Surface Transforms plc
("Surface Transforms" or the "Company")
Result of General Meeting and
Total Voting Rights
Surface Transforms (AIM: SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces that, at its General Meeting held earlier today, all Resolutions were duly passed.
A summary of the votes lodged by proxy at the General Meeting is set out below:
| | Resolution | Votes For | % For | Votes Against | % Against | Votes Withheld |
| 1. | To increase the limit of the maximum number of shares the Company may issue | 114,612,257 | 99.71 | 333,989 | 0.29 | 74,358 |
| 2. | To authorise the Directors to allot relevant securities for the Conditional Placing and Open Offer | 114,622,582 | 99.72 | 325,532 | 0.28 | 72,490 |
| 3. | To authorise the Directors to issue Ordinary Shares for cash other than on a pre-emptive basis* | 114,592,931 | 99.72 | 326,683 | 0.28 | 100,900 |
* Special Resolution
(1) Any proxy appointments, which gave discretion to the Chairman have been included in the 'For' votes total.
(2) Votes "For" and "Against" any resolution are expressed as a percentage of votes validly cast for that resolution.
(3) A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against".
(4) The number of shares in issue on 15 December 2023 was 261,733,233 with no shares in treasury.
(5) The full text of the resolutions passed at the General Meeting can be found in the Circular which is available on the Company's website at www.surfacetransforms.com.
Following the approval of the Resolutions, the Conditional Placing to raise £6.3 million (before expenses) for the Company, and the Open Offer to raise £2.7 million (before expenses) for the Company, each as described in more detail in the Circular published by the Company on 15 November 2023, remain conditional on Admission.
Application has been made for 90,339,405 new Ordinary Shares pursuant to the Conditional Placing and Open Offer to be admitted to trading on AIM, with dealings expected to commence at 8.00 a.m. on 19 December 2023.
Total Voting Rights
Following Admission, the total number of voting rights in the Company will be 352,072,638. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Capitalised terms used in this announcement have the same meanings as in the Circular, unless otherwise stated.
For enquiries, please contact:
| Surface Transforms plc | +44 151 356 2141 |
| David Bundred, Chairman | |
| Kevin Johnson CEO Isabelle Maddock CFO | |
| Zeus (Nominated Adviser and Joint Broker) | +44 203 829 5000 |
| David Foreman / James Edis / Ed Beddows (Investment Banking) | |
| Dominic King (Corporate Broking) | |
| Cavendish Capital Markets Ltd (Joint Broker) | +44 20 7220 0500 |
| Ed Frisby / Abigail Kelly (Corporate Finance) Andrew Burdis / Harriet Ward (ECM) | |
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce carbon‐ceramic material automotive brake discs. The Company is the UK's only manufacturer of carbon‐ceramic brake discs, and only one of two mainstream carbon ceramic brake disc companies in the world, serving customers that include major OEMs in the global automotive markets.
The Company utilises its proprietary next generation Carbon Ceramic Technology to create lightweight brake discs for high‐performance road and track applications for both internal combustion engine and electric vehicles. While competitor carbon‐ceramic brake discs use discontinuous chopped carbon fibre, Surface Transforms interweaves continuous carbon fibre to form a 3D matrix, producing a stronger and more durable product with improved heat conductivity compared to competitor products; this reduces the brake system operating temperature, resulting in lighter and longer life components with superior brake performance. These benefits are in addition to the benefits of all carbon‐ceramic brake discs vs. iron brake discs: weight savings of up to 70%, longer product life, consistent performance, reduced brake pad dust and corrosion free.
For additional information please visit www.surfacetransforms.com
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