p.m. on 4 December 2023
withdrawal of Open Offer Entitlements
and Excess CREST Open Offer Entitlements
from CREST
Latest time for depositing Open 3.00 p.m. on 5 December 2023
Offer Entitlements and Excess CREST
Open Offer Entitlements in to CREST
Latest time and date for splitting 3.00 p.m. on 6 December 2023
of Application Forms (to satisfy
bona fide market claims only)
Latest time and date for receipt 11.00 a.m. on 8 December 2023
of completed Application Forms
and payment in full under the Open
Offer and settlement of relevant
CREST instructions (as appropriate)
Announce result of Open Offer by 11 December 2023
Latest time and date for receipt 11.00 a.m. on 14 December
of proxy forms for General Meeting 2023
General Meeting 11.00 a.m. on 18 December
2023
Announcement of the results of 18 December 2023
the General Meeting
Admission and commencement of dealings 8.00 a.m. on 19 December 2023
in Conditional Placing Shares and
Open Offer Shares
CREST members' accounts credited as soon as possible after
in respect of Conditional Placing 8.00 a.m. on 19 December 2023
Shares and Open Offer Shares in
uncertificated form
Dispatch of definitive share certificates by 28 December 2023
for the Conditional Placing Shares
and Open Offer Shares in certificated
form
Open Offer
In order to provide all Qualifying Shareholders with an
opportunity to participate, the Company is conducting an Open Offer
providing those shareholders the opportunity to subscribe at the
Issue Price for an aggregate of 20,000,000 Open Offer Shares. The
Board has discretion to increase the size of the Open Offer up to
an aggregate of 30,000,000 Open Offer Shares. This allows
Qualifying Shareholders to participate on a pre-emptive basis
whilst providing the Company with the flexibility to raise
additional equity capital to further improve its financial
position.
Qualifying Shareholders are being offered the opportunity to
apply through the Excess Application Facility for additional Open
Offer Shares in excess of their pro rata entitlements to the extent
that other Qualifying Shareholders do not take up their
entitlements in full. Qualifying Shareholders with nil basic
entitlement will still be eligible to apply for Open Offer Shares
under the Excess Application Facility. In the event applications
exceed the maximum number of Open Offer Shares available, the
Company will decide on the basis for allocation, however if this
scenario occurs, preference is likely to be given to Qualifying
Shareholders with smaller shareholdings (who historically may have
had less opportunity to participate in placings conducted by the
Company). The Open Offer Shares will not be placed subject to
clawback nor have they been underwritten. Consequently, there may
be fewer than 20,000,000 Open Offer Shares issued pursuant to the
Open Offer (or 30,000,000 Open Offer Shares issued pursuant to the
Open Offer if the Board exercise its discretion to increase the
size of the Open Offer to a maximum aggregate amount of GBP3.0
million worth of Open Offer Shares).
The Open Offer is conditional, amongst other things, on the
following:
i. the Firm Placing Admission having occurred not later than
8.00 am on 17 November 2023;
ii. approval of the Resolutions at the General Meeting;
iii. the Company executing the Loan Facility agreement;
iv. the Placing Agreement not being terminated prior to
Conditional Placing Admission and becoming and being declared
otherwise unconditional in all respects (save for the condition
relating to Conditional Placing Admission); and
v. Conditional Placing Admission becoming effective on or before
8.00 a.m. on 19 December 2023 (or such later date and/or time as
the Company, Zeus and Cavendish may agree, being no later than 10
January 2024).
Open Offer Entitlement
On, and subject to the terms and conditions of the Open Offer,
the Company invites Qualifying Shareholders to apply for their Open
Offer Entitlement (as defined in the Circular) of Open Offer Shares
at the Issue Price. Each Qualifying Shareholder's Open Offer
Entitlement has been calculated on the following basis:
1 Open Offer Share for every 12.08666165 Existing Ordinary
Shares held by the Qualifying Shareholder at the Record Date
Fractions of Open Offer Shares will not be allotted to
Qualifying Shareholders and Open Offer Entitlements will be rounded
down to the nearest whole number of Ordinary Shares.
Excess Application Facility
Qualifying Shareholders are also invited to apply for additional
Open Offer Shares (up to the total number of Open Offer Shares
available to Qualifying Shareholders under the Open Offer) pursuant
to an Excess Application Facility. Any Open Offer Shares not issued
to a Qualifying Shareholder pursuant to their Open Offer
Entitlement will be apportioned between those Qualifying
Shareholders who have applied under the Excess Application Facility
at the sole discretion of the Board, provided that no Qualifying
Shareholder shall be required to subscribe for more Open Offer
Shares than he or she has specified on the Application Form or
through CREST. Qualifying Shareholders with nil basic entitlement
will still be eligible to apply for Open Offer Shares under the
Excess Application Facility.
The Open Offer Shares will, when issued, be fully paid and rank
pari passu in all respects with the Ordinary Shares in issue at
that time, including the right to receive all dividends and other
distributions declared, made or paid after the date of Conditional
Placing Admission.
Qualifying Shareholders should note that the Open Offer is not a
'rights issue'. Invitations to apply under the Open Offer are not
transferable unless to satisfy bona fide market claims. Qualifying
non-CREST Shareholders should be aware that the Application Form is
not a negotiable document and cannot be traded. Qualifying
Shareholders should also be aware that in the Open Offer, unlike in
a rights issue, any Open Offer Shares not applied for will not be
sold in the market nor will they be placed for the benefit of
Qualifying Shareholders who do not apply for Open Offer Shares
under the Open Offer.
