(Sharecast News) - Advanced materials engineering group Versarien said on Wednesday that its full-year results had been delayed until August as a result of the Covid-19 pandemic and associated lockdowns.
Versarien said it had continued to operate all units and to progress its graphene commercialisation strategy through the lockdown period while also providing essential supplies for the NHS and UK infrastructure.
The AIM-listed group also stated recent and ongoing lockdown restrictions in both China and the UK, coupled with the impact of political events in Hong Kong, had impacted funding procurement efforts by YG to complete a previously announced share subscription to Versarien.
Versarien said it considered whether it should extend its backstop date of 30 June, exercise it or not exercise it, and concluded that it was in the best interests of the company to exercise the backstop arrangement and return its BVT unit to 100% Versarien ownership for the time being.
The joint venture agreement between Versarien and YG will be terminated upon the completion of the transfer of YG's interest in BVT. However, the company said it remains in discussions with YG and its decision to acquire the company's interest in BVT did not preclude any future arrangements that may be agreed between the parties.
Elsewhere, Versarien revealed that it had been awarded a legally binding £5m loan facility by Innovate UK Loans, a wholly-owned subsidiary of UK Research and Innovation.
The loan was specifically granted to fund a project named G SCALE, which was designed to enable Versarien to "significantly increase" its manufacture of quality assured graphene.
As of 1330 BST, Versarien shares were up 1.25% at 44.55p.
Versarien (VRS)28 Mar 2024 15:48
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