Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs has announced that it has raised gross proceeds of £2.0 million, pursuant to the Open Offer, as set out in the Circular dated 29 September 2022.
Applications were received for 4,963,739 Open Offer Shares, representing a take-up of 66.2 per cent of the 7,500,000 available Open Offer Shares.
All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their Basic Entitlement and any application made under Excess Application Facility in full.
Application has been made for 4,963,739 Open Offer Shares to be admitted to trading on AIM, conditional on the Resolutions being passed. It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 20 October 2022.
David Bundred, Surface Transforms Non-Executive Chairman, commented:
“We want to take this opportunity to thank our smaller shareholders for their support of this Open Offer, bringing total funds raised, including the Placing, to £18m. This Fundraising enables us to complete factory one and commit to the second factory. We continue to expect that this confidence in our future growth will be reflected by a significant contract award before the year end.”
Surface Transforms plc (LON: SCE) develop and produce carbon‐ceramic material automotive brake discs. The Company is the UK’s only manufacturer of carbon‐ceramic brake discs, and only one of two mainstream carbon ceramic brake disc companies in the world, serving customers that include major OEMs in the global automotive markets.
The Company utilises its proprietary next generation Carbon Ceramic Technology to create lightweight brake discs for high‐performance road and track applications for both internal combustion engine and electric vehicles. While competitor carbon‐ceramic brake discs use discontinuous chopped carbon fibre, Surface Transforms interweaves continuous carbon fibre to form a 3D matrix, producing a stronger and more durable product with improved heat conductivity compared to competitor products; this reduces the brake system operating temperature, resulting in lighter and longer life components with superior brake performance. These benefits are in addition to the benefits of all carbon‐ceramic brake discs vs. iron brake discs: weight savings of up to 70%, longer product life, consistent performance, reduced brake pad dust and corrosion free.