Surface Transforms PLC Open Offer Excess (7408L)
04 Maggio 2020 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 7408L
Surface Transforms PLC
04 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.
4 May 2020
Surface Transforms plc
("Surface Transforms " or the "Company ")
Open Offer Excess
Surface Transforms plc (AIM:SCE) announced at 07:00 a.m. on 1
May 2020 that applications had been received in respect of the Open
Offer of 9 April 2020 totaling 10,906,466 Open Offer Shares
(equivalent to approximately GBP1.4 million) and representing a
take-up of 473 per cent. Pursuant to the terms of the Open Offer,
this had to be scaled back to 2,307,692 Open Offer Shares, raising
gross proceeds of GBP0.3 million. The Company also announced that
it was exploring various options to satisfy this additional excess
demand.
The Board greatly appreciates this excess demand from its
shareholders, and would welcome the opportunity to allot shares to
those shareholders who applied for an excess of their entitlement
in the Open Offer but whose applications were scaled back.
Accordingly, the Board proposes that the Open Offer is increased
such that a further 5,384,616 Open Offer Shares of the total
applications for 10,906,466 Open Offer Shares be issued. This will
increase the gross proceeds raised under the Open Offer to GBP1.0
million.
The Company will therefore be writing to this limited number of
shareholders on 4 May 2020 and asking them to inform the Company if
they do not wish to continue with their Open Offer application.
Further details will be set out in that letter, but should
Shareholders not wish to continue with their application, they
should contact the Company at openoffer@surfacetransforms.com by
5:30 p.m. on 13 May 2020. If no reply is received the Company will
assume that the shareholder has accepted the proposal and confirmed
their wish to apply for new Ordinary Shares as aforementioned and
will allot the shares by using the funds held by the Registrars,
with the remaining funds being returned to the shareholder.
The issue of the additional 5,384,616 Open Offer Shares is
conditional upon, amongst other things, approval by Shareholders at
a General Meeting of the Company, expected to be held at Surface
Transforms plc, Acornfield Rd, Knowsley Industrial Estate at 9.00
a.m. on Wednesday 20 May 2020. The Circular, together with a notice
of the General Meeting, will be posted to Shareholders shortly.
Shareholders will be asked to vote by proxy, and consistent with
the government's social distancing measures will not be allowed to
attend the General Meeting in person.
David Bundred, Chairman commented:
"As I noted in our announcement of 1 May, w e are delighted with
the strong support from all our shareholders who have participated
in this placing and open offer. For a host of reasons, but not
least a defensive plan should the Company's application for a CBILS
loan not be successful, we have taken this opportunity to accept,
subject to shareholder approval, a proportion of the excess
applications received under the open offer. Assuming shareholders
approve the increase in the open offer, the Company will have a
considerably stronger balance sheet that would otherwise be the
case, and can look to the future with optimism."
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)
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
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