REG - Versarien PLC - AGM Statement

VersarienAnnouncement

24/09/2019 07:05

RNS Number : 3688N
Versarien PLC
24 September 2019
 


24 September 2019
 
Versarien plc
("Versarien" or the "Company")
 
AGM Statement
 
 
Versarien Plc (AIM: VRS), the advanced materials engineering group, is today holding its Annual General Meeting ("AGM") at 11am at the offices of Gloucester Rugby, at Kingsholm Stadium, Kingsholm Road, Kingsholm, Gloucester, GL1 3AX.
At today's AGM the Company's Executive Chairman and CEO, Neill Ricketts, will make the following statement:
 
I am pleased to report that the Company has continued to make significant progress since the release of our annual results on 17 July 2019, in particular with a number of our collaborations and our activities in China.
 
As reported on the 26 July 2019, the Company had signed a Letter of Intent with its Asian based textile partner. I can confirm that advanced discussions have now been held with the intent to sign a formal commercial partnership in the near future.  In addition, a year-long trial of a new graphene delivery method into textiles at Leeds University has now been successfully completed, with results which show significant improvements in tensile strength and thermal conductivity through the addition of our graphene.  This development will allow us to expedite further commercial trials in both consumer and industrial textile applications with our current partners in these sectors.
 
We are also trialling a new grade of concrete at the Graphene Engineering Innovation Centre and at a civil engineering institute featuring a graphene based material.  These trials form part of our collaboration agreement with AECOM, along with a further four projects in China and the Middle East.
 
Our other collaborations that we outlined in the annual report continue to progress in line with the Company's expectations.
 
In China, the Versarien and Beijing Institute of Graphene Technology Co. Ltd ("BIGT") teams have been working together to progress the terms of the planned partnership announced on 15 April 2019.  In particular:
 
·      BIGT has assisted Versarien in successfully setting up a wholly foreign owned enterprise (WFOE) with a registered office in Beijing;
·     BIGT has secured the endorsement and support of provincial Chinese governments for the project, including the China International Industry Graphene Union ("CIGIU", which was established as part of 'Made in China 2025 ' and 'the 13th Five-year Plan' and partners with BIGT with the objective of establishing 'China Graphene Manufacturing' at a national level);
·      Incubation and factory facilities within preferred key strategic provinces are currently being discussed for final consideration; and
·      BIGT continues to work towards the purchase of up to 15% of Versarien's share capital through the issue of new shares to BIGT, but BIGT acknowledges Versarien's desire to also offer shares to institutions and private investors at the same time as any investment by BIGT.
The strategy agreed between BIGT and Versarien is to create an incubation hub in Beijing in partnership with the Chinese Government's Administrative Committee of Beijing Petrochemical New Materials Science and Technology Industry Base, Versarien and CIGIU in return for access to a funded science park, access to a pipeline of projects and to locate a factory in a funded Sino-British industrial park within Shangdong Province.
 
BIGT continues to work with the Director General of the Beijing Municipal Bureau of Economy and IT.  The Director General of the Beijing Municipal Bureau of Economy and IT has provided the following statement to the Company:
 
"The collaboration between Versarien, BIGT, CIGIU and the Beijing Government is completely aligned with the industrial strategic positioning and trend.  We will lend our full support, without hesitation.  We will also liaise with other Beijing Government Departments and the Beijing District Government to progress this initiative.  Throughout the process we will carefully plan the deal structure and conditions and the IP matters.  In conclusion we have no problem in supporting this collaboration."
 
Whilst the Versarien Board wishes to conclude a deal in China as soon as reasonably possible, it re-iterates its position that it will only do so if it is in the best interests of the Company's shareholders,  The negotiations, whilst protracted, are with the objective of establishing a long-term and significant partnership between Versarien and BIGT in China.
 
 
Enquiries:
 




Versarien
Neill Ricketts, CEO
Chris Leigh, CFO
 


+44 (0)1242 269122
 




Canaccord Genuity (Nominated Adviser and Joint Broker)
Bobbie Hilliam
 


+44 (0)20 7523 8000




Berenberg (Joint Broker)
Mark Whitmore
Simon Cardron
 


+44 (0) 20 3207 7800




IFC Advisory (Financial PR and IR)
Tim Metcalfe
Graham Herring
Florence Chandler
 


+44 (0)20 3934 6630




 
About Versarien
 
Versarien plc (AIM:VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Versarien has six subsidiaries operating under two divisions:
 
Graphene and Plastics
 
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. www.2-dtech.com
 
AAC Cyroma Limited, which specialises in the supply of vacuum-formed and injection-moulded products to the automotive, construction, utilities and retail industry sectors. Using Versarien's existing graphene manufacturing capabilities, AAC will have the ability to produce graphene-enhanced plastic products.  www.aaccyroma.co.uk
 
Cambridge Graphene Limited, supplies novel inks based on graphene and related materials, using patented processes to develop graphene materials technology. www.cambridgegraphene.com
 
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid, Spain, is a company capable of utilising Versarien's graphene products in an environmentally friendly, scalable production process for energy storage devices that offer high power density, almost instant recharging and very long lifetimes for use in electrical vehicles and portable electronics products. www.gnanomat.com
 
Hard Wear and Metallic Products
 
Versarien Technologies Limited has developed an additive process for creating advanced micro-porous metals targeting the thermal management industry and supplies extruded aluminium. www.versarien-technologies.co.uk
 
Total Carbide Limited, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com




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