(Alliance News) - Verditek PLC shares dropped on Monday, after it said it has received a notice for its distribution agreement with partner Bradclad Group to be terminated.
Shares in the solar panels producer were down 19% to 0.59 pence each in London on Monday morning
In June 2022, 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.
In October, the London-based company had said it could no longer be considered the "exclusive supplier" to the joint-venture. It said at the time it had been made aware that Bradclad was working with another manufacturer.
On Monday Verditek said it had received a notice for its distribution agreement with Bradclad to be terminated. The notice will take effect from March 3.
It commented: "The company has been taking steps for the recovery of sums due under the agreement."
By Sophie Rose, Alliance News reporter
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