TIDMSCE
RNS Number : 0210S
Surface Transforms PLC
11 November 2021
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Surface Transforms plc
("Surface Transforms" or the "Company")
Grant of Options
11 November 2021
Surface Transforms plc (AIM:SCE) announces that it has granted
options over 1,810,105 new ordinary shares of 1 pence each in the
Company ("Ordinary Shares") under its existing HMRC "Enterprise
Management Investment scheme" (EMI) share option scheme to a
director, Michael Cunningham, five non-director PDMRs, and 29 other
employees (the "Options").
The Options are exercisable at a price of 57p per Ordinary
Share, being the closing price on 10 November 2021 and will be
exercisable subject to certain performance criteria being met in
the case of directors and non-director PDMRs, and between the
second and tenth anniversaries of grant for other employees.
Michael Cunningham, CFO, has been awarded 173,700 Options, the
five non-director PDMRs have been awarded a total of 936,405
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 directors and
PDMRs, the Options vest after the achievement of three independent
commercial criteria being, the Company:
(i) achieving a minimum of GBP20m of sales in a rolling twelve-month period;
(ii) achieving a minimum of GBP5m profit before tax in a rolling twelve-month period; and
(iii) installing capacity capable of achieving annual sales of at least GBP60m.
The achievement of each and any of these three criteria will
result in the vesting of one third of the Options.
David Bundred (Chairman) said: "The timing and quantum of these
awards is simply one of the many actions currently being
implemented within the Company as we transition into higher volume
production and profitability in the next few months.
The Board expects the Company to become profitable in 2022 which
will result in its gross assets exceeding the GBP30m threshold
stipulated in the EMI scheme rules, thereby precluding any further
option grants under the Company's existing EMI scheme.
PDMRs are normally granted options, up to a common pre-agreed
limit, progressively over their first three to four years of
service with the Company. Whilst there has been a small
acceleration in the timing of these Options being granted, the
total number of options granted by the Company remains within the
QCA guidance to the remuneration committee. Notwithstanding this
fact, the Board agreed that given the longer-term nature of these
instruments, that they should be set at levels exceeding current
market expectations. These targets, whilst stretching, are
considered achievable by the Board within the timelines of the
Options."
Further details on the Director and PDMR awards are set out in
the disclosure tables further below.
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Zeus Capital Limited (Nominated Advisor and Joint Broker) +44
203 829 5000
David Foreman / Dan Bate / Jordan Warburton (Corporate
Finance)
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 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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Mr Michael Cunningham
-----------------------------------------------------
2 Reason for notification
------------------------------------------- -----------------------------------------------------
a. Position/Status CFO
------------------------------------------- -----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 173,700
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 173,700 GBP99,009.00
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Mr Steven Harvey
-----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 290,000
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 290,000 GBP165,300
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Mr Geoff Whitfield
-----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 16,405
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 16,405 GBP9,350.85
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Mrs Kerry Wood
-----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 150,000
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 150,000 GBP85,500
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Mr Leigh Welch
-----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 290,000
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 290,000 GBP165,300
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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 Details of the person discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------------------------------------
a. Name Ms Rebecca Hooper-Rhind
-----------------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type
of instrument
ISIN: GB0002892528
Identification
Code
------------------------------------------- -----------------------------------------------------
b. Nature of the Grant of options for Ordinary Shares in the
transaction Company
------------------------------------------- -----------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
* Transaction 1 (Purchase) 57.0p 190,000
----------
------------------------------------------- -----------------------------------------------------
d. Aggregated information Price(s) Aggregated volume(s) Aggregated Total
* Transaction 1 57.0p 190,000 GBP108,300
--------------------- -----------------
(purchase)
------------------------------------------- -----------------------------------------------------
e. Date of the transaction 11/11/2021
------------------------------------------- -----------------------------------------------------
f. Place of the transaction London Stock Exchange
------------------------------------------- -----------------------------------------------------
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END
DSHFFFSLLDLILIL
(END) Dow Jones Newswires
November 11, 2021 02:00 ET (07:00 GMT)
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