The Versarien PLC (LON: VRS) share price rallied 35.5% after issuing a statement ahead of its general meeting later today. The company noted that its turnaround strategy was continuing and provided an update on the status of the same.
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The advanced materials engineering group revealed that the disposal of assets, including its mature businesses, the intellectual property and the plant acquired from Hanwha Aerospace in Korea in 2020, are still being marketed for sale.
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The company noted that it was in discussions with interested parties, particularly regarding intellectual property. The interested parties were assessing the information in the data rooms. There is no guarantee that the sale agreement shall be reached.
Versarien noted that it had significantly reduced its cost base in recent months and that its unaudited LBITDAE (loss before interest, tax, depreciation, amortisation and exceptional items) was much lower than in the first half of its financial year.
Versarien Graphene Limited was shortlisted by the Global Cement and Concrete Association (GCCA) from a global list of companies to work on developing low-carbon concrete via the pioneering Innovandi Open Challenge scheme.
The company also noted that it had supplied its graphene materials for use in a trial pour in the Netherlands using recycled construction materials processed using renewable energies. The company was still discussing with some cement manufacturers about its Cementene™ enhanced concrete.
Versarien plans further testing with Banagher Precast Concrete and other UK and European concrete manufacturers about its Cementene™ enhanced concrete. The firm reiterated its confidence in the commercial applicability of its enhanced concrete.
The company still supplies the textile sector with its Graphene-Wear™ formulations, including Umbro, which uses the technology and materials for its Autumn/Winter 2023 and Spring/Summer 2024 ranges.
Versarien noted that it had provided graphene-enhanced thermoplastic polymer masterbatches to Umbro and other clients for sports equipment. The company also develops graphene and hBN (hexagonal boron nitride) enhanced textile polymer masterbatches.
The firm has applied for a grant to optimise the 2d material-enhanced extruded yarns with other UK partners. To conclude, the company noted that its turnaround strategy forced on light manufacturing was proceeding quite well.
*This is not investment advice.
Versarien share price.
The Versarien share price rallied 35.47% to 2.33p, from Monday’s closing price of 1.72p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.