REG - Deepverge PLC - Update

DeepvergeAnnouncement

05/07/2023 11:30

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RNS Number : 0702F  Deepverge PLC  05 July 2023

5 July 2023

 

DeepVerge plc

 

("DeepVerge" or "the Company" or "the Group")

 

Update

 

Further to the notification on 26 June 2023, in which the Company announced
that the Board was seeking to realise whatever value is possible through the
sale of one or more of the Labskin, Modern Water and Glanaco business units,
the Company provides an update on progress to date.

Several approaches have been received by the Company regarding the potential
sale of either the whole or part of the Modern Water and Labskin business
units, with multiple indications of interest for certain parts of the
business. Whilst this is encouraging, all these approaches are at an early
stage, and there can be no certainty that any of them will result in a
transaction, or that sufficient value will be realised to avoid the closure or
administration of the relevant Group subsidiaries.

The Company also provides an update on operations. Despite the limited working
capital position referred to in previous notifications, the production of
Modern Water reagents continues and arrangements are under discussion to
enable installation and commissioning of already delivered equipment to
continue.

A number of activities and discussions, including the Joint Venture
discussions with China Resources Environmental Protection Development Limited
("China Resources") for which a Memorandum of Understanding was initially
announced on 28 April 2021 (with further updates notified on 26 July 2021 and
11 January 2022), remain on hold, pending the outcome of discussions regarding
the sale, closure or administration of the Group's subsidiaries.

Further updates will be given as appropriate.

 DeepVerge plc                                   Nigel Burton, Interim CEO  +44 (0) 7785 234447
 SPARK Advisory Partners Limited                 Neil Baldwin               +44 (0) 113 370 8974

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

 

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