Surface Transforms issues first SIP shares

Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced the allocation of 21,462,860 ordinary shares of 1p each in the Company, pursuant to the Company’s Share Incentive Plan.

The SIP was established to incentivise employees through the acquisition (or issue) of Ordinary Shares, with individual contributions ranging between £10 and £150 per month, together with a discretionary award of bonus shares (known as Matching Shares in the SIP Agreement) up to a 2:1 basis with the paid-for Ordinary Shares.

This is the first award under the SIP, which was approved by shareholders at Surface Transfoms’ AGM on 27 June 2023. The paid-for SIP Shares and discretionary award of matching Ordinary Shares, on a 1:1 basis have been acquired at an average price of 0.3206 pence per Ordinary Share. Accordingly, employees paid in aggregate £34,405 which was matched by the Company with respect to the discretionary award.

The SIP Shares have been allocated to 37 participating employees, including the following individuals, who are Persons Discharging Managerial Responsibilities:

Further information is set out in the PDMR Dealing table at the end of this announcement.

Following this announcement, the Board confirms it has launched the second accumulation period under the SIP.

Total voting rights

Following the allocation of the SIP Shares, the total number of voting rights in Surface Transforms remains unchanged at 1,302,072,638. 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.