REG - Versarien PLC - General Meeting Statement

VersarienAnnouncement

04/07/2023 07:00

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RNS Number : 8237E  Versarien PLC  04 July 2023

 

 

4 July 2023

 

Versarien plc

 

("Versarien" or the "Company")

 

General Meeting Statement

 

Versarien plc (AIM: VRS), the advanced materials engineering group, will be
holding a General Meeting at 10.00 a.m. today, at which the following
statement will be provided:

 

"The Company's turnaround strategy continues to progress and we are pleased to
provide an update:

 

Organisational Structure

 

●     The disposal of assets, including the mature businesses and the
intellectual property and plant acquired from Hanwha Aerospace in Korea in
2020 continue to be marketed for sale and we have a number of interested
parties, particularly in the intellectual property, who are reviewing
information in the data rooms. However, the timing of any asset sales and the
quantum of the funds that may be received is uncertain.

 

●     The Company's cost base has been reduced significantly in recent
months with unaudited LBITDAE (loss before interest, tax, depreciation,
amortisation and exceptional items) at a much lower level than in the first
six months of the financial year.

 

The Company continues to focus on its two development and commercialisation
areas:

 

Cementene(TM)

 

·    Versarien Graphene Limited has been shortlisted by the Global Cement
and Concrete Association ("GCCA"), from a global list of applications, for its
pioneering Innovandi Open Challenge scheme, to work on developing low-carbon
concrete. The shortlist drawn up by the GCCA and its member companies is
intended to represent the most promising and deployable technologies.

 

●     Versarien's graphene materials have been supplied to its partners
for use in a trial pour in the Netherlands using recycled construction
materials, processed using renewable energies.

 

●     Following the announcement on 17 May 2023 further testing is
planned with Banagher Precast Concrete and other UK and European concrete
manufacturers. We remain confident of the commercial potential of our
Cementene™ enhanced concrete.

 

Graphene-Wear(TM)

 

●     Commercially we are continuing to supply the textile sector,
including Umbro for their Autumn/Winter 2023 and Spring/Summer 2024 ranges.
This has included the development of new Graphene-Wear™ formulations that
also include colourants.

 

●     We have provided graphene enhanced thermoplastic polymer
masterbatches to Umbro and other clients for sports equipment. Developments
with graphene and hBN (hexagonal boron nitride) enhanced textile polymer
masterbatches are also progressing, with a grant application submitted for the
optimisation of 2d material enhanced extruded yarns with other UK partners.

 

In summary, the turnaround strategy, which focuses on a light manufacturing
model, is continuing as planned and we look forward to updating shareholders
on further progress in due course."

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended.

 

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 development led advanced
materials company focussed on specific sectors that will lead to a light
manufacturing 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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