1st May 2020 11:49
(Alliance News) - Surface Transforms PLC on Friday said it has raised GBP300,000 through an open offer.
Shares in the company - which manufactures carbon fibre reinforced ceramic materials - were untraded on Friday morning in London, last quoted at 15.10p each, giving it a market capitalisation of GBP22.2 million.
Surface Transforms said it received valid acceptances from shareholders in respect of 10.9 million open offer shares - amounting to GBP1.4 million - in the "heavily oversubscribed" open offer which is to be scaled back to 2.3 million open offer shares. It added that it is exploring alternative ways to satisfy the additional demand of 8.6 million shares.
"We are delighted by the outcome of the open offer made available to all shareholders, combined with the placing of shares to certain institutional shareholders. I would like to thank all shareholders for their support, as evidenced by this very encouraging response. We are extremely pleased that current shareholders continue to support our strategy to become a series production supplier of carbon ceramic brake discs to the larger volume OEM automotive market," said Chair David Bundred.
The open offer was launched following a placing of 10.8 million shares in April which raised GBP1.4 million to be used to provide the company with sufficient working capital to enable it to continue operating should Covid-19 impact the business in a material manner.
By Ife Taiwo; [email protected]
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