REG - Versarien PLC - General Meeting Statement

VersarienAnnouncement

30/10/2023 07:15

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RNS Number : 6221R  Versarien PLC  30 October 2023

 

 

30 October 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:

 

"Versarien's turnaround continues to progress in line with its stated strategy
and we are pleased to provide a further update on progress following the
Company's most recent corporate update on 2 October 2023.

 

The mature businesses and the intellectual property and plant acquired from
Hanwha Aerospace in 2020 continue to be marketed for sale and we have a number
of interested parties that we are progressing discussions with.  The sale
process for AAC Cyroma Limited, a manufacturer of moulded products, is the
most advanced.  However, the timing of any asset sales and the total quantum
of the funds that may be received remains uncertain.

 

Further commercial progress continues to be made in the Company's core areas
of leisure and construction.  In the leisure area, discussions have been held
with a number of potential new customers for the Company's Graphene-Wear™
coatings in recent weeks.

 

In construction, in addition to a number of ongoing Cementene™ trials, the
Company is engaged in the production of additional 3D printed concrete
structures and Versarien's participation in the Digital Roads of the Future
and Roads Research Alliance programmes is generating further potential
opportunities, including the potential use of graphene in asphalt resurfacing.

 

The Company continues to focus on obtaining and executing funded research and
development projects.  As referenced in the Company's Corporate Update
announcement on 2 October 2023, Gnanomat S.L. is undertaking a nine-month
project, at an undisclosed value, with CBMM Technology Suisse SA (part of
Brazilian mining giant CBMM), to develop novel supercapacitors and 2-DTech
Limited has a £44,200 contract, over approximately 14 weeks, with a UK
aviation company to assess graphene / thermoset composites.  Versarien
Graphene Limited was also recently awarded a £48,600 contract by the Office
of Product Safety and Standards, part of the UK Department for Business and
Trade, for a five-month project to assess the physical and mechanical
properties of 3D printed concrete.

 

In the UK, the Company has supported funding applications for a number of
newly proposed EPSRC (Engineering and Physical Sciences Research Council)
Centres for Doctoral Training (CDT) and key UK research hubs relevant to
Versarien's core business.  Following the end of the Graphene Flagship Core 3
project, Versarien has submitted an EIC Transition grant application, together
with other academic and industry partners. The Company is also involved in
discussions regarding future European Commission proposals for one of the new
candidate European Partnerships, 'Innovative Materials for EU', and has
pledged support for new consortia such as 2D-MIC (2D Materials Industry &
Innovation Consortium).  The UK's re-entry into Horizon Europe from January
2024 will be crucial for our participation in such initiatives.

 

We are pleased with the increasing level of commercial engagement in both of
the Company's core areas of leisure and construction.  The Company's
strategy, which is focused on a light manufacturing model, is progressing as
planned and we look forward to updating shareholders on further progress in
due course."

 

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

 

For further information please see: http://www.versarien.com
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