REG - Versarien PLC - Update on Sale of Korean Assets

VersarienAnnouncement

02/08/2024 11:00

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RNS Number : 9965Y  Versarien PLC  02 August 2024

2 August 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

 Update on Sale of Korean Assets

 

Further to the Company's announcement on 11 March 2024, Versarien (AIM: VRS),
the advanced materials engineering group, provides an update on the sale of
its Korean plant and equipment to MCK Tech Co. Ltd ("MCK Tech") for a total
consideration of £604,000.  In accordance with the sale agreement with MCK
Tech, the Company has received £302,000 with the final instalment of
£302,000 due on 31 July 2024.

 

Versarien has been notified by MCK Tech that it is unable to make the final
payment on the due date and Versarien has agreed an extension to on or before
31 October 2024 for MCK Tech to make the final payment.  This debt will incur
interest at an annual rate of 10.0% and in the event of default the sale
agreement provides for payments already made to Versarien to be retained by
the Company, with title to the assets remaining with Versarien.  In agreeing
to extend the final repayment date, Versarien has taken account of MCK Tech's
reported business progress in CVD (Chemical Vapor Deposition) graphene
applications.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

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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