Versarien PLC China Update and Clarification (5325I)
August 09 2019 - 2:54AM
UK Regulatory
TIDMVRS
RNS Number : 5325I
Versarien PLC
09 August 2019
9 August 2019
Versarien plc
("Versarien" or the "Company")
China Update and Clarification
Versarien plc (AIM: VRS), the advanced materials engineering
group, is pleased to provide an update and clarification on its
plans for expansion into China.
On 15 April 2019, the Company announced that it had signed a
term sheet with the Beijing Institute of Graphene Technology Co.
Ltd ("BIGT") covering the proposed cooperation between the parties
to develop Versarien's graphene related business in China. The term
sheet envisaged that BIGT would provide funding to Versarien for
the proposed wholly owned subsidiary ("WFOE") and other corporate
purposes in the form of an equity investment, providing BIGT with a
holding of up to 15% of the issued share capital of the Company,
whilst giving existing and prospective private and institutional
shareholders the opportunity to participate on the same terms.
The Company can confirm that discussions between BIGT and the
Company remain ongoing and that the WFOE has now been successfully
incorporated as the Beijing Versarien Technology Company Limited
and the business licence has been granted by the relevant Chinese
authorities. This will enable the Directors to progress the funding
discussions with BIGT. We look forward to updating shareholders
regarding developments as appropriate.
The Company has previously stated that any deal has to be in the
best interests of it and its shareholders and consequently the
Company has been working with several parties to secure the most
appropriate deal in China. With regards to a reference made by
Neill Ricketts, CEO of the Company, on 8 August 2019, on Twitter,
that the Company had another Chinese investor who was interested in
up to 29.9% of the Company, the Company can confirm it previously
received a proposal from an investor that cited interest to
subscribe for shares up to that amount, but this was rejected and
the Board determined that the terms with BIGT provided the best
opportunity.
Enquiries:
Versarien
Neill Ricketts, CEO
Chris Leigh, CFO +44 (0)1242 269 122
Canaccord Genuity (Nominated
Adviser and Broker)
Bobbie Hilliam
Emma Gabriel +44 (0)20 7523 8000
IFC Advisory (Financial PR
and IR)
Tim Metcalfe
Graham Herring
Heather Armstrong +44(0)20 3934 6630
About Versarien
Versarien plc (AIM:VRS), is an advanced engineering materials
group. Leveraging proprietary technology, the Group creates
innovative engineering solutions for its clients in a diverse range
of industries. Versarien has six subsidiaries operating under two
divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation
and early stage development of graphene products.
www.2-dtech.com
AAC Cyroma Limited, which specialises in the supply of
vacuum-formed and injection-moulded products to the automotive,
construction, utilities and retail industry sectors. Using
Versarien's existing graphene manufacturing capabilities, AAC will
have the ability to produce graphene-enhanced plastic products.
www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on
graphene and related materials, using patented processes to develop
graphene materials technology.
www.cambridgegraphene.com
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid,
Spain, is a company capable of utilising Versarien's graphene
products in an environmentally friendly, scalable production
process for energy storage devices that offer high power density,
almost instant recharging and very long lifetimes for use in
electrical vehicles and portable electronics
products.www.gnanomat.com
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process
for creating advanced micro-porous metals targeting the thermal
management industry and supplies extruded aluminium.
www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered
tungsten carbide for applications in arduous environments such as
the oil and gas industry. www.totalcarbide.com
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END
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