Versarien PLC Update on Sale of Korean Assets
August 02 2024 - 4:48AM
RNS Regulatory News
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
Stephen Hodge, Chief Executive
Officer
Chris Leigh, Chief Financial
Officer
|
c/o IFC
|
|
|
SP
Angel Corporate Finance (Nominated Adviser and
Broker)
Matthew Johnson, Adam
Cowl
|
+44 (0)20 3470 0470
|
|
|
IFC
Advisory Limited (Financial PR and Investor
Relations)
Tim Metcalfe, Zach Cohen
|
+44 (0) 20 3934 6630
|
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
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