REG - Deepverge PLC - Update

DeepvergeAnnouncement

13/12/2023 16:45

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RNS Number : 6943W  Deepverge PLC  13 December 2023

13 December 2023

 

DeepVerge plc

 

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

 

Update

 

Introduction

The Board provides an update to shareholders.

Potential disposal of assets

Further to the previous notification on 14 September 2023, the Board has made
progress with potential buyers of certain assets and intellectual property
owned within  the Modern Water and Labskin business units and hopes to be
able to agree terms for the sale of these various assets during the next
month.

Whilst there can be no certainty that current discussions will result in a
transaction or transactions, it is now clear to the Board that even if both
sets of assets are sold, at the values being discussed with potential buyers,
insufficient value will be realised to avoid the closure or administration of
the relevant Group subsidiaries.

DeepVerge plc

Further to the notification of 26 June 2023, DeepVerge plc, the holding
company which neither trades nor has operating revenues, currently has around
£0.3m of net liabilities. Given the situation referred to above, uncertainty
remains as to whether the Company will have sufficient funds to pay its debts
as they fall due.

Financial reporting

The Board does not expect the Company to be in a position to publish its
report and accounts for the year to 31 December 2022, nor its interim results
for the 6 months ended 30 June 2023, in time for the shares to be readmitted
to trading on AIM before the end of 6 months since suspension on 26 June 2023.

Cancellation of Admission to trading on AIM

The cancellation of the admission of the Company's shares to trading on AIM
("Cancellation") is expected therefore to take place with effect from 7.00
a.m. on 27 December 2023.

Future of the Group's businesses

Given the circumstances set out above, the Board is working in contemplation
of appointing administrators or a liquidator, as appropriate, to the Company
and certain subsidiaries. It is engaged with relevant professionals to
determine the most appropriate methods of winding up the Company's group
businesses.

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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