Versarien shares tumble amid proposed disposal of remaining assets

Versarien PLC on Friday said it has inked a non-binding heads of terms with an unnamed UK PLC regarding the disposal of its remaining assets.

Shares in the Gloucestershire-based advanced materials group fell 28% to 0.010 pence on Friday afternoon in London.

The consideration for the assets would be £100,000 in cash and around £100,000 in shares in the potential acquirer.

Versarien said it has entered into a period of exclusivity with the potential acquirer until the end of November.

‘The company’s actions to conserve cash continue and the board now anticipates that the company can continue to operate, with the support of its creditors, at least until the proposed transaction is completed, which is expected by the end of November 2025,’ said Versarien

‘In the absence of successfully concluding the transaction in as short a timeframe as possible, the board may have no alternative but to seek to appoint administrators to Versarien PLC,’ it added.

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