Versarien PLC Debt for Equity Swap with UoM (8503N)
31 October 2016 - 8:15PM
UK Regulatory
TIDMVRS
RNS Number : 8503N
Versarien PLC
31 October 2016
31 October 2016
Versarien plc
("Versarien" or the "Company")
Debt for Equity Swap with UoM
Issue of Equity
Versarien Plc (AIM: VRS), the advanced materials engineering
group is pleased to confirm that following discussions with the
University of Manchester ("UoM") the Company and its subsidiary
2-DTech Limited will convert amounts due to UoM in respect of
certain graphene collaboration agreements and proof of principle
loans totalling GBP191,465 into equity of the Company. The proposed
conversion of this debt will be at a price of 19.14 pence per
share, and will result in the issue of 1,000,389 new ordinary
shares representing 0.83 per cent. of the enlarged issued share
capital.
UoM owns 15 per cent. of the shares of 2-DTech following
Versarien's majority acquisition of 2-DTech in April 2014.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
The debt for equity swap will be transacted at a price of 19.14
pence per share, a premium of 76 per cent. compared with the
mid-market price of 10.875 pence per share at which the Ordinary
Shares were quoted on AIM as at close of trading on 28 October
2016, the last trading day prior to announcement of the debt for
equity swap.
Neill Ricketts, Chief Executive Officer commented on the
agreement: "This deal further strengthens the relationship between
the Company and UoM, the home of graphene, and we are delighted
that UoM has further demonstrated its confidence in the progress
Versarien is making in commercialising the graphene technology
since its sale of 85% of the business to Versarien in 2014 by its
willingness to accept shares at a substantial premium over the
current market price."
Clive Rowland, CEO of the University's innovation company, UMI3,
said: "As graphene applications are coming ever closer to becoming
products in the market-place we continue to see our relationship
with 2-DTech as being an important part of our network which forms
our bridge between the 2D materials work taking place on campus and
potential customers for graphene in a range of industry
sectors."
Application for admission to trading on AIM of the 1,000,389 new
Ordinary Shares being issued pursuant to the placing has been made
and admission is expected to take place on 4 November 2016. The New
Ordinary Shares will rank pari passu with the existing Ordinary
Shares in issue.
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the FCA, the Company confirms that, following
the Placing, its issued share capital will comprise 119,844,003
Ordinary Shares of 1 pence each. All Ordinary Shares shall have
equal voting rights and none of the Ordinary Shares are held in
treasury. The total number of voting rights in the Company
immediately following Admission will therefore be 119,844,003.
For further information please contact:
Versarien plc www.versarien.com
Neill Ricketts - Chief Executive +44 (0) 1594 888
Officer 622
Chris Leigh - Chief Financial
Officer
WHIreland (Nominated Adviser www.whirelandplc.com
and Broker)
+44 (0) 117 945
Mike Coe / Ed Allsopp 3470
IFC Advisory (Financial PR and www.investor-focus.co.uk
IR)
Tim Metcalfe / Graham Herring
/ +44 (0) 20 3053
Heather Armstrong/Miles Nolan 8671
Notes to Editors:
About Versarien
Versarien plc (AIM:VRS), is an advanced materials group.
Leveraging proprietary technology, the Group creates innovative
engineering solutions for its clients in a diverse range of
industries. Versarien has three subsidiaries:
Versarien Technologies Ltd owns the exclusive rights to a
patent-protected additive process for creating advanced
micro-porous metals targeting the thermal management industry and
manufactures extruded aluminium heat sinks for the electronics and
computing industries. www.versarien-technologies.co.uk
Versarien Advanced Composites Limited has been established in
order to progress the commercial application of graphene-enhanced
composite products.
Total Carbide Ltd, a leading manufacturer in sintered tungsten
carbide for applications in arduous environments such as the oil
and gas industry. www.totalcarbide.com
2-DTech Ltd., which specialises in the supply, characterisation
and early stage development of graphene products.
www.2-dtech.com
ACC Cyroma was established in 2002 and operates from a 45,000
square foot facility in Banbury, Oxfordshire. Using Versarien's
existing graphene manufacturing capabilities, in combination with
AAC Cyroma's knowledge, plant and equipment, the acquisition will
provide the Group with an ability to produce graphene enhanced
products for an established customer base, both domestic and
international, including leading automotive OEMs. Versarien
believes this will be the first dedicated graphene enhanced
plastics manufacturing factory in the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKDDDCBDKKKN
(END) Dow Jones Newswires
October 31, 2016 05:15 ET (09:15 GMT)
Versarien (LSE:VRS)
Historical Stock Chart
From Apr 2024 to May 2024
Versarien (LSE:VRS)
Historical Stock Chart
From May 2023 to May 2024