VRS.L

Versarien Plc
Versarien PLC - Update on Sale of Korean Assets
31st October 2024, 10:36
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 4287K
Versarien PLC
31 October 2024
 

 

31 October 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Update on Sale of Korean Assets

 

Further to the Company's announcement on 2 August 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.  Versarien has now received a further £60,000 from MCK Tech leaving a balance outstanding of £242,000 plus accrued interest.

 

Having considered the business opportunities available to MCK Tech, Versarien has agreed a further extension to on or before 31 December 2024 for MCK Tech to make the final payment of £242,000 plus accrued interest.  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.

 

Further updates will be announced in due course as appropriate.

 

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 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFLFVIIELLVIS]]>
TwitterFacebookLinkedIn