Surface Transforms plc (LON:SCE), a manufacturer of carbon fibre ceramic brake discs, has today announced that the excess Open Offer totaling 5,384,56 Ordinary Shares, as detailed in the Company’s RNS announcement on 4 May 2020, has been fully subscribed. Subject to the passing of the resolutions at the General Meeting to be held at 09:00 a.m. on 21 May 2020, the Company expects the 5,384,616 Ordinary Shares to be admitted to trading on AIM on 25 May 2020.
David Bundred, Chairman commented:
“This further confirmation of shareholder support during the current Covid 19 pandemic is greatly appreciated by the Board. It is particularly pleasing that, on this occasion, we have been able to provide the opportunity for smaller shareholders to participate, at scale, in an equity fundraising on the same terms as institutional shareholders. The total amount raised by the Placing and extended Open Offer is £2.4 million, which significantly strengths the Company’s balance sheet and provide management with flexibility to fully take advantage of opportunities as they arise.”