Settlement and dealings
Application will be made to the London Stock Exchange for
admission of the Open Offer Shares. It is expected that Conditional
Placing Admission will become effective and that dealings will
commence at 8.00 a.m. on 19 December 2023.
Important information
This announcement is for information purposes only and does not
itself constitute an offer or invitation to underwrite, subscribe
for or otherwise acquire or dispose of any securities in the
Company and does not constitute investment advice.
Neither this announcement nor any copy of it may be taken or
transmitted, published or distributed, directly or indirectly, in
or into the United States of America, its territories and
possessions, any state of the United States and the District of
Columbia (the "United States"), Australia, New Zealand, Canada,
Japan or the Republic of South Africa or to any persons in any of
those jurisdictions or any other jurisdiction where to do so would
constitute a violation of the relevant securities laws of such
jurisdiction. Any failure to comply with this restriction may
constitute a violation of the securities laws of the United States,
Australia, New Zealand, Canada, Japan or the Republic of South
Africa. The distribution of this announcement in other
jurisdictions may be restricted by law and persons into whose
possession this announcement comes should inform themselves about
and observe any such restrictions.
Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction. Neither
this announcement nor any part of it nor the fact of its
distribution shall form the basis of or be relied on in connection
with or act as an inducement to enter into any contract or
commitment whatsoever.
In particular, the Placing Shares, the Subscription Shares and
the Open Offer Shares have not been and will not be registered
under the US Securities Act, or under the securities laws or with
any securities regulatory authority of any state or other
jurisdiction of the United States, and accordingly the Placing
Shares, the Subscription Shares and the Open Offer Shares may not
be offered, sold, pledged or transferred, directly or indirectly,
in, into or within the United States except pursuant to an
exemption from the registration requirements of the US Securities
Act and the securities laws of any relevant state or other
jurisdiction of the United States. There is no intention to
register any portion of the Fundraising in the United States or to
conduct a public offering of securities in the United States or
elsewhere.
Zeus is authorised and regulated in the United Kingdom by the
FCA and is acting as nominated adviser and Joint Broker to the
Company in respect of the Fundraising . Cavendish is authorised and
regulated in the United Kingdom by the FCA and is acting as Joint
Broker to the Company in respect of the Fundraising . Each of Zeus
and Cavendish is acting for the Company and for no-one else in
connection with the Fundraising , and will not be treating any
other person as its client in relation thereto, and will not be
responsible for providing the regulatory protections afforded to
its customers nor for providing advice in connection with the
Fundraising or any other matters referred to herein and apart from
the responsibilities and liabilities (if any) imposed on Zeus or
Cavendish, as the case may be, by FSMA, any liability therefor is
expressly disclaimed. Any other person in receipt of this
announcement should seek their own independent legal, investment
and tax advice as they see fit.
Forward-looking statements
This announcement contains statements about the Company that are
or may be deemed to be "forward-looking statements".
All statements, other than statements of historical facts,
included in this announcement may be forward-looking statements.
Without limitation, any statements preceded or followed by, or that
include, the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "should", "anticipates",
"estimates", "projects", "would", "could", "continue" or words or
terms of similar substance or the negative thereof, are
forward-looking statements. Forward-looking statements include,
without limitation, statements relating to the following: (i)
future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition,
dividend policy, losses and future prospects and (ii) business and
management strategies and the expansion and growth of the
operations of the Company.
These forward-looking statements are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of any such person, or
industry results, to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are
based on numerous assumptions regarding the present and future
business strategies of such persons and the environment in which
each will operate in the future. Investors should not place undue
reliance on such forward-looking statements and, save as is
required by law or regulation (including to meet the requirements
of the AIM Rules for Companies, the FSMA and/or MAR), does not
undertake any obligation to update publicly or revise any
forward-looking statements (including to reflect any change in
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based).
All subsequent oral or written forward-looking statements
attributed to the Company or any persons acting on its behalf are
expressly qualified in their entirety by the cautionary statement
above. All forward-looking statements contained in this
announcement are based on information available to the Directors at
the date of this announcement, unless some other time is specified
in relation to them, and the posting or receipt of this
announcement shall not give rise to any implication that there has
been no change in the facts set forth herein since such date.
Unless expressly defined in this announcement, capitalised terms
shall have the meanings as defined in the Launch Announcement.
For further information, please contact:
Surface Transforms plc +44 151 356 2141
David Bundred, Chairperson
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)
C avendish 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 cars 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
[1] This is based on the directors' expectations and their
understanding of the relevant OEM's production plan and estimated
demand for discs and it takes into account the expected lifetime
revenue from the company's contract with OEM 10 which is
anticipated to be entered into following the company's recent
nomination as OEM 10's tier one supplier of a carbon ceramic brake
discs.
[2] This is based on the directors' expectations, their
understanding of the relevant OEMs production plans and an assumed
disc demand.
[3] Based on management's estimates of sales proceeds from
expected production volumes.
[4] Based on management's estimates of sales proceeds from
expected production volumes.
[5] This is based on the directors' expectations, their
understanding of the relevant OEMs production plans and an assumed
disc demand.
[6] This is based on the directors' expectations, their
understanding of the relevant OEMs production plans and an assumed
disc demand.
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November 14, 2023 03:12 ET (08:12 GMT)
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