Surface Transforms has raised gross proceeds of £16.0 million, through the successful placing of 39,400,000 placing shares and 600,000 subscription shares at the issue price of 40 pence per ordinary share. The company has also raised gross proceeds of £2.0 million pursuant to an open offer and following receipt of applications for 4,963,739 open offer shares, representing a take-up of 66.2 per cent of the 7,500,000 available open offer shares. Admission and commencement of dealings in the placing shares, subscription shares and the open offer shares on AIM commenced at 8am on 20 October 2022.
Surface Transforms is a highly innovative company, with its own patented materials technology and a team of PhD-qualified scientists and degree-qualified engineers who are continually developing new processes for the production of carbon-ceramic materials and new products for various applications. Surface Transforms 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 and electric vehicles. 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 net proceeds of the fundraising will be used to partially fund the construction cost to increase its manufacturing facility in Knowsley, Liverpool, and the fit-out costs of a new manufacturing facility to be built opposite the existing Knowsley manufacturing facility and for general working capital purposes.
BDB Pitmans’ corporate partner Oliver Pilkington led the team, supported by associate Daniela Munro.
On the deal’s completion, Pilkington said:
“Surface Transforms is an excellent example of innovative British manufacturing, which is leading the way in products for the automotive, aircraft and aerospace industries. We would like to thank our partners at Zeus Capital and finnCap for engaging us to advise on another fundraising for this exciting company.”
Image: Oliver Pilkington
