Deepverge PLC Update (6943W)
December 13 2023 - 10:38AM
UK Regulatory
TIDMDVRG
RNS Number : 6943W
Deepverge PLC
13 December 2023
13 December 2023
DeepVerge plc
("DeepVerge" or "the Company" or "the Group")
Update
Introduction
The Board provides an update to shareholders.
Potential disposal of assets
Further to the previous notification on 14 September 2023, the
Board has made progress with potential buyers of certain assets and
intellectual property owned within the Modern Water and Labskin
business units and hopes to be able to agree terms for the sale of
these various assets during the next month.
Whilst there can be no certainty that current discussions will
result in a transaction or transactions, it is now clear to the
Board that even if both sets of assets are sold, at the values
being discussed with potential buyers, insufficient value will be
realised to avoid the closure or administration of the relevant
Group subsidiaries.
DeepVerge plc
Further to the notification of 26 June 2023, DeepVerge plc, the
holding company which neither trades nor has operating revenues,
currently has around GBP0.3m of net liabilities. Given the
situation referred to above, uncertainty remains as to whether the
Company will have sufficient funds to pay its debts as they fall
due.
Financial reporting
The Board does not expect the Company to be in a position to
publish its report and accounts for the year to 31 December 2022,
nor its interim results for the 6 months ended 30 June 2023, in
time for the shares to be readmitted to trading on AIM before the
end of 6 months since suspension on 26 June 2023.
Cancellation of Admission to trading on AIM
The cancellation of the admission of the Company's shares to
trading on AIM ("Cancellation") is expected therefore to take place
with effect from 7.00 a.m. on 27 December 2023.
Future of the Group's businesses
Given the circumstances set out above, the Board is working in
contemplation of appointing administrators or a liquidator, as
appropriate, to the Company and certain subsidiaries. It is engaged
with relevant professionals to determine the most appropriate
methods of winding up the Company's group businesses.
Further updates will be given as appropriate.
Nigel Burton, Interim
DeepVerge plc CEO +44 (0) 7785 234447
SPARK Advisory Partners
Limited +44 (0) 113 370
(Nominated Adviser) Neil Baldwin 8974
----------------------- --------------------
Turner Pope Investments Andy Thacker/James +44 (0) 20 3657
(TPI) Limited (Broker) Pope 0050
----------------------- --------------------
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END
UPDTJBFTMTJBBAJ
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