Surface Transforms
plc
("Surface Transforms" or the
"Company")
Result of General Meeting
and
Total Voting
Rights
Surface Transforms (AIM: SCE),
manufacturers of carbon fibre reinforced ceramic automotive brake
discs, announces that, at its General Meeting held
earlier today, all Resolutions were duly passed.
A summary of the votes lodged by
proxy at the General Meeting is set out below:
|
|
Resolution
|
Votes For
|
% For
|
Votes
Against
|
% Against
|
Votes
Withheld
|
|
1.
|
To increase the limit of the maximum
number of shares the Company may issue
|
143,483,407
|
98.78
|
1,774,779
|
1.22
|
97,606
|
|
2.
|
To authorise the Directors to allot
relevant securities for the Conditional Placing and Open
Offer
|
109,999,378
|
75.73
|
35,258,808
|
24.27
|
97,606
|
|
3.
|
To authorise the Directors to issue
Ordinary Shares for cash other than on a pre-emptive
basis*
|
109,363,496
|
75.62
|
35,256,639
|
24.38
|
735,657
|
* Special
Resolution
The Company recognises that a significant proportion of the
votes were cast against Resolutions 2 and 3. The Board takes
seriously its responsibilities to maintain a healthy dialogue with
shareholders and has already engaged with several of them to better
understand their concerns. We will continue to listen to
their views.
(1) Any
proxy appointments, which gave discretion to the Chairman have been
included in the 'For' votes total.
(2) Votes
"For" and "Against" any resolution are expressed as a percentage of
votes validly cast for that resolution.
(3) A "Vote
withheld" is not a vote in law and is not counted in the
calculation of the percentage of shares voted "For" or
"Against".
(4) The
number of shares in issue on 22 May 2024 was 432,650,382
with no shares in treasury.
(5) The full
text of the resolutions passed at the General Meeting can be found
in the Circular which is available on the Company's website
at www.surfacetransforms.com.
Following approval of the
Resolutions, application has been made
for 569,422,256 new
Ordinary Shares pursuant to the Conditional Placing to be admitted
to trading on AIM, with dealings expected to commence at
8.00 a.m. on
24 May 2024.
Total Voting Rights
Following the Conditional Placing
Admission, the total number of voting rights in the Company will
be 1,002,072,638 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.
Open Offer
The result of the Open Offer is
expected to be announced on 24 May 2024.
The Capitalised terms used in this announcement have the same
meanings as in the Circular, unless otherwise
stated.
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 / 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) develop and produce
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.
For additional information please visit
www.surfacetransforms.com