Surface Transforms bids for AIM listing

UK company Surface Transforms in Frodsham, Cheshire, a pioneer manufacturer of carbonfibre-reinforced ceramics (CFRC) material, has issued a prospectus for its move from OFEX to the Alternative Investment Market of the London Stock Exchange. Surface is currently developing new braking system components in conjunction with several F1 teams and, at the start of the 2002 season, reported that it now had a commercially viable F1 product

Surface Transforms bids for AIM listing

CFRC is a new generation of materials made by transforming carbon-carbon into different ceramics that enhance the properties of the base material.

The board of Surface, under chairman Derek Whitney and MD Julio Faria, includes David Williams, currently the Operations Manager at Jordan Grand Prix, and Geoff Gould, formerly responsible for Honeywell Aerospace sales to the F1 and GT racing sectors.

Surface is seeking to raise up to £2.5m through the issue of new ordinary shares at a price of 90p per share. Assuming full subscription, market capitalisation on its admission to AIM would be £9.6m. The money raised from the flotation will be primarily used to support further sales, to increase production capabilities to meet expected sales growth, to recruit new staff, and for working capital purposes.

Copies of the prospectus can be obtained from Brewin Dolphin Securities, 34 Lisbon Street, Leeds LS1 4LX (44(0)113 241 0128). The offer for subscription will close at 5:00pm on September 13.

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