Result of Open Offer

Surface Transforms plc

("Surface Transforms" or the "Company")

Result of Open Offer

Surface Transforms (AIM: SCE) is pleased to announce it has raised gross proceeds of approximately £1,067,000 (approximately £1.0 million net of costs) pursuant to a Placing and Open Offer.

On 18 November 2014, the Board of Surface Transforms announced details of a Placing and Open Offer in which it had conditionally raised £500,000 by means of a placing through the issue of 3,846,154 Placing Shares at 13p per share and also, to provide shareholders who had not taken part in the Placing with an opportunity to invest in the Company, the Company was providing all qualifying shareholders with the opportunity to subscribe, also at 13p per share, for an aggregate of up to 7,687,025 Open Offer Shares.

The Board is pleased to announce that approximately £567,000 (gross) has been raised under the Open Offer having received valid acceptances under in respect of 4,363,982 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 56.8% of the total Open Offer Shares being offered. 

Application has been made for the 8,210,136 New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 15 December 2014 ("Admission"). The Placing and Open Offer however remain conditional on shareholder approval, such approval being sought at a general meeting of the Company to be held at 11.00 a.m. on 12 December 2014.

Placing and Open Offer Statistics

Terms defined in the Circular published by the Company on 18 November 2014 shall have the same meaning in this announcement unless the context requires otherwise.

The New Ordinary Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Shares of the Company. Application has been made for the New Ordinary Shares to be admitted to trading on AIM and accordingly dealings will commence at 8.00am on 15 December 2014. Following Admission, the total number of voting rights in the Company will be 50,488,772 Ordinary Shares. This number may be used by shareholders 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 and Transparency Rules.

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Surface Transforms plc

Cantor Fitzgerald Europe

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