REG - Versarien PLC - AGM Statement

VersarienAnnouncement

29/03/2023 07:00

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RNS Number : 5286U  Versarien PLC  29 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC
LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

29 March 2023

 

Versarien plc

 

("Versarien" or the "Company")

 

AGM Statement

 

Versarien plc (AIM: VRS), the advanced materials engineering group, will be
holding its Annual General Meeting ("AGM") at 10.30 a.m. today, at which the
Chair, Diane Savory, will provide the following statement:

 

"As previously noted, the graphene market-place has proved challenging for all
participants, but with a streamlined business and a strong focus we believe
Versarien has the potential to deliver significant returns from the
commercialisation of its technology.

 

Our primary focus is on the construction and textiles sectors, which we
believe are at the highest technology readiness level, and where we are
already starting to see the emergence of commercial revenues.  The launch of
Umbro's ProTraining Elite range, including garments incorporating the
Company's Graphene-Wear™ technology, has been a particular highlight.
Versarien is focussing on its relationships with Umbro, BiaBrazil and Go To
Gym as primary opportunities, whilst continuing dialogue with additional
sportswear brands.

 

In the construction sector the Company has commissioned its 3D concrete
printer and successfully completed several projects, including the 3D printed
concrete headwall for use in highway construction projects, part of the
Digital Roads of the Future Partnership, a collaboration led by the University
of Cambridge, Costain and National Highways, of which Versarien is a
partner.  Cementene(TM), which is our graphene admixture for the construction
industry, has also been used in a number of concrete pours, providing
validation for the technology and we are pursuing the necessary accreditations
to allow full-scale commercialisation.

 

The mature businesses, as previously announced, are no longer core activities
for the Company and the Board is evaluating options for divestment to focus
solely on exploiting our graphene technology.  In addition, the Board is
reviewing its overseas operations in Spain and South Korea.

 

Whilst we remain confident of the commercial benefits of our graphene
technology and that it can bring significant returns to Versarien, the Company
continues to face a number of challenges that the Board is working hard to
overcome.

 

Neill Ricketts resigned as Chief Executive Officer of the Company on 9 March
2023.  Neill had led the Company since it was founded and remains a
significant shareholder.  Neill is now on garden leave and has ceased to have
day-to-day responsibilities, unless required by the Company, but remains a
director of Versarien for the duration of his 12 month notice period.  The
Board would very much like to thank Neill for his contribution and dedication
to the Company since its formation and looks forward to his continuing
support.

 

Following Neill's resignation, the day-to-day activities of the Company are
now being led by the executive directors, Chris Leigh and Steve Hodge, and the
Board is actively evaluating both the appropriate longer-term strategy for the
Company and the recruitment of a new Chief Executive Officer.  To aid the
Board in developing both its strategic and management plans, it has engaged
experienced strategy and turnaround specialist, David Stone, and his firm
Prompt Business Strategies Limited, on a consultancy basis.

 

The Board is also focused on ensuring that the Company has an appropriate cost
base for its planned activities and minimising expenditure as far as
possible.  Significant cost reductions have already occurred, with a
reduction in staff numbers and discretionary spend.  However, in order to
further reduce the Company's cash expenses the non-executive directors,
including myself, have agreed to waive any remuneration from the Company
indefinitely.  The executive directors' pay is also being reviewed.

 

Despite these cost reductions, the Company will require further funding to
support its activities.  The Board is evaluating all appropriate options,
including the proceeds from any disposals, potentially available grant income,
possible interest from strategic investors and the potential issue of
additional equity, together with the appropriate quantum and timing of any
such funding.  At this time it is not possible to be more specific on the
type of funding that may be secured.

 

In conclusion, I believe that with the continued hard work and dedication of
the Versarien team, coupled with the continued support of our partners and
investors, we can overcome the challenges we face and successfully
commercialise the Company's significant technology base.  The Company looks
forward to providing further updates in due course."

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Diane Savory, Non-executive Chair

 Chris Leigh, Chief Financial Officer

 Stephen Hodge, Chief Technology Officer

 SP Angel Corporate Finance (Nominated Adviser and Broker)   +44 (0)20 3470 0470

 Matthew Johnson, Adam Cowl

 IFC Advisory Limited (Financial PR and Investor Relations)  +44 (0) 20 3934 6630

 Tim Metcalfe, Zach Cohen

 

About Versarien:

 

The strategy of Versarien plc (AIM:VRS) is to be a globally recognised
graphene company with a wide portfolio of high-quality verified materials
allied to the largest relevant IP portfolio supported by its own UK based
research and development centre driving recurring revenue growth through its
innovative graphene product applications.

 

For further information please see: http://www.versarien.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.versarien.com%2F&data=05%7C01%7Ctwhitfield%40mclnews.com%7Ca6f36820d41746bbb8f008da42f2dd6a%7C7560185ee95f4d5a8cc0c244cb450a3e%7C0%7C0%7C637895909595351380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=vp8yFEBNrElWqj0WOIqnwLTzPx3mbDopgjGylVz4v0c%3D&reserved=0)

 

 

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