Surface Transforms open offer oversubscribed, raises £3.0m

Surface Transforms, carbon ceramic brakes

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.

Share on:
Find more news, interviews, share price & company profile here for:

Surface Transforms reports 72% revenue growth in H1 2025 with upgraded FY outlook

Surface Transforms, the manufacturer of carbon fibre reinforced ceramic brake discs, has reported a 72% rise in revenue to £8.1m for H1 2025, with operating losses narrowing to £5.2m.

Surface Transforms confirms Steve Harrison as permanent CFO

Surface Transforms has appointed Steve Harrison as permanent Chief Financial Officer and board member. Harrison, who joined as Interim CFO in March 2025, brings over 20 years of senior finance experience across public and private companies, including AIM IPOs, fundraising, M&A and transformation projects.

Surface Transforms appoints Paul Marr as Non-Executive Director

Surface Transforms has appointed Paul Marr to its Board as Non-Executive Director. Marr brings over 40 years of global automotive manufacturing and operational leadership experience, including senior roles at General Motors and other international groups.

Surface Transforms H1 2025 revenue up 72% as yields rise

Surface Transforms expects H1 2025 revenue of about £8.1m, up 72% year on year. Q2 yield improved to 77% from 49% in Q1. Customer advances reached £12.9m, with repayments due in H2.

Surface Transforms reports 2024 revenue growth and operational progress

Surface Transforms Plc reports a 13% rise in revenue for 2024, reflecting strong customer support and strategic investments amidst operational challenges.

Surface Transforms issues first SIP shares

Surface Transforms plc has announced the issuance of 21.4 million shares under its Share Incentive Plan, designed to motivate employees through share ownership.

Search

Search