Surface Transforms open offer oversubscribed, raises £3.0m

Surface Transforms, carbon ceramic brakes
[shareaholic app="share_buttons" id_name="post_below_content"]

Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced that the Open Offer was significantly over-subscribed, with applications in excess of £4.5m (450,000,000 Open Offer Shares), representing a take-up of 226 per cent. of the 200,000,000 available Open Offer Shares.

As permitted under the terms of the Open Offer, the Board has decided to extend and accept 300,000,000 Open Offer Shares, raising £3.0m. It is expected that Admission and dealings in the 300,000,000 Open Offer Shares will commence at 8.00 a.m. on 28 May 2024.

In aggregate, £9.5m gross proceeds will have been raised pursuant to the Placing, Subscription and Open Offer, in addition to the £13.2m local authority loan (ringfenced for capital expenditure) announced on 11 December 2023.

David Bundred, Surface Transforms Non-Executive Chairman, commented:

“Against the background of the recent difficult Company trading background, we are particularly appreciative, if not humbled, by this shareholders’ support. With the combined £22.7m gross proceeds from the £9.5m Placing, Subscription, and Open Offer together with the £13.2m Loan the Board is now confident that we have sufficient funding for our working capital and capital expenditure needs, thereby enabling us to seize the commercial opportunity available of a £390m order book and £400m confirmed contract prospective pipeline.”

The capitalised terms used in this announcement have the same meanings as defined in the Circular issued by the Company on 3 May 2024, unless otherwise stated.

We’ll keep you in the loop!

Join 1,000's of investors who read our articles first

We don’t spam! Read our privacy policy for more info.

Twitter
LinkedIn
Facebook
Email
Reddit
Telegram
WhatsApp
Pocket
Find more news, interviews, share price & company profile here for:
Surface Transforms plc (LON:SCE) reports a 58% revenue increase for H1-2024 to £4.7m and outlines strategic updates amidst slower-than-expected growth.
Mike Foster, Research Analyst at Hardman & Co, explores the current state and future prospects of Surface Transforms plc, a leading manufacturer of carbon ceramic brake discs.
Surface Transforms plc (LON:SCE) grants 50.8m share options to key management under its long-term incentive plan, targeting increased EBITDA and sales capacity.

Search

Search