REG - Versarien PLC - Innovate UK Loan Deed of Variation

VersarienAnnouncement

27/02/2025 07:15

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RNS Number : 6139Y  Versarien PLC  27 February 2025

27 February 2025

 

Versarien plc

 

("Versarien" or the "Company")

 

Innovate UK Loan Deed of Variation

 

On 1 July 2020, Versarien plc (AIM: VRS), the advanced materials engineering
group, announced that the UK Government, via Innovate UK ("IUK"), had agreed a
£5 million loan to the Company (the "Loan"), for a project named G-SCALE, an
acronym for Graphene, Seat, Concrete, Arch, Leisure, Elastomer.

 

Following completion of the Loan drawdown period and the G-Scale Project
development stage, IUK, as announced by Versarien on 5 December 2022, entered
into a deed of variation to the Loan to defer commencement of the capital
repayments by one year to August 2025.  IUK has now agreed, having reviewed
the Company's progress and the potential benefits of Versarien's graphene
technology, to an additional one year deferment of the Loan's capital
repayments, and the Loan will now be due for repayment in ten equal quarterly
amounts, commencing in August 2026.

 

Interest will continue to be charged on the Loan at a rate of 7.4% per annum.
 50% of the interest payments on the Loan had been deferred until February
2025, this deferred interest will now be paid in ten equal instalments when
the capital repayments commence in August 2026.

 

Commenting, Dr Stephen Hodge, Versarien CEO, stated: "Following the Company's
receipt of a £5 million innovation loan in 2020, we welcome the deferral of
capital repayments, which will assist the continued progress of our turnaround
strategy.  We are encouraged by the positive progress in commercialising our
advanced materials and technologies, and we remain optimistic about Company's
pipeline of opportunities. This extension provides us with the necessary
flexibility to focus on achieving key milestones, positioning Versarien for
long-term sustainable growth and success."

 

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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