Surface Transforms PLC £1.9 million placing (3635T)
20 Marzo 2019 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 3635T
Surface Transforms PLC
20 March 2019
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.
20 March 2019
Surface Transforms plc
("Surface Transforms" or the "Company")
GBP1.9 million placing
Surface Transforms (AIM:SCE), manufacturers of carbon fibre
reinforced ceramic materials, is pleased to announce that it has
successfully placed 12,303,600 new ordinary shares of 1p each
("Ordinary Shares") at 15.5 pence per placing share ("Placing"),
raising gross proceeds of approximately GBP1.9 million pursuant to
its existing authority to issue equity for cash, conditional on
admission of the Ordinary Shares to trading on AIM
("Admission").
The funds raised will allow the business to grow and develop,
with far less dependence on the timing of SOP for OEM 6. The net
proceeds of the Placing will fund the further advancement and
strengthening of IP, the acquisition of capital plant and for
general working capital purposes.
Related Party Transactions
Unicorn Asset Management Limited, as a substantial shareholder
of the Company, is subscribing for 1,484,776 Placing Shares, which
constitutes a related party transaction under the AIM Rules for
Companies.
Canaccord Genuity Group Inc, as a substantial shareholder of the
Company, is subscribing for 2,519,641 Placing Shares, which
constitutes a related party transaction under the AIM Rules for
Companies.
Accordingly, the board of directors of the Company consider,
having consulted with the Company's nominated adviser, that the
terms of the participation by Unicorn Asset Management Limited and
Canaccord Genuity Group Inc. are fair and reasonable insofar as the
Company's shareholders are concerned.
David Bundred, Chairman of Surface Transforms, commented:
"Following recent investor demand we have conducted a placing
that provides the Company with additional working capital. The
strengthened balance sheet de-risks the business, and comes at an
exciting time in the Company's development."
"We are pleased that current shareholders continued to support
our strategy to become a series production supplier of carbon
ceramic brake discs to the large volume original equipment
manufacturer automotive market. We look forward to the future with
confidence."
Admission and Total Voting Rights
The new Ordinary Shares will, when issued, rank pari passu in
all respects with the existing Ordinary Shares of the Company.
Application has been made for the 12,303,600 new Ordinary Shares to
be admitted to trading on AIM and accordingly dealings are expected
to commence at 8.00 a.m. on 22 March 2019. Following Admission, the
total number of voting rights in the Company will be 136,014,016
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.
For enquiries, please contact:
Surface Transforms plc
Kevin Johnson, CEO +44 151 356 2141
Michael Cunningham, CFO
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint-Broker) +44 20 7894
7000
David Foreman / Richard Salmon / Michael Boot (Corporate
Finance)
Caspar Shand Kydd / Gregor Paterson / Maisie Atkinson
(Sales)
finnCap Ltd (Joint-Broker) +44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
This announcement has been released by Kevin Johnson, Chief
Executive Officer, on behalf of the Company.
For further Company details, visit www.surfacetransforms.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEGGUPCWUPBGMB
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March 20, 2019 03:00 ET (07:00 GMT)
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