30 September 2024
Versarien
plc
("Versarien" or the "Company" or the "Group")
Disposal of AAC Cyroma
Limited
Versarien plc (AIM: VRS), the
advanced materials engineering group, announces that, in line with
the Company's stated strategy, it has completed a binding agreement
for the sale of the Company's wholly owned subsidiary, AAC Cyroma
Limited ("AAC Cyroma"), to Harper Bennett Limited for a total
consideration of £550,000, subject to any adjustments arising from
completion accounts.
The consideration of £550,000 is
payable in cash, in 16 equal quarterly instalments of £34,375,
commencing three months from completion. Versarien will
retain a charge over the assets of AAC Cyroma and Harper Bennett
Limited to cover any outstanding consideration payable.
AAC Cyroma is a specialist plastics
manufacturing business serving a range of sectors including
automotive and fast-moving consumer goods. In the financial
year ended 30 September 2023 AAC Cyroma incurred a loss of £146,350
and had net assets at 30 September 2023 of £411,142. The
disposal of AAC Cyroma is in line with the Company's strategy to
focus on its core graphene technology and divesting of its mature
businesses. The proceeds of the disposal will be used for the
Company's general corporate and working capital
purposes.
Stephen Hodge, Chief Executive Officer of Versarien,
commented: "The sale of AAC Cyroma
is a pivotal step in our turnaround strategy, allowing the Company
to continue to focus on maximising the potential from graphene and
advanced engineering technologies, and take a manufacturing-light
approach. In our core business the pipeline of opportunities
and partnerships continues to improve and I believe that Versarien
is increasingly well positioned for sustained growth and industry
leadership."
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:
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Versarien
Stephen Hodge, Chief Executive
Officer
Chris Leigh, Chief Financial
Officer
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c/o IFC
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SP
Angel Corporate Finance (Nominated Adviser and
Broker)
Matthew Johnson, Adam
Cowl
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+44 (0)20 3470 0470
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IFC
Advisory Limited (Financial PR and Investor
Relations)
Tim Metcalfe, Zach Cohen
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+44 (0) 20 3934 6630
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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