15 August 2024
Surface
Transforms plc
("Surface
Transforms" or "the Company")
Award of
2024 LTIP share options
Surface Transforms (AIM:SCE),
manufacturers of carbon fibre reinforced ceramic automotive brake
discs, announces that it has granted, in total, 50.8m share options
to three PDMRs and seven non-PDMR senior managers pursuant to its
long term incentive plan ("LTIP") approved by shareholders at the
2023 AGM (the "Options").
Kevin Johnson (CEO) has been awarded
16.1m Options, Isabelle Maddock (CFO) 8.8m, Stephen Easton (COO)
7.7m and the seven other senior managers a total of 18.3m. The
exercise price of the Options is 1.7099 pence being the 20 business
day volume weighted average price ("VWAP") up to Friday 9 August.
The Options represent 3.9% of the total issued share capital of the
Company.
The Options vest at the third
anniversary of grant if the following conditions are
met:
· EBITDA per share
between 0.31 pence (10.5% of the award) and 0.46 pence (30% of the
award). This is based on achieving between £4m EBITDA and £6m
EBITDA in the year to 31 December 2026
· Installation of
realisable £75m sales capacity (30% of the award)
· Share price above
5.0p on a VWAP basis for the 20 days prior to vesting date (20% of
the award)
· A commercially
confidential strategic milestone providing additional technical
excellence, aimed at maintaining the Company's technical leadership
in the marketplace (20% of the award)
The vesting criteria are independent
of each other, albeit clearly linked if the separate criteria are
to be achieved.
After exercise the participants in
the LTIP will be required to maintain a level of shareholding
proportional to their salary.
David Bundred (Chairman) said
"The LTIP scheme rules provide
for annual LTIP awards and this is the 2024 award. The vesting
criteria are stretching but considered achievable. To this end it
is encouraging that the increase in output, reported in the 19 July
trading update, has been maintained at the end of July and early
August."
For
enquiries, please contact:
|
Surface Transforms plc
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+44
151 356 2141
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David Bundred, Chairman
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Kevin Johnson CEO
Isabelle Maddock CFO
|
|
|
Zeus (Nominated Adviser and Joint Broker)
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+44
203 829 5000
|
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David Foreman / James
Edis (Investment Banking)
|
|
|
Dominic King (Corporate
Broking)
|
|
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Cavendish Capital Markets Ltd (Joint Broker)
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+44
20 7220 0500
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Ed Frisby / Abigail
Kelly (Corporate Finance)
Andrew Burdis / Harriet
Ward (ECM)
|
|
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces
carbon‐ceramic material automotive brake discs. The Company is
the UK's only manufacturer of carbon‐ceramic brake discs,
and only one of two mainstream carbon ceramic brake disc companies
in the world, serving customers that include major OEMs in the
global automotive markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for
high‐performance road and track applications for both internal
combustion engine cars and electric vehicles. While competitor
carbon‐ceramic brake discs use discontinuous chopped carbon
fibre, Surface Transforms interweaves continuous carbon
fibre to form a 3D matrix, producing a stronger and more durable
product with improved heat conductivity compared to competitor
products; this reduces the brake system operating temperature,
resulting in lighter and longer life components with superior brake
performance. These benefits are in addition to the benefits of all
carbon‐ceramic brake discs vs. iron brake discs: weight savings of
up to 70%, longer product life, consistent performance, reduced
brake pad dust and corrosion free.
The Company holds the London Stock Exchange's Green
Economy Mark.
For additional information please
visit www.surfacetransforms.com
Notification and public
disclosure of transactions by Persons Discharging Managerial
Responsibilities ("PDMR") and persons closely associated with them
("PCA")
|
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
|
|
1
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Details of the person discharging managerial
responsibilities/person closely associated
|
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a.
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Name
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1) Kevin
Johnson
2) Isabelle
Maddock
3) Stephen
Easton
|
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2
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Reason for notification
|
|
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a.
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Position/Status
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1) CEO
2) CFO
3) COO
|
|
b.
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Initial notification/
Amendment
|
Initial Notification
|
|
3
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Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a.
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Name
|
Surface Transforms plc
|
|
b.
|
LEI
|
213800GQHNJPE5O8XO79
|
|
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
|
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a.
|
Description of the financial
instrument, type of instrument
Identification Code
|
Ordinary Shares of 1p
each
ISIN: GB0002892528
|
|
b.
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Nature of the transaction
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Grant of Options under Surface
Transforms plc's 2024 LTIP
|
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c.
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Price(s) and volume(s)
|
|
Transaction
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Price(s)
|
Volume(s)
|
|
1) Kevin
Johnson
|
1.7099p
|
16,082,812
|
|
2) Isabelle
Maddock
|
1.7099p
|
8,772,443
|
|
3) Stephen
Easton
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1.7099p
|
7,675,887
|
|
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d.
|
Aggregated information
|
|
Transaction
|
Price(s)
|
Aggregated volume(s)
|
Aggregated Total
|
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Same as 4 (c )
|
|
|
|
|
|
|
|
|
|
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e.
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Date of the transaction
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14 Aug 2024
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f.
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Place of the transaction
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Outside a trading venue
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