Business
Result of over-subscribed open offer
Result of over-subscribed open offer.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \n \n RNS Number : 5840L\n Surface Transforms PLC\n 01 May 2020\n \n \n \n \n THE 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 \n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN SURFACE TRANSFORMS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\n \n \n \n \n \n \n \n \n 1 May 2020\n \n \n \n \n \n Surface Transforms plc\n \n \n \n (\"Surface Transforms\n \n \n \" or the \"Company\n \n \n \")\n \n \n \n \n \n \n Result of Over-Subscribed Open Offer \n \n \n \n \n \n \n \n Surface Transforms plc (AIM: SCE) is pleased to announce it has raised gross proceeds of £0.3 million pursuant to the Open Offer, announced on 9 April 2020, which was heavily over-subscribed.\n Applications were received for 10,906,466 Open Offer Shares, representing a take-up of 473 per cent. which is to be scaled back to 2,307,692 Open Offer Shares. The Company is exploring alternative avenues to satisfy this additional demand of 8,598,744 Ordinary Shares.\n \n Placing and Open Offer\n On 9 April 2020, Surface Transforms announced details of a Placing in which it had raised £1.4 million by means of a placing through the issue of 10,806,995 Placing Shares at 13.0p per share and to provide all Qualifying Shareholders with an opportunity to invest by way of an Open Offer, also at 13.0p per share, for an aggregate of up to 2,307,692 Open Offer Shares.\n The Board is very pleased to announce that the Open Offer was significantly oversubscribed having received valid acceptances in respect of 10,906,466 Open Offer Shares from Qualifyin...