REG - Versarien PLC - Disposal of AAC Cyroma Limited

VersarienAnnouncement

30/09/2024 07:00

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RNS Number : 1116G  Versarien PLC  30 September 2024

30 September 2024

 

Versarien plc

 

("Versarien" or the "Company" or the "Group")

 

Disposal of AAC Cyroma Limited

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
that, in line with the Company's stated strategy, it has completed a binding
agreement for the sale of the Company's wholly owned subsidiary, AAC Cyroma
Limited ("AAC Cyroma"), to Harper Bennett Limited for a total consideration of
£550,000, subject to any adjustments arising from completion accounts.

 

The consideration of £550,000 is payable in cash, in 16 equal quarterly
instalments of £34,375, commencing three months from completion.  Versarien
will retain a charge over the assets of AAC Cyroma and Harper Bennett Limited
to cover any outstanding consideration payable.

 

AAC Cyroma is a specialist plastics manufacturing business serving a range of
sectors including automotive and fast-moving consumer goods.  In the
financial year ended 30 September 2023 AAC Cyroma incurred a loss of £146,350
and had net assets at 30 September 2023 of £411,142.  The disposal of AAC
Cyroma is in line with the Company's strategy to focus on its core graphene
technology and divesting of its mature businesses.  The proceeds of the
disposal will be used for the Company's general corporate and working capital
purposes.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented: "The sale of
AAC Cyroma is a pivotal step in our turnaround strategy, allowing the Company
to continue to focus on maximising the potential from graphene and advanced
engineering technologies, and take a manufacturing-light approach.  In our
core business the pipeline of opportunities and partnerships continues to
improve and I believe that Versarien is increasingly well positioned for
sustained growth and industry leadership."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Stephen Hodge, Chief Executive Officer

 Chris Leigh, Chief Financial 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 development led advanced
materials company focussed on specific sectors that will lead to a
manufacturing-light and licensing model.

 

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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