Verditek PLC - London-based producer of lightweight solar panels - Says talks with the bondholders in relation to the proposed disposal of its solar business are progressing positively. Earlier in February, Verditek agreed to sell the business to a new company established by holders of Verditek's secured convertible loan notes, for GBP528,340 in notes and GBP50,000 in cash. Furthermore, company says it has implemented additional measures to reduce cash burn. This means that Verditek has extended its current cash runway until the end of the week beginning March 4. Warns that should talks not complete, the directors will likely consider alternative routes including, potentially, a liquidation of the company.
Current stock price: 0.084 pence, down 12% in London
12-month change: down 86%
By Jeremy Cutler, Alliance News reporter
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