Surface Transforms PLC said it raised money via an open offer of shares.
Surface Transforms, a UK-based manufacturer of carbon-ceramic automotive brake discs, announced that it had accepted all 27.4 million applications for shares, raising gross proceeds of £2.7 million in the process. This represents a 37% over-subscription from the 20.0 million shares initially considered available. Following applications and resolutions being passed, it is expected that these new shares will be admitted to trading on AIM next week Tuesday.
Subject to resolutions being passed, £11.0 million gross proceeds will have been raised pursuant to the placing and open offer. This adds to a £13.2 million capital expenditure loan Surface Transforms received in November.
Non-Executive Chair David Bundred said that the company ‘are delighted, in a difficult market, to have been oversubscribed on both the placing and open offer...the combined £24.2 million cash availability gives us the balance sheet strength to accelerate our capacity expansion, thereby delivering the contract wins of recent years.’
Surface Transforms PLC’s share price was down 3.6% at 10.97 pence each in London on Monday morning.
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