TIDMSCE
RNS Number : 3244K
Surface Transforms PLC
06 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")
Results of Placing and Subscription
Pursuant to the announcement released this morning at 7.00 a.m.
(the "Placing Announcement"), the Company is pleased to announce
that Cantor Fitzgerald Europe and finnCap Ltd, on behalf of the
Company, have successfully placed 17,419,500 new Ordinary Shares in
the Company ("Ordinary Shares") (the "Placing Shares") at a price
of 15.5 pence per share (the "Issue Price"), representing a
discount of approximately 0.8 per cent. to the price of 15.625
pence per existing Ordinary Share, being the Closing Price on 5
July 2017, with new and existing institutional investors, raising
gross proceeds, together with the Subscription, of approximately
GBP3 million.
Cantor Fitzgerald is acting as Nominated Adviser and Joint
Broker and finnCap is acting as Joint Broker in connection with the
Placing.
All of the directors of the Company who indicated they intend to
subscribe for New Ordinary Shares have now confirmed their
subscription for a total of 1,935,500 new Ordinary Shares on the
same terms as the Placing (the "Subscription" and the "Subscription
Shares") raising gross proceeds of GBP300,000.
The issue and allotment of the Placing Shares and Subscription
Shares would exceed the Company's existing authorities and
therefore Shareholder approval will be required. Accordingly, a
Circular will be posted today to Qualifying Shareholders, setting
out the terms of the Open Offer and Notice of General Meeting.
Related Party Transactions
Hargreave Hale Limited, as a substantial shareholder of the
Company, is subscribing for 6,361,300 Placing Shares, which
constitutes a related party transaction under the AIM Rules for
Companies.
Unicorn Asset Management Limited, as a substantial shareholder
of the Company, is subscribing for 5,912,000 Placing Shares, which
constitutes a related party transaction under the AIM Rules for
Companies.
David Bundred, Richard Gledhill and Kevin D'Silva, all of whom
are Directors, have confirmed they are subscribing for in aggregate
1,935,500 Subscription Shares pursuant to the Subscription (the
"Directors' Participation") which constitutes a related party
transaction under the AIM Rules for Companies.
Accordingly, only Kevin Johnson is considered to be an
independent director of the Company for the purposes of AIM Rule
13. Having consulted with the Company's nominated adviser, Kevin
Johnson considers that the terms of the Directors' Participation as
well as the participation by Hargreave Hale Limited and Unicorn
Asset Management Limited are fair and reasonable insofar as
Shareholders are concerned.
The Directors' interests as at today and following completion of
the Subscription and the Placing are as follows:
Director Existing % Subscription Interest % Open Beneficial %
beneficial Shares in Ordinary Offer Interest
interest subscribed Shares Shares in Ordinary
in for after to be Shares
Ordinary Placing applied after
Shares Admission for Open Offer
Admission(3)
David
Bundred 733,341 0.8 161,300 894,641 0.8 - 894,641 0.8
Kevin
Johnson 124,000 0.1 0 124,000 0.1 - 124,000 0.1
Richard
Gledhill(1) 11,818,853 13.1 1,612,900 13,431,753 11.9 - 13,431,753 11.9
Kevin
D'Silva(2) 970,818 1.1 161,300 1,132,118 1.0 - 1,132,118 1.0
(1) Held as to 322,580 Ordinary Shares through his investment
vehicle Group-14 LTD
(2) Held in his SIPPs.
(3) Assuming Open Offer applications in total for the full
number of Open Offer Shares available
Pursuant to the Placing and Subscription, application will be
made for 19,355,000 New Ordinary Shares to be admitted to trading
on AIM. Subject to the Placing Agreement not having been terminated
in accordance with its terms, it is anticipated that admission of
the Placing Shares and Subscription Shares will occur at 8.00 a.m.
on 26 July 2017. The Placing Shares and the Subscription Shares
will be credited as fully paid and rank pari passu with the
Existing Ordinary Shares. Any Open Offer Shares subscribed for
under the Open Offer are also expected to be admitted to trading on
AIM on 26 July 2017 in accordance with the timetable set out in the
Placing and Acquisition Announcement.
