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IN BRIEF: Verditek sale talks going well but future still uncertain

Fri, 23rd Feb 2024 20:08

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

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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20 Feb 2023 08:52

LONDON MARKET OPEN: Tepid start in Europe but FTSE stays above 8,000

(Alliance News) - Stocks in London were treading water in early dealings on Monday, at the start of what is expected to be a subdued day for European equities, with markets in New York closed.

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19 Oct 2022 12:31

IN BRIEF: Verditek shares drop as supplier exclusivity claims fall

Verditek PLC - London-based company producing solar panels - Gives an update on a previously reported supplier role to a new joint venture. In June, Verditek announced its role as "exclusive" supplier to a new joint venture. Verditek said it became the exclusive supplier of lightweight solar panels to a joint venture between its distribution partner Bradclad Group and Norwegian PVC single-ply roof membrane manufacturer Protan AB. The joint venture would use Verditek's panels to launch the Protan Solarbond product, it said.

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19 Oct 2022 12:24

Verditek no longer exclusive supplier to Bradclad joint venture

(Sharecast News) - Verditek updated the market on its relationship with Bradclad on Wednesday, reporting that it was no longer the exclusive supplier of lightweight solar panels to the latter's joint venture.

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7 Sep 2022 21:41

IN BRIEF: Verditek interim loss narrows, revenue grows

Verditek PLC - London-based company producing solar panels - In the first half of 2022, revenue jumps 70% to GBP178,502 from GBP105,097. Pretax loss narrows to GBP636,798 from GBP1.2 million. Say it continues to advance partnerships with European roofing manufacturers, notably with Metrotile, which should expand the reach of its product offering. In discussions to license its manufacturing technology to a larger scale, automated plant, with potential to build similar such plants across the globe, it says.

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29 Jul 2022 16:07

UK shareholder meetings calendar - next 7 days

Monday 1 August 
Cranswick PLCAGM
Tuesday 2 August 
Caffyns PLCAGM
Syncona LtdAGM
Tanfield Group PLCAGM
Wednesday 3 August 
Block Energy PLCAGM
Molten Ventures PLCAGM
Cambium Global Timberland LtdGM re wind-up
John Wood Group PLCGM re Built Environment sale
Sequoia Economic Infrastructure Income Fund LtdAGM
Edenville Energy PLCAGM
RiverFort Global Opportunities PLCAGM
Conduity Capital PLCAGM
Scirocco Energy PLCAGM
D4t4 Solutions PLCAGM
Thursday 4 August 
Glantus Holdings PLCAGM
Investec PLC and LtdAGM
STM Group PLCAGM
Starcrest Education LtdAGM
Friday 5 August 
JPMorgan Global Core Real Assets LtdAGM
San Leon Energy PLCEGM
San Leon Energy PLCGM
Trian Investors 1 LtdEGM re removal of three current directors
Trian Investors 1 LtdAGM
Verditek PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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30 Jun 2022 14:29

IN BRIEF: Verditek raises GBP1.5 million via subscription of shares

Verditek PLC - London-based company producing solar panels - Raises GBP1.5 million via a subscription of 101.3 million shares at 1.5 pence each. This is a 36% discount to Wednesday's closing price of 2.34p.

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30 Jun 2022 13:59

EARNINGS UPDATES: UK Oil & Gas and 7digital post widened losses

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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27 Jun 2022 10:03

Verditek shares soar on exclusive supplier status to new joint venture

(Alliance News) - Shares in Verditek PLC leaped on Monday morning after the solar panel maker announced its role as exclusive supplier to a new joint venture.

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3 Feb 2022 22:32

TRADING UPDATES: Cadence, Rambler Metals raise funds to help projects

TRADING UPDATES: Cadence, Rambler Metals raise funds to help projects

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3 Feb 2022 12:56

Verditek offloads stake in ICSI to Baker Hughes Canada

(Sharecast News) - Solar technology company Verditek announced the completion of the sale of Industrial Climate Solutions (ICSI) on Thursday, in which it held a 10.56% stake, to Baker Hughes Energy Services Canada.

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13 Sep 2021 17:09

IN BRIEF: Verditek wins grant from Innovate UK for Zimbabwe project

IN BRIEF: Verditek wins grant from Innovate UK for Zimbabwe project

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26 Aug 2021 17:16

IN BRIEF: Verditek half-year results hit by Italy theft

IN BRIEF: Verditek half-year results hit by Italy theft

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26 Aug 2021 11:31

AIM WINNERS & LOSERS: eEnergy jumps after maiden contract win

AIM WINNERS & LOSERS: eEnergy jumps after maiden contract win

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10 Aug 2021 13:07

IN BRIEF: Verditek raises over GBP350,0000 through crowdfunding

IN BRIEF: Verditek raises over GBP350,0000 through crowdfunding

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10 Aug 2021 11:21

AIM WINNERS & LOSERS: TP Group spikes on Science takeover approach

AIM WINNERS & LOSERS: TP Group spikes on Science takeover approach

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