Surface Transforms raises £1.53m in new placing

Surface Transforms, which makes carbon brakes for high performance cars, has raised £1.53m through a placing of new shares.

The Knowsley-based company said the proceeds from the oversubscribed placing will be used for general working capital purposes, and for any further testing and development costs which may be required.

Surface Transforms makes carbon fibre reinforced ceramic materials used in a range of high performance vehicles, including racing cars.

The AIM-listed firm placed 9,000,000 new ordinary shares of 1p each at 17p per share.

Its latest placing sees the addition of two new institutional shareholders to the company’s share register.

In its announcement to the stock exchange today the company said it continues to trade in line with the outlook as recently notified in its pre close trading, customer and operations update announcement of June 13.

Chairman David Bundred said: “Following recent investor demand we have conducted a placing that broadens the institutional shareholder base and provides additional working capital.

“The strengthened balance sheet will also be beneficial during the current ongoing evaluations by mainstream automotive OEMs (original equipment manufacturers).

“We are pleased to welcome the new investors to the register as we continue with our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer automotive market and to the niche military and small commercial aircraft brake market.”