REG - Versarien PLC - Notice of General Meeting

VersarienAnnouncement

15/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230615:nRSO7687Ca&default-theme=true

RNS Number : 7687C  Versarien PLC  15 June 2023

15 June 2023

Versarien plc

 

("Versarien" or the "Company")

 

Notice of General Meeting

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
that a Notice of General Meeting ("General Meeting" or "GM") will be posted to
shareholders today.  The General Meeting will be held on Tuesday 4 July 2023
at 10.00 a.m. at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane,
London EC4R 3TT.  The purpose of the General Meeting is to renew the
Company's share capital authorities.

The formal notice of the General Meeting including full details of all
resolutions to be proposed ("Resolutions") is available to view on the
Company's website at www.versarien.com (http://www.versarien.com)

The Company values shareholder participation and values the votes of
shareholders, so it encourages all shareholders to exercise their voting
rights by completing and submitting a proxy form as soon as possible.  It
would also be helpful if shareholders could submit any questions in advance
via IFC Advisory Limited (financial PR and investor relations) at
versarien@investor-focus.co.uk.

Background

As detailed in the interim report released on 9 June 2023, as part of the
turnaround strategy, the Company is marketing for sale both its mature
businesses and the IP and assets acquired from Hanwha Aerospace in December
2020.  If the estimated proceeds are received it will provide a sufficient
cash runway for the Company's anticipated needs over the next 24 months.
 However, the timing of the asset sales and the quantum of the funds that may
be received is uncertain, so the Board considers it prudent to ask
shareholders for new authorities at the General Meeting in order to provide
the Company with the ability and flexibility to raise further funds through
the issue of additional equity capital should it be required.

Recommendation

The Board considers that the renewal of the share authorities and the
Resolutions are in the best interests of the Company and its Shareholders as a
whole and accordingly recommends that Shareholders vote in favour of the
Resolutions.

If the Resolutions are approved at the General Meeting, there is no certainty
that the Company will be able to raise funding at a suitable valuation or at
all.

If the Resolutions are not approved at the General Meeting and the Company
does not receive sufficient proceeds from asset sales in a timely manner and
no alternative funding can be raised, the Company's ability to operate as a
going concern will be put at risk.

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Chris Leigh, Chief Financial Officer

 Stephen Hodge, Chief Technology Officer

 SP Angel Corporate Finance (Nominated Adviser and Broker)   +44(0) 203 470 0470

 Matthew Johnson, Adam Cowl

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

 Tim Metcalfe, Zach Cohen

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NOGGPUUCQUPWGBC