Management change and Exercise of Warrants

RNS Number : 1891V

Verditek PLC

05 August 2020

 

Verditek PLC

("Verditek" or the "Company")

Management change and Exercise of Warrants

Management Change

Verditek plc, (AIM:VDTK) the clean technology company announces,following the recent major restructuring of the Company, including the appointment of Rob Richards as new CEO, that The Board of directors have accepted the resignation of Tim Lord as Finance Director. Moving from R&D stage to full commercialisation has resulted in the requirements of the Company changing. The Company now has over 15 international sales people in order to meet demands of its international commercialisation and sharply growing order book. To facilitate the smooth transition to a new appointee, George Katzaros (Non-Executive Director) has agreed to act as interim Finance Director. Further announcements will be made upon the appointment of the new permanent position in due course.  All necessary provisions have been made to ensure the proper finance functions are in place.

Rob Richards, CEO said, "I wish to thank Tim for his contribution. As the Company moves forward in its exciting new phase, with strong revenue growth in multiple new segments now coming through, it is important to build a team best suited to maximise on this opportunity".

Commenting on the move, Lord David Willetts, Non-Executive Chairman said. "We thank Tim for the role he played in the Company's early development. He leaves the Company as the next stage of its development is now firmly in train, with the operations ramping up and sales volumes and revenues taking off. We wish him well in his new endeavours".

Exercise of Warrants

Shore Capital have notified the Company of their intention to exercise their warrant over 3,753,456 Ordinary Shares in the Company which was granted at the time of the IPO. This exercise will result in the receipt of some £330,000 of additional cash by Verditek. Application has been made for the new Ordinary Shares to be admitted to   AIM and trading in these new shares is expected to commence on 10 August 2020. Following Admission, the Company will have 295,646,990 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. 

Enquiries:

Verditek plc    RH Lord David Willetts FRS (Executive Chairman) Rob Richards (Chief Executive Officer)		Tel: [phone] [e-mail]
WH Ireland Limited (NOMAD and Broker)		Tel: [phone]
Chris Hardie (Corporate Finance) Matthew Chan

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Verditek plc

AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously impossible. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.

Verditek provides compelling commercial solutions that make our customers business sustainable.

For more information please visit or contact the following:  https://verditek.com/  

 

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