Business
£1.5 Million Placing
£1.5 Million Placing.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \nRNS Number : 7307S Surface Transforms PLC 27 June 2018 \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n \n27 June 2018\n \nSurface Transforms plc\n(\"Surface Transforms\" or the \"Company\")\n \n£1.5 million Placing\n \nSurface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic materials, is pleased to announce that it has successfully placed 9,000,000 new ordinary shares of 1p each (\"Ordinary Shares\") at 17 pence per share, raising gross proceeds of £1.53 million pursuant to its existing authority to issue equity for cash, conditional on admission of the Ordinary Shares to trading on AIM (\"Admission\").\n \nThe oversubscribed placing sees the addition of two new institutional shareholders to the Company's share register. The proceeds will be used for general working capital purposes and for any further testing and development costs required. The Company did not apply for or receive confirmation of advanced assurance from HMRC that the Ordinary Shares pursuant to this placing would satisfy the requirements for tax relief under the Enterprise Investment Scheme.\n \nThe Company continues to trade in line with the outlook as recently notified in its Pre Close Trading, Customer and Operations Update announcement of 13 June 2018. \n \nDavid Bundred, Chairman of the Company, commented: \"Following recent investor demand we have conducted a placing that broadens the institutional shareholder base and provides additional working capital. The strengthened balance sheet will also be beneficial during the current ongoing evaluations by mainstream automotive OEMs.\n \n\"We are pleased to welcome the new investors to the register as we continue with our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer (OEM) automotive market and to the niche military and small commercial aircraft brake market.\" \n \nAdmission and Total Voting Rights\n \nThe new Ordinary Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shar...