REG - Versarien PLC - Placing and Update on Turnaround Strategy

VersarienAnnouncement

03/05/2023 09:30

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RNS Number : 2668Y  Versarien PLC  03 May 2023

 

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC
LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

3 May 2023

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £531,624 and Update on Turnaround Strategy

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
a placing to raise £531,624 (before expenses) and an update on the Company's
turnaround strategy.

 

Placing

 

The Company has raised £531,624 (before expenses) by way of a placing (the
"Placing") of 42,529,900 new ordinary shares in the capital of the Company
("Placing Shares") at a price of 1.25 pence per share (the "Placing Price").

 

The net proceeds of the Placing will be used for general operational and
working capital purposes and for commercialisation activities primarily in the
construction and leisure sectors, in line with the Company's new strategic
roadmap which is being finalised.

 

The issue of the Placing Shares uses the authorities granted by shareholders
at the Annual General Meeting of the Company ("AGM") held on 29 March 2023 and
therefore no shareholder approval is required for the Placing.

 

Turnaround strategy

 

As announced on 29 March at the time of the AGM, David Stone and his team at
Prompt Business Strategies Limited have been engaged to aid the Board in
developing both its strategic and management plans.  Since the AGM, David and
his team have been working closely with the Board to develop a strategy that
seeks to preserve appropriate intellectual property within the Company, whilst
significantly reducing operational costs to facilitate a cash runway that will
allow Versarien to deliver commercially in its targeted markets.  The new
strategic roadmap and financial plan will be announced in the coming weeks.

 

In addition, the Company continues to progress and assess asset disposal
options, including disposing of the mature businesses, that are no longer core
activities for Versarien.

 

Further updates will be announced in due course as appropriate.

 

Chris Leigh, Chief Financial Officer of Versarien, commented: "As previously
announced, the Company requires further funding to support its activities and
the Board welcomes the investor interest in this Placing.  We continue to
focus on completing our strategic reorganisation and commercial roadmap and
look forward to sharing this with shareholders in due course."

 

Admission and Total Voting Rights

 

Application will be made for admission of the Placing Shares to be admitted to
trading on AIM ("Admission") on or around 10 May 2023.  The Placing Shares
will rank pari passu in all respects with the Company's existing ordinary
shares.   Following Admission, the total number of ordinary shares in the
Company in issue will be 265,779,690.  This figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in the Company under the FCA's Disclosure and Transparency
Rules.

 

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

 

 

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