TIDMVRS
RNS Number : 9962F
Versarien PLC
14 July 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.
14 July 2023
Versarien plc
("Versarien" or the "Company")
Placing to raise GBP650,000
Versarien plc (AIM: VRS), the advanced materials engineering
group, announces it has raised GBP650,000 (before expenses) by way
of a placing (the "Placing") of 65,000,000 new ordinary shares in
the capital of the Company ("Placing Shares") at a price of 1.0
pence per share (the "Placing Price").
Highlights
-- Versarien has raised GBP650,000, before expenses, through
placing of 65,000,000 new ordinary shares in the capital of the
Company at a price of 1.0 pence per share
-- The net proceeds of the Placing will be used for working
capital purposes and as bridge finance to extend the Company's cash
runway ahead of any funds received from asset sales
-- The issue of the Placing Shares is within existing
authorities granted by shareholders at the general meeting of the
Company held in July 2023 and therefore no shareholder approval is
required for the Placing
-- Company directors, Chris Leigh and Stephen Hodge, participated in the Placing
Use of Proceeds and Turnaround Strategy
The net proceeds of the Placing will be used for working capital
purposes and as bridge finance to extend the Company's cash runway
ahead of any funds received from asset sales.
As previously announced, the Company is pursuing a disposal of
assets, including its mature businesses and the intellectual
property and plant acquired from Hanwha Aerospace in 2020, and a
number of interested parties are reviewing information in the data
rooms. The timing of any asset sales and the quantum of the funds
that may be received is uncertain.
Chris Leigh, Chief Financial Officer of Versarien,
commented:
"Following the passing of the resolutions at the general meeting
held earlier this month, the Board has decided that it would be
prudent to raise further finance to assist in bridging to the
proposed asset sales. We look forward to updating shareholders on
continuing progress with the turnaround strategy in the coming
months."
Director Participation
The following directors of Versarien participated in the
Placing:
Director Number of Placing Total Ordinary Total interest
Shares subscribed Shares following in the enlarged
for the Placing share capital
Chris Leigh,
Chief Financial
Officer 1,000,000 1,315,000 0.40%
------------------- ------------------ -----------------
Stephen Hodge,
Chief Technology
Officer 1,000,000 1,046,774 0.32%
------------------- ------------------ -----------------
Related Party Transaction
The Placing participation from Chris Leigh and Stephen Hodge is
considered a related-party transaction for the purposes of Rule 13
of the AIM Rules for Companies. The directors (other than Chris
Leigh and Stephen Hodge) consider, having consulted with SP Angel
Corporate Finance LLP, the Company's nominated adviser, that the
participation by Chris Leigh and Stephen Hodge in the Placing is
fair and reasonable in so far as Versarien's shareholders are
concerned.
Admission and Total Voting Rights
Application will be made for admission of the Placing Shares to
be admitted to trading on AIM ("Admission") on or around 20 July
2023. The Placing Shares will rank pari passu in all respects with
the Company's existing ordinary shares. Following Admission, the
total number of ordinary shares in the Company in issue will be
330,779,690. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the FCA's Disclosure and Transparency
Rules.
For further information please contact:
Versarien c/o IFC
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 development
led advanced materials company focussed on specific sectors that
will lead to a light manufacturing and licensing model.
For further information please see : http://www.versarien.com
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1. Details of the person discharging managerial responsibilities/person closely associated
(1) Full name of person Dealing 1. Chris Leigh
2. Stephen Hodge
-------------------------------- --------------------------------------------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------------------------------
(2) Position/status 1. Chief Financial Officer
2. Chief Technology Officer
-------------------------------- --------------------------------------------------------------------------
(3) Initial notification/ Amendment Initial notification
-------------------------------- --------------------------------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------
(4) Name of entity Versarien plc
-------------------------------- --------------------------------------------------------------------------
(5) LEI 213800D6NZED7V8W2Z34
-------------------------------- --------------------------------------------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------
(6) Description of the financial Ordinary shares of 1 pence each
instrument, type of instrument
-------------------------------- --------------------------------------------------------------------------
(7) Identification code GB00B8YZTJ80
-------------------------------- --------------------------------------------------------------------------
(8) Nature of the transaction Participation in Placing
-------------------------------- --------------------------------------------------------------------------
(9) Price(s) and volume(s) Share Prices(s) Share Volume(s)
1. 1 pence 1,000,000
----------------
2. 1 pence 1,000,000
----------------
-------------------------------- --------------------------------------------------------------------------
(10) Aggregated information: Single transaction as in 4(d) above Share Prices(s) Share Volume(s)
- Aggregated volume 1. 1 pence 1,000,000
- Price -----------------
2. 1 pence 1,000,000
-----------------
-------------------------------- --------------------------------------------------------------------------
(11) Date of transaction 14 July 2023
-------------------------------- --------------------------------------------------------------------------
(12) Place of transaction Outside a trading venue
-------------------------------- --------------------------------------------------------------------------
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END
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