Verditek PLC- London-based producer of lightweight solar panels - Agrees terms to sell its solar business to a new company, which will be established by the holders of Verditek's secured convertible loan notes for GBP528,340 in notes and GBP50,000 in cash. Upon disposal, Verditek will be regarded as an AIM rule 15 cash shell. Verditek will therefore need to, within six months, make an acquisition or acquisitions which constitute a reverse takeover. Says that it is currently in discussions with "a group of individuals", who it is proposed would come in as a new management team with a view to completing a fundraise of about GBP300,000. The aim would be to conduct a reverse takeover within 6 months of completion of the disposal. "There is no guarantee that this proposal will proceed as it still at an exploratory stage and the company will update the market with more information as soon as it is available," Verditek adds.
Current stock price: 0.11 pence, down 23%
12-month change: down 84%
By Sabrina Penty, Alliance News reporter
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