Corporate Update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN
11 August 2025
Versarien plc
("Versarien", the "Company" or the "Group")
Corporate Update
Versarien plc (AIM: VRS), the advanced engineering materials group, provides a further update on its restructuring process and financial position.
As announced on 29 July 2025, the Company has taken actions to conserve cash, including commencing the process to place Versarien Graphene Limited into administration and commencing the process of the voluntary liquidation of Cambridge Graphene Limited and 2-DTech Limited. This will extend the Group's forecast cash runway through to the end of August 2025 to allow further time for the proposed strategic investment, as first announced on 5 March 2025, to be closed. Whilst the Company continues dialogue with the strategic investor with a view to the investment being completed and continues to market Total Carbide Limited for sale, there is no certainty that either transaction will be successfully concluded in a timeframe that will enable the Company to continue trading.
The Board has therefore, in line with its previously indicated intention, appointed Leonard Curtis to conduct an accelerated sale process of the remaining Group assets, being those of Versarien plc and its shares in Gnanomat SL and Total Carbide Limited. Leonard Curtis will contact potentially interested parties with a view to them submitting offers by early September and, if appropriate offers are received, asset sales being concluded as soon as possible thereafter, should the strategic investment not be successfully completed.
In the event that asset sales are required to be concluded it is likely that the maximum proceeds that may be realisable from the sale of the Group's remaining assets will be less than the liabilities of the Group. In these circumstances, the Company would cease trading and would be placed into administration which would result in the suspension of trading of the Company's shares on AIM. Versarien shareholders would not be expected to receive any return from an administration process.
Further announcements will be made in due course as appropriate.
For further information please contact:
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Versarien Stephen Hodge, Chief Executive Officer Chris Leigh, Chief Financial Officer
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c/o IFC |
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SP Angel Corporate Finance (Nominated Adviser and Broker) Matthew Johnson, Adam Cowl
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+44 (0)20 3470 0470
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IFC Advisory Limited (Financial PR and Investor Relations) Tim Metcalfe, Zach Cohen |
+44 (0)20 3934 6630 |
For further information please see: http://www.versarien.com
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