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 |
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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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