Business
Result of EGM and of the Plac
Result of EGM and of the Plac.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n RNS Number : 8170W Surface Transforms PLC 25 November 2010 \n \n\nRNS\n \nSurface Transforms plc\nResult of General Meeting\n \n \nSurface Transforms plc (\"Surface Transforms or the Company\") is pleased to announce that all resolutions proposed at the General Meeting convened today at 10:30 a.m. to give effect to, inter alia, the Placing and Open Offer of New Ordinary Shares, were duly passed.\n \nOn 3 November 2010, the Board of Surface Transforms announced details of a Placing and Open Offer in which it had conditionally raised net proceeds of £1.0 million by means of a placing through the issue of 6,317,000 Placing Shares at 17p per share and also, to provide shareholders who had not taken part in the Placing with an opportunity to invest in the Company, the Company was providing all qualifying shareholders with the opportunity to subscribe, also at 17p per share, for an aggregate of up to 3,043,416 Open Offer Shares.\n \nThe Open Offer has now closed in accordance with its terms and Surface Transforms is pleased to announce that it has received valid acceptances under the Open Offer in respect of 1,221,094 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 40.1% of the total Open Offer Shares being offered.\nAs previously reported in the Circular dated 3 November 2010, Mr Ken Baker and Mr Kevin D'Silva, both non-executive directors of the Company have subscribed for 18,000 and 12,000 Ordinary Shares respectively in the Placing. However, in addition to these subscriptions, Mr Ken Baker and associates of Mr Ken Baker, have subscribed for a further 34,375 Open Offer Shares. The resulting holdings of Mr Ken Baker and Mr Kevin D'Silva in the Company are 327,375 and 328,986 Ordinary Shares respectively, representing 1.0% and 1.0% respectively of the Enlarged Share Capital. \nApplication has been made for the 7,538,094 New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 26 November 2010. \nPlacing and Open Offer Statistics\n \n\n\n\n\nNumber of Placing Shares issued\n\n\n6,317,000\n\n\n\n\nNumber of Open Offer Shares issued\n\n\n1,221,094\n\n\n\n\nIssue Price of Placing Shares and Open Offer Shares\n\n\n17p\n\n\n\n\nGross proceeds receivable by the Company pursuant to the Placing ...