Business
Placing
Placing.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n RNS Number : 7036D Surface Transforms PLC 08 December 2009 \n \nSurface Transforms Plc\n\n(\"Surface Transforms\" or \"the Company\")\n\n Placing \n\nIntroduction\n\nThe Company today announces that it has conditionally placed with certain existing shareholders, including directors and senior management of the Company, 800,000 new ordinary shares (\"Placing Shares\") of 1p each (\"Ordinary Shares\") at a price of 10p per share thereby raising gross proceeds of £80,000 (the \"Placing\"). The proceeds will provide specific capital to finance the investment in additional working capital related to the Company's carbon vapour infiltration (CVI) process. The CVI manufacturing stage is a key part of the Company's proprietary process for manufacturing silicon carbide brake discs and components.\n\nThe Placing Shares will represent approximately 3.29 per cent of the Company's enlarged share capital.\n\nBackground to and reasons for the Placing\nA number of existing shareholders had expressed interest in further investment in the Company and this coincided with a need to increase the levels of inventory of 'mission critical' components and spares relating to the CVI process. The newly commissioned CVI process is a critical stage in the manufacture of silicon carbide components and process downtime is minimised by having 'mission critical' inventory and spares available at all times.\nIssue of New Shares\nThe Placing is solely conditional upon Admission of the Placing Shares to AIM.\nApplication will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence on or around 15th December 2009.\nThe Placing Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive dividends and other distributions declared following Admission. \nDirectors' Participation in the Placing\n\nThe following Directors participated in the Placing and their holdings are det...