Innovate UK Loan

RNS Number : 5015Q

Versarien PLC

26 February 2021

 

26 February 2021

Versarien plc

("Versarien" or the "Company")

Innovate UK Loan

Versarien plc (AIM: VRS), the advanced materials engineering group provides the following update regarding the Innovate UK ("IUK") loan facility, details of which were previously notified on 1 July 2020 and 17 August 2020.  The interim results announced on 21 January 2021 disclosed the loan balance of £1.96 million in "Non-current liabilities" under "Trade and other payables".

In light of the paper published by the International Financial Reporting Interpretations Committee in December 2020, subsequent to the Company's half-year end, the Company announces that the IUK loan balance at 31 March 2021 will, in the Company's annual results, continue to be classified under the "Non-current liabilities" heading on the balance sheet but will be shown as a separate line item. This treatment has been agreed with its auditor, PwC.

Enquiries:

Versarien Neill Ricketts, CEO Chris Leigh, CFO	[phone]
SP Angel Corporate Finance (Nominated Adviser and Joint Broker) Matthew Johnson, Ewan Leggat, Adam Cowl	[phone]
Berenberg (Joint Broker) Mark Whitmore, Simon Cardron	[phone]
Yellow Jersey (Investor Relations)  Charles Goodwin Georgia Colkin Henry Wilkinson [e-mail]	[phone]

Notes to Editors:

Versarien Plc ( AIM:VRS ), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries.

For further information please see:  http://www.versarien.com  

 

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