Versarien (VRS)

Sector:

Industrial Chemicals

Index:

FTSE AIM All-Share

0.12p
   
  • Change Today:
      0.004p
  • 52 Week High: 5.10
  • 52 Week Low: 0.087
  • Currency: UK Pounds
  • Shares Issued: 1,488.17m
  • Volume: 30,054,857
  • Market Cap: £1.82m
  • RiskGrade: 561

Versarien enters ?6m subscription agreement with Lanstead Capital

By Josh White

Date: Monday 23 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Advanced materials engineering company Versarien has entered into a ?6m subscription agreement with Lanstead Capital Investors, a US managed institutional investor, together with a related sharing agreement, it announced on Monday.
The AIM-traded firm said the subscription was for 15 million new ordinary shares by Lanstead, at an issue price of 40p each, to raise gross proceeds of ?6m, representing around 9.74% of its existing issued share capital.

It noted that the issue price represented a 53.8% premium to the closing mid-market price on 20 March.

The ?6m gross proceeds of the subscription would be pledged by the company under the sharing agreement with Lanstead.

It said the sharing agreement entitled the company to receive back those proceeds on a pro rata monthly basis over a period of 24 months, subject to adjustment upwards or downwards each month depending on its share price at the time.

The sharing agreement provided the opportunity for the company to benefit from positive future share price performance, which the board said was an underlying reason for undertaking the fund raise in such a way.

Versarien said the proceeds of the subscription, when added to the ?2.2m of cash and headroom available under its facilities as at 29 February, would be used primarily to advance its graphene commercialisation strategy, as well as for general working capital purposes.

"We are delighted to welcome Lanstead as a significant institutional shareholder in Versarien," said chief executive officer Neill Ricketts.

"The proceeds of the sharing agreement will underpin our activities over the next two years."

Ricketts said the mechanics of the sharing agreement would allow Versarien to benefit from future share price appreciation, and reflected an alignment of both the company and Lanstead's belief in the potential for "substantial" value enhancement for shareholders through the execution of its graphene commercialisation strategy.

"With the company having a sound financial base and despite the background of the current global Covid-19 [coronavirus] pandemic, I am confident that the company will continue to make significant progress in the coming months.

"In particular, we continue to advance our discussions in China and elsewhere and this fundraise does not preclude us from obtaining additional funding from other sources to accelerate the development of our graphene commercialisation strategy should appropriate value enhancing options be available."

At 1500 GMT, shares in Versarien were down 4.04% at 24.95p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Versarien Market Data

Currency UK Pounds
Share Price 0.12p
Change Today 0.004p
% Change -3.16 %
52 Week High 5.10
52 Week Low 0.087
Volume 30,054,857
Shares Issued 1,488.17m
Market Cap £1.82m
RiskGrade 561

Versarien Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.06% above the market average64.06% above the market average64.06% above the market average64.06% above the market average64.06% above the market average
12.50% above the sector average12.50% above the sector average12.50% above the sector average12.50% above the sector average12.50% above the sector average
Price Trend
99.54% below the market average99.54% below the market average99.54% below the market average99.54% below the market average99.54% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Income Not Available
Growth
2.84% above the market average2.84% above the market average2.84% above the market average2.84% above the market average2.84% above the market average
11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average

Versarien Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:28 23,076 @ 0.12p
16:19 200,000 @ 0.13p
16:12 859,356 @ 0.12p
14:30 813,048 @ 0.12p
13:33 2,745 @ 0.12p

Versarien Key Personnel

Finance Director Christopher Leigh
CEO Stephen Hodge

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