Surface Transforms PLC Result of Open Offer (0210M)
July 25 2017 - 6:13AM
UK Regulatory
TIDMSCE
RNS Number : 0210M
Surface Transforms PLC
25 July 2017
THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED
TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATIONS (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN SURFACE
TRANSFORMS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR
SOLICITATION WOULD BE UNLAWFUL.
Surface Transforms plc
("Surface Transforms" or the "Company")
Result of Over-Subscribed Open Offer
Surface Transforms plc (AIM: SCE) is pleased to announce it has
raised gross proceeds of GBP0.5 million pursuant to the Open Offer
announced on 6 July 2017, that was heavily over-subscribed.
Highlights:
-- GBP3.5 million raised pursuant to the Placing, Subscription
and Open Offer subject to shareholder approval at the General
Meeting on 25 July 2017.
-- Applications received for 5,091,616 Open Offer Shares,
representing a take-up of 157.84 per cent. which is to be scaled
back to 3,225,806 Open Offer Shares. The Company is exploring
alternative avenues to satisfy this additional demand.
Placing and Open Offer
On 6 July 2016, Surface Transforms announced details of a
Placing and Subscription in which it had conditionally raised
GBP3,000,000 by means of a placing through the issue of 17,419,500
Placing Shares and 1,935,500 Subscription Shares at 15.5p per share
and to provide all Qualifying Shareholders with an opportunity to
invest by way of an Open Offer, also at 15.5p per share, for an
aggregate of up to 3,225,806 Open Offer Shares.
The Board is pleased to announce that the Open Offer, was
oversubscribed having received valid acceptances in respect of
5,091,616 Open Offer Shares from Qualifying Shareholders, being
equivalent to GBP789,200.48. The Board anticipates using its
additional authorities to satisfy the excess Open Offer demand of
1,865,810 Ordinary Shares. A further announcement will be made in
due course.
It is expected that all applications under the Open Offer will
qualify for EIS.
Open Offer Statistics
Number of Open Offer Shares issued 3,225,806
Issue Price 15.5p
Gross proceeds pursuant to the Open GBP0.5 million
Offer
Terms defined in the Circular published by the Company on 6 July
2017 shall have the same meaning in this announcement unless the
context requires otherwise.
David Bundred, Chairman said: We are extremely pleased that the
Board's decision to make an Open Offer to all shareholders,
combined with the Placing of shares to certain existing
institutions, has resulted in this most encouraging response from
shareholders. I would like to thank shareholders for their support.
The take-up we have seen for this capital raising demonstrates the
strength of support for the Company's proposed strategies and cost
reduction programme, and we look forward to announcing further
progress on those fronts in due course."
For further information, please contact:
Surface Transforms plc
Kevin Johnson, CEO +44 151 356 2141
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint Broker)
David Foreman, Michael Reynolds (Corporate Finance) +44 20 7894
7000
Mark Westcott, Alex Pollen (Sales)
finnCap Ltd (Joint Broker)
Stephen Norcross, Richard Chambers (Corporate Broking) +44 20 7220 0500
Ed Frisby, Giles Rolls (Corporate Finance)
This information is provided by RNS
The company news service from the London Stock Exchange
END
ROIPGUBUMUPMGUA
(END) Dow Jones Newswires
July 25, 2017 06:13 ET (10:13 GMT)
Surface Transforms (LSE:SCE)
Historical Stock Chart
From Apr 2024 to May 2024
Surface Transforms (LSE:SCE)
Historical Stock Chart
From May 2023 to May 2024