Offer and posting of Circular
Further to the Placing Announcement, the Company is pleased to
announce that it will today post a Circular to Qualifying
Shareholders regarding the Open Offer to raise up to approximately
GBP0.5 million gross of expenses. The Circular will also be made
available on the Company's website later today at
www.surfacetransforms.com.
Details of the Open Offer are set out in the Circular.
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the Placing
Announcement.
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)
David Bundred - PDMR Notification Form
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------
a. Name David Bundred
----- ----------------------------- -----------------------------------
2 Reason for
notification
----- ----------------------------- -----------------------------------
a. Position/Status Non-Executive Chairman
----- ----------------------------- -----------------------------------
b. Initial notification/ Initial Notification
Amendment
----- ----------------------------- -----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------------------
a. Name Surface Transforms plc
----- ----------------------------- -----------------------------------
b. LEI
----- ----------------------------- -----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- ------------------------------------------------------------------
a. Description Ordinary Shares of 1p each
of the financial
instrument, GB0002892528
type of instrument
Identification
Code
----- ----------------------------- -----------------------------------
b. Nature of the Purchase of ordinary shares
transaction
----- ----------------------------- -----------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s)
----- ----------------------------- --------------- --------------
GBP0.155 161,300
--------------------------------------------------- --------------
d. Aggregated
information 161,300
- Aggregated GBP25,001.50
Volume
- Price
----- ----------------------------- -----------------------------------
e. Date of the 06 July 2017
transaction
----- ----------------------------- -----------------------------------
f. Place of the AIM
transaction
----- ----------------------------- -----------------------------------
Richard Gledhill- PDMR Notification Form
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------
a. Name Richard Gledhill
----- ----------------------------- -----------------------------------
2 Reason for
notification
----- ----------------------------- -----------------------------------
a. Position/Status Non-Executive Director
----- ----------------------------- -----------------------------------
b. Initial notification/ Initial Notification
Amendment
----- ----------------------------- -----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------------------
a. Name Surface Transforms plc
----- ----------------------------- -----------------------------------
b. LEI
----- ----------------------------- -----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- ------------------------------------------------------------------
a. Description Ordinary Shares of 1p each
of the financial
instrument, GB0002892528
type of instrument
Identification
Code
----- ----------------------------- -----------------------------------
b. Nature of the Purchase of ordinary shares
transaction
----- ----------------------------- -----------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s)
----- ----------------------------- --------------- --------------
GBP0.155 1,612,900
--------------------------------------------------- --------------
d. Aggregated
information 1,612,900
- Aggregated GBP249,999.50
Volume
- Price
----- ----------------------------- -----------------------------------
e. Date of the 06 July 2017
transaction
----- ----------------------------- -----------------------------------
f. Place of the AIM
transaction
----- ----------------------------- -----------------------------------
Kevin D'Silva - PDMR Notification Form
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
-------------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- ------------------------------------------------------------------
a. Name Kevin D'Silva
----- ----------------------------- -----------------------------------
2 Reason for
notification
----- ----------------------------- -----------------------------------
a. Position/Status Non-Executive Director
----- ----------------------------- -----------------------------------
b. Initial notification/ Initial Notification
Amendment
----- ----------------------------- -----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------------------
a. Name Surface Transforms plc
----- ----------------------------- -----------------------------------
b. LEI
----- ----------------------------- -----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- ------------------------------------------------------------------
a. Description Ordinary Shares of 1p each
of the financial
instrument, GB0002892528
type of instrument
Identification
Code
----- ----------------------------- -----------------------------------
b. Nature of the Purchase of ordinary shares
transaction
----- ----------------------------- -----------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s)
----- ----------------------------- --------------- --------------
GBP0.155 161,300
--------------------------------------------------- --------------
d. Aggregated
information 161,300
- Aggregated GBP25,001.50
Volume
- Price
----- ----------------------------- -----------------------------------
e. Date of the 06 July 2017
transaction
----- ----------------------------- -----------------------------------
f. Place of the AIM
transaction
----- ----------------------------- -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBQLFBDDFZBBX
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