REG - Versarien PLC - Update on Sale of Korean Assets

VersarienAnnouncement

31/10/2024 10:45

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RNS Number : 4287K  Versarien PLC  31 October 2024

 

31 October 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Update on Sale of Korean Assets

 

Further to the Company's announcement on 2 August 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.  Versarien has now received a further £60,000
from MCK Tech leaving a balance outstanding of £242,000 plus accrued
interest.

 

Having considered the business opportunities available to MCK Tech, Versarien
has agreed a further extension to on or before 31 December 2024 for MCK Tech
to make the final payment of £242,000 plus accrued interest.  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.

 

Further updates will be announced in due course as appropriate.

 

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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