Versarien PLC (AIM:VRS, OTC:VRSRF) shares sank 38% to 0.006p, valuing the troubled engineering materials group at about £330,000, after the company said a potential buyer had pulled out of a deal to acquire its remaining assets. The group, which has been attempting a far-reaching restructuring, disclosed that a UK-listed suitor had withdrawn from non-binding heads of terms agreed last month.
Versarien PLC (AIM:VRS, OTC:VRSRF) updated investors on its proposed joint venture and strategic investment, which is facing legal and regulatory hurdles. The company, in a statement on Thursday, said a UK government determination prevents the prospective UK joint venture company with Anhui Boundary Innovative Materials Technology from acquiring or using Versarien's assets.
Britain blocked the proposed acquisition of graphene-related assets owned by Versarien Plc by a joint venture involving China's Anhui Boundary Innovative Materials Technology, citing national security concerns.
Versarien PLC (AIM:VRS, OTC:VRSRF) shares dropped 31% on Monday amid mounting concerns over its financial position and restructuring efforts. The advanced engineering materials group confirmed it has begun placing key subsidiaries, including Versarien Graphene Limited, into administration or voluntary liquidation to conserve cash.
Versarien PLC (AIM:VRS, OTC:VRSRF) shares dropped on Tuesday after revealing that an asset sale process failed to find buyers. The company said it now expects that Versarien Graphene Limited will shortly be placed into administration and Cambridge Graphene Limited and 2-DTech Limited will commence the process of voluntary liquidation.
Versarien PLC (AIM:VRS, OTC:VRSRF) has been awarded a contract by Building For Humanity, a community interest company, for its flagship Charter Street project in Accrington, Lancashire. Through the contract, worth approximately £200,000 initially.
Versarien PLC (AIM:VRS, OTC:VRSRF)'s strategic realignment to core graphene technology resulted in narrowed losses and an improved cash position in the six months to 31 March. Operational highlights in the period included agreement with MCK Tech in Korea for the exclusive licence of five CVD patents.