TIDMVRS
RNS Number : 5286U
Versarien PLC
29 March 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT
FORMS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED). UPON
PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
29 March 2023
Versarien plc
("Versarien" or the "Company")
AGM Statement
Versarien plc (AIM: VRS), the advanced materials engineering
group, will be holding its Annual General Meeting ("AGM") at 10.30
a.m. today, at which the Chair, Diane Savory, will provide the
following statement:
"As previously noted, the graphene market-place has proved
challenging for all participants, but with a streamlined business
and a strong focus we believe Versarien has the potential to
deliver significant returns from the commercialisation of its
technology.
Our primary focus is on the construction and textiles sectors,
which we believe are at the highest technology readiness level, and
where we are already starting to see the emergence of commercial
revenues. The launch of Umbro's ProTraining Elite range, including
garments incorporating the Company's Graphene-Wear(TM) technology,
has been a particular highlight. Versarien is focussing on its
relationships with Umbro, BiaBrazil and Go To Gym as primary
opportunities, whilst continuing dialogue with additional
sportswear brands.
In the construction sector the Company has commissioned its 3D
concrete printer and successfully completed several projects,
including the 3D printed concrete headwall for use in highway
construction projects, part of the Digital Roads of the Future
Partnership, a collaboration led by the University of Cambridge,
Costain and National Highways, of which Versarien is a partner.
Cementene(TM) , which is our graphene admixture for the
construction industry, has also been used in a number of concrete
pours, providing validation for the technology and we are pursuing
the necessary accreditations to allow full-scale
commercialisation.
The mature businesses, as previously announced, are no longer
core activities for the Company and the Board is evaluating options
for divestment to focus solely on exploiting our graphene
technology. In addition, the Board is reviewing its overseas
operations in Spain and South Korea.
Whilst we remain confident of the commercial benefits of our
graphene technology and that it can bring significant returns to
Versarien, the Company continues to face a number of challenges
that the Board is working hard to overcome.
Neill Ricketts resigned as Chief Executive Officer of the
Company on 9 March 2023. Neill had led the Company since it was
founded and remains a significant shareholder. Neill is now on
garden leave and has ceased to have day-to-day responsibilities,
unless required by the Company, but remains a director of Versarien
for the duration of his 12 month notice period. The Board would
very much like to thank Neill for his contribution and dedication
to the Company since its formation and looks forward to his
continuing support.
Following Neill's resignation, the day-to-day activities of the
Company are now being led by the executive directors, Chris Leigh
and Steve Hodge, and the Board is actively evaluating both the
appropriate longer-term strategy for the Company and the
recruitment of a new Chief Executive Officer. To aid the Board in
developing both its strategic and management plans, it has engaged
experienced strategy and turnaround specialist, David Stone, and
his firm Prompt Business Strategies Limited, on a consultancy
basis.
The Board is also focused on ensuring that the Company has an
appropriate cost base for its planned activities and minimising
expenditure as far as possible. Significant cost reductions have
already occurred, with a reduction in staff numbers and
discretionary spend. However, in order to further reduce the
Company's cash expenses the non-executive directors, including
myself, have agreed to waive any remuneration from the Company
indefinitely. The executive directors' pay is also being
reviewed.
Despite these cost reductions, the Company will require further
funding to support its activities. The Board is evaluating all
appropriate options, including the proceeds from any disposals,
potentially available grant income, possible interest from
strategic investors and the potential issue of additional equity,
together with the appropriate quantum and timing of any such
funding. At this time it is not possible to be more specific on the
type of funding that may be secured.
In conclusion, I believe that with the continued hard work and
dedication of the Versarien team, coupled with the continued
support of our partners and investors, we can overcome the
challenges we face and successfully commercialise the Company's
significant technology base. The Company looks forward to providing
further updates in due course."
For further information please contact:
Versarien c/o IFC
Diane Savory, Non-executive Chair
Chris Leigh, Chief Financial Officer
Stephen Hodge, Chief Technology Officer
SP Angel Corporate Finance (Nominated
Adviser and Broker) +44 (0)20 3470
Matthew Johnson, Adam Cowl 0470
IFC Advisory Limited (Financial PR and
Investor Relations) +44 (0) 20 3934
Tim Metcalfe, Zach Cohen 6630
About Versarien:
The strategy of Versarien plc (AIM:VRS) is to be a globally
recognised graphene company with a wide portfolio of high-quality
verified materials allied to the largest relevant IP portfolio
supported by its own UK based research and development centre
driving recurring revenue growth through its innovative graphene
product applications.
For further information please see: http://www.versarien.com
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