Surface Transforms PLC Result of over-subscribed open offer (5840L)
01 Maggio 2020 - 08:00AM
UK Regulatory
TIDMSCE
RNS Number : 5840L
Surface Transforms PLC
01 May 2020
THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED
TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATIONS (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN SURFACE
TRANSFORMS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR
SOLICITATION WOULD BE UNLAWFUL.
1 May 2020
Surface Transforms plc
("Surface Transforms " or the "Company ")
Result of Over-Subscribed Open Offer
Surface Transforms plc (AIM: SCE) is pleased to announce it has
raised gross proceeds of GBP0.3 million pursuant to the Open Offer,
announced on 9 April 2020, which was heavily over-subscribed.
Applications were received for 10,906,466 Open Offer Shares,
representing a take-up of 473 per cent. which is to be scaled back
to 2,307,692 Open Offer Shares. The Company is exploring
alternative avenues to satisfy this additional demand of 8,598,744
Ordinary Shares.
Placing and Open Offer
On 9 April 2020, Surface Transforms announced details of a
Placing in which it had raised GBP1.4 million by means of a placing
through the issue of 10,806,995 Placing Shares at 13.0p per share
and to provide all Qualifying Shareholders with an opportunity to
invest by way of an Open Offer, also at 13.0p per share, for an
aggregate of up to 2,307,692 Open Offer Shares.
The Board is very pleased to announce that the Open Offer was
significantly oversubscribed having received valid acceptances in
respect of 10,906,466 Open Offer Shares from Qualifying
Shareholders, being equivalent to approximately GBP1.4 million. The
Board is exploring various options to satisfy the excess Open Offer
demand of 8,598,744 Ordinary Shares. A further announcement will be
made in due course.
Terms defined in the Circular published by the Company on 14
April 2020 shall have the same meaning in this announcement unless
the context requires otherwise.
David Bundred, Chairman commented:
"We are delighted by the outcome of the Open Offer made
available to all shareholders, combined with the Placing of shares
to certain institutional shareholders. I would like to thank all
shareholders for their support, as evidenced by this very
encouraging response. We are extremely pleased that current
shareholders continue to support our strategy to become a series
production supplier of carbon ceramic brake discs to the larger
volume OEM automotive market."
The person responsible for arranging the release of this
announcement on behalf of the Company is Michael Cunningham,
Finance Director.
For further information, please contact:
Surface Transforms plc
Kevin Johnson, CEO +44 151 356 2141
David Bundred, Chairman
Michael Cunningham, Finance Director
Cantor Fitzgerald Europe (Nomad & Joint Broker)
David Foreman, Michael Boot, Adam Dawes (Corporate Finance) +44
20 7894 7000
Caspar Shand Kydd, Maisie Atkinson (Sales)
finnCap Ltd (Joint Broker)
Richard Chambers (ECM) +44 20 7220 0500
Ed Frisby, Giles Rolls (Corporate Finance)
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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