23 February 2024
Verditek
plc
("Verditek" or the
"Company")
Update on the Proposed
Disposal
The Company is pleased to announce that
negotiations with the Bondholders (as announced on 7 of February
2024) in relation to the proposed disposal (the "Proposed
Disposal") of certain Company's assets (as detailed in the 7
February 2024 announcement) are progressing positively.
The Directors have now implemented additional
measures to reduce the Company's cash burn. This, in addition to
some recent cash receipts at its Verditek Solar Italy srl
subsidiary, mean that the Company has extended its current cash
runway from the date indicated in the announcement of 7 February
2024 by approximately one week until the end of the week beginning
4 March 2024. Whilst the directors remain confident that
negotiations with the Bondholders will conclude successfully, there
is no certainty that the Company's Shareholders will approve the
Proposed Disposal at the General Meeting, which has been convened
for 29 February 2024, and therefore that the Proposed Disposal will
complete and additional sources of finance will be made available
to the Company.
Consequently, should the Proposed Transaction
not complete, it remains the case that the directors will likely
consider alternative routes including,
potentially, a liquidation of the Company. It should be noted that
should the Company, as a result, enter some form of administration,
it is likely that its Nominated Adviser will resign from its role
and, as a result, the Company's shares (the "Shares") will be
suspended from trading on AIM. If within one month of suspension
the Company fails to appoint a replacement nominated adviser, the
admission of its Shares to AIM ("Admission") will be
cancelled.
Upon completion of the Proposed Disposal, the
Company will be regarded as an AIM Rule 15 cash shell, having
ceased to own, control or conduct all or substantially all, of its
existing trading business, activities or assets. The Company will
therefore need to, within six months, make an acquisition or
acquisitions which constitute a reverse takeover under AIM Rule 14,
failing which trading of its Shares on AIM will be suspended.
Should the Shares remain suspended from trading for six months,
Admission of the Shares to AIM will be cancelled under AIM Rule
41.
For
further information, please contact:
Verditek plc
Rob Richards (Chief Executive
Officer) +44
(0) 20 7129 1110
Vicki Johnson (Interim Chief
Financial Officer)
WH
Ireland Limited (NOMAD and Broker)
Chris
Hardie +44
(0) 20 7220 1666
Hugh Morgan
Antonio Bossi
Andrew de Andrade
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European
Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
About Verditek plc
AIM listed Verditek plc is a holding
company of a business operating within the green technology sector.
The Company is focused on commercialising our lightweight
low-profile solar panel business. With manufacturing based in
Italy, we have developed renewable power solutions for our
customers, that drive solar energy into applications previously
unachievable. The exceptional properties of our solar panels
replace diesel fuel in business such as perishable goods transport,
off-grid telecommunication towers, electric vehicle charging
stations, residential and holiday home power solutions and solar
roofing for light-weight industrial roofing. In addition to our
current PV panels in production, we have partnered with an
outstanding leader in graphene technology, Paragraf.
For more information please visit or
contact the following: https://verditek.com/
