REG - Surface Transforms - Grant of Options

Surface TransformsAnnouncement

13/07/2022 07:00

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RNS Number : 2495S  Surface Transforms PLC  13 July 2022

 13 July 2022

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

 

Surface Transforms plc (AIM:SCE) announces that it has granted options over
910,000 new ordinary shares of 1 pence each in the Company ("Ordinary
Shares") under its existing HMRC approved EMI share option scheme to a
non-director PDMR, and 27 other employees (the "Options").

 

The Options are exercisable at a price of 50.5p per Ordinary Share, being the
closing price on 12 July 2022 and will be exercisable subject to certain
performance criteria being met in the case of the non-director PDMR, and
between the second and tenth anniversaries of grant for other employees.

 

A PDMR has been awarded a total of 210,000 Options and other employees have
been awarded a total of 700,000 Options.

 

The vesting of the Options for all employees is conditional on the continued
employment of the option holder. For the PDMR, the Options vest after the
achievement of three independent commercial criteria being, the Company:

 

(i)         achieving a minimum of £30m of sales in a financial
year;

(ii)        achieving a minimum of £8m profit before tax in a
financial year;

(iii)       installing capacity capable of achieving annual sales of at
least £80m; and

(iv)       3 years continuous service from date of grant.

 

The achievement of each and any of the three performance criteria will result
in the vesting of one third of the Options after the 3 year period.

 

Further details on the PDMR awards are set out in the disclosure table further
below.

 

For enquiries, please contact:

Surface Transforms
plc.
                 +44 151 356 2141

David Bundred, Chairman

Kevin Johnson, CEO

Michael Cunningham CFO

 

Zeus (Nominated Adviser and Joint
Broker)                               +44 203 829
5000

 

David Foreman / Dan Bate / James Edis (Investment Banking)

Dominic King (Corporate Broking)

finnCap Ltd (Joint-Broker)
 
                +44 20 7220 0500

Ed Frisby / Abigail Kelly (Corporate Finance)

Richard Chambers / Barney Hayward (ECM)

About Surface Transforms

Surface Transforms plc. (AIM:SCE) develop and produce 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 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.

For additional information please visit www.surfacetransforms.com

 

 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                                                         Mr. Mark Strutz
 2   Reason for notification

 a.  Position/Status                                              PDMR
 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                                                          213800GQHNJPE5O8XO79
     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 of the financial instrument, type of instrument  Ordinary Shares of 1p each

Identification Code                                         ISIN: GB0002892528
 b.  Nature of the transaction                                    Grant of Options

 c.  Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            50.5p     210,000
     -
 d.  Aggregated information                                       Price(s)  Aggregated volume(s)  Aggregated Total

                                                            50.5p     210,000               £106,050

 e.  Date of the transaction                                      12/07/2022
 f.  Place of the transaction                                     London Stock Exchange

d.

Aggregated information

 

 Price(s)  Aggregated volume(s)  Aggregated Total
 50.5p     210,000               £106,050

e.

Date of the transaction

12/07/2022

f.

Place of the transaction

London Stock Exchange

 

 

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