REG - Deepverge PLC - Update - Proposed Financing,Proposed Board Changes

DeepvergeAnnouncement

25/10/2022 07:16

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RNS Number : 9515D  Deepverge PLC  25 October 2022

 

 

25 October 2022

 

DeepVerge PLC

 

("DeepVerge" or "Company")

 

Update on Proposed Financing / Proposed Board Changes

DeepVerge (AIM: DVRG), the environmental and life science group of companies
that develops and applies AI and IoT technology to analytical instruments for
the analysis and identification of bacteria, virus and toxins, announces an
update on the Proposed Financing and details of proposed changes to the board,
and to the roles undertaken by existing directors.

Update on Proposed Financing

Further to the RNS announcement of 12 October 2022, the Board is pleased to
advise that the fundraising process, coordinated by the Company's brokers
Turner Pope, continues to progress, despite challenging market conditions. We
look forward to updating shareholders and the market in the near term.
However, there can be no guarantee that sufficient equity funds can be raised,
nor the terms thereof.

Board and Management changes

The Company has doubled turnover every year from £0.27m in 2018 to £9.3m in
2021 with a forecast of £18m this year.

This fast pace of growth has stretched both the balance sheet and the existing
management team. As a consequence a new CEO, CFO and Non-Executive director
will be recruited.

The following Board changes are expected to take effect immediately upon the
announcement of the Proposed Financing:

Gerard Brandon will step down as Chief Executive remaining on the board as
Executive Director with responsibility for the Modern Water Division.

Dr Nigel Burton will become interim Chief Executive while the Company
commences the search for a new Group Chief Executive.

Fionan Murray will remain on the Board as Executive Director with
responsibility for the Skin Trust Club and Labskin Division.

Camillus Glover will leave the board but will remain as Chief Financial
Officer while the Company commences the search for a new Group Finance
Director.

A further independent non-executive director will be appointed as soon as
practicable.

For further information, please contact:

 

Enquiries:

 

 DeepVerge plc                          Ross Andrews, Chairman   +44 (0) 1904 40 4036

 SPARK Advisory Partners Limited        Neil Baldwin             +44 (0) 113 370 8974

 (Nominated Adviser)

 Turner Pope Investments (TPI) Limited  Andy Thacker/James Pope  +44 (0) 20 3657 0050

 (Broker)

 

 

Market Abuse Regulation (MAR) Disclosure

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.

 

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