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Versarien in exclusive talks to sell off remaining assets, shares sink
(Sharecast News) - Versarien's share price tanked on Friday after the advanced engineering materials group announced the proposed disposal of its remaining assets to an unnamed party. The company, which previously announced it had been "progressing discussions" regarding offers for the business and its assets, is now in advanced talks with a UK-listed company, a statement said on Friday.
Versarien said it has now signed a non-binding agreement with the third party for the disposal of its "remaining material assets and subsidiaries", and has entered into a period of exclusivity until 30 November.
Under the terms of the offer, the acquirer will purchase Versarien's shares in Total Carbide and Gnanomat, together with the patent and trademark portfolio held by Versarien and related graphene production equipment.
The acquirer will pay £100,000 in cash and £100,000 in shares, as well as taking on a £5.7m loan from Innovate UK Loans.
In the meantime, Versarien said it has enough cash to last it until the end of the exclusivity period.
"If the transaction is successfully completed, the company would not have any operations and would become an AIM Rule 15 cash shell, at which point it would seek to settle its remaining liabilities and look for reverse takeover opportunities," the company said.
Shares were down 22% at 0.011p by 1209 GMT, having now dropped more than 70% since the start of 2025.
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