Business
Contract Update, Launch of Strategic Review & FSP
Surface Transforms plc has announced a strategic review and formal sale process following the loss of its General Motors contract, effective March 31, 2026. The company has lodged a Notice of Intention to Appoint Administrators, with Alvarez & Marsal Europe LLP expected to be appointed Joint Administrators. Despite the uncertain financial position, the company intends to continue operating in the short term. The strategic review will explore options including a sale of the business and assets, capital injection, or liability restructuring, with expressions of interest invited for a potential offer. An offer period has commenced under the Takeover Code. Disclaimer*
About this update from Surface Transforms Plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. Surface Transforms plc ("Surface Transforms" or the "Company") Update on contract loss, Launch of Strategic Review and Formal Sale Process Surface Transforms (AIM: SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, announced on 3 March 2026 that General Motors ("GM") had notified the Company that it was re-sourcing its supply of brake discs with effect from 31 March 2026. The Company provides the following updates with regards to the contract loss, alongside launching a strategic review and formal sale process for the Company. Update on contract loss and stakeholder discussions Since the announcement on 3 March 2026, the Company has engaged in multiple discussions with key stakeholders to seek additional funding to support continued trading activities. However, on 12 March 2026 the Board resolved to lodge a Notice of Intention to Appoint Administrators, having reached a settled intention to appoint Michael Magnay and Jonathan Marston of Alvarez & Marsal Europe LLP ("Alvarez & Marsal") as Joint Administrators. This was announced on 12 March 2026. It was also announced that the Company had appointed Alvarez & Marsal as corporate restructuring adviser and was working closely with them to understand the options available to the Company. At ...
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