SCE Surface Transforms Plc

TIDMSCE

RNS Number : 2985X

Surface Transforms PLC

19 December 2023

19 December 2023

Surface Transforms plc

("Surface Transforms" or "the Company")

Change in Shareholding

Surface Transforms plc (AIM:SCE) announces that it was informed on 15 December that Group 14 Ltd had on the same day, sold its entire shareholding in Surface Transforms, being 11,470,628 ordinary shares of GBP0.01 in the Company ("Shares") to Craven Combie Ltd.

Group 14 Ltd is controlled by a former director of the Company, Mr Richard Gledhill. Craven Combie Ltd is controlled by members of Mr Gledhill's family whom are not deemed closely associated persons, and Mr Gledhill has no ownership of, nor control in, Craven Combie Ltd.

As a result of the sale, Craven Crombie Ltd owns 3.26% of the total Shares in issue as at the date of this announcement. Mr Gledhill and his wife continue to hold 3,542,718 shares in a personal capacity, being 1.01% of the total Shares in issue as at the date of this announcement.

David Bundred (Chairman) said : "Richard has been a long term supporter of the Company and has been planning this sale of his shareholding to family members for some time. I want to repeat our thanks to Richard that we made when he retired from the Board. His contribution, both as a director and shareholder, have been of inestimable value. We look forward to working with the next generation of his family."

For enquiries, 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 / Dan Bate / James Edis (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 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

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END

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(END) Dow Jones Newswires

December 19, 2023 04:37 ET (09:37 GMT)

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