UK's Versarien tops London stocks as assets sale gathers pace

Versarien

04/07/2023 09:28

** Shares of engineering materials maker Versarien  VRS.L 
surge as much as 26% to 2.16p; stock top pct gainer across
London shares
    ** VRS says it has got a number of interested parties for
disposal of its assets, including the mature businesses and IP
and plant acquired from Hanwha Aerospace in Korea in 2020
    ** Co cautions that timing of any sale and quantum of funds
its may be receive from potential deal is uncertain
    ** Versarien says its cost base has reduced significantly in
recent months with loss before interest, tax, depreciation,
amortisation and exceptional items at a much lower level than in
the first six months of FY
    ** Stock currently at session high, cutting YTD losses to
72%
 
 ($1 = 0.7975 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))