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 |
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| SP Angel Corporate Finance (Nominated Adviser and Broker) Matthew Johnson, Adam Cowl | +44 (0)20 3470 0470
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| 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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