Versarien plc (LON:VRS), the advanced materials engineering group, notes the recent reduction in the Company’s share price and today confirms that it is not aware of any material basis for the decline.
The Company reaffirms that, in line with the interim statement released on 12 December 2019, it remains focused on its graphene commercialisation strategy and the projects with its commercial partners, prioritising those that it deems most likely to produce near-term revenue streams.
The Company continues to provide funding to Gnanomat S.L., its 62% owned subsidiary, as necessary, to ensure its continued development. Since acquisition, Gnanomat has sought to control its costs whilst still developing its technology, which has allowed Versarien to vary the initially envisaged intra-group loan as previously disclosed on 25 September 2018. Versarien now expects to provide a loan of €300,000 this month to Gnanomat and continue to fund the working capital of Gnanomat, as it does for its other graphene technology businesses.
Versarien can also confirm that as at 31 January 2020, its cash at bank was £1.53 million and the available cash from its banking facilities was £0.72 million; a total of £2.25 million available to the Company.