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27 February 2025
Versarien plc
("Versarien" or the "Company")
Innovate UK Loan Deed of Variation
On 1 July 2020, Versarien plc (AIM: VRS), the advanced materials engineering group, announced that the UK Government, via Innovate UK ("IUK"), had agreed a £5 million loan to the Company (the "Loan"), for a project named G-SCALE, an acronym for Graphene, Seat, Concrete, Arch, Leisure, Elastomer.
Following completion of the Loan drawdown period and the G-Scale Project development stage, IUK, as announced by Versarien on 5 December 2022, entered into a deed of variation to the Loan to defer commencement of the capital repayments by one year to August 2025. IUK has now agreed, having reviewed the Company's progress and the potential benefits of Versarien's graphene technology, to an additional one year deferment of the Loan's capital repayments, and the Loan will now be due for repayment in ten equal quarterly amounts, commencing in August 2026.
Interest will continue to be charged on the Loan at a rate of 7.4% per annum. 50% of the interest payments on the Loan had been deferred until February 2025, this deferred interest will now be paid in ten equal instalments when the capital repayments commence in August 2026.
Commenting, Dr Stephen Hodge, Versarien CEO, stated: "Following the Company's receipt of a £5 million innovation loan in 2020, we welcome the deferral of capital repayments, which will assist the continued progress of our turnaround strategy. We are encouraged by the positive progress in commercialising our advanced materials and technologies, and we remain optimistic about Company's pipeline of opportunities. This extension provides us with the necessary flexibility to focus on achieving key milestones, positioning Versarien for long-term sustainable growth and success."
For further information please contact:
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Versarien Stephen Hodge, Chief Executive Officer Chris Leigh, Chief Financial Officer |
c/o IFC |
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SP Angel Corporate Finance (Nominated Adviser and Broker) Matthew Johnson, Adam Cowl |
+44 (0)20 3470 0470
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IFC Advisory Limited (Financial PR and Investor Relations) Tim Metcalfe, Zach Cohen |
+44 (0) 20 3934 6630 |
About Versarien:
The strategy of Versarien plc (AIM:VRS) is to be a development led advanced materials company focussed on specific sectors that will lead to a manufacturing-light and licensing model.
For further information please see: http://www.versarien.com
Versarien plc announced that Innovate UK (IUK) has agreed to an additional one-year deferment of capital repayments on its £5 million loan, originally agreed on 1 July 2020. Capital repayments, previously deferred to August 2025, will now commence in August 2026 and be made in ten equal quarterly amounts. Interest on the loan remains at 7.4% per annum, with 50% of previously deferred interest, due in February 2025, also to be paid in ten equal instalments starting August 2026.
| Date | 27 Feb 2025 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 6139Y |