Versarien plc Acquires 2-DTech Limited
Versarien plc (AIM: VRS), the advanced engineering materials group, is pleased to announce that it has entered into an agreement to acquire 85 per cent. of the issued share capital of 2-DTech from The University of Manchester. 2-DTech specialises in the supply, characterisation and early stage development of graphene products. The total consideration for the Acquisition is £440,000 to be settled by a mix of cash and new ordinary shares.
The Company also announces that it has raised £5,500,000 (before expenses) through the placing of 21,153,847 new Ordinary Shares at 26 pence per share. The Placing, which was oversubscribed, is conditional, inter alia, on the passing of the Resolutions to be proposed at a General Meeting to be held on 30 April 2014.
Information on 2-DTech Limited
2-DTech is a graphene company wholly owned by The University of Manchester, where graphene was first isolated by Nobel Prize winners Professor Sir Andre Geim and Professor Sir Kostya Novoselov, who head the University's world-leading Condensed Matter Research Group (CMRG). 2-DTech has the ability to produce graphene by using either a chemical vapour deposition process; in suspension or dispersions; or a 'milling' process, which is in development.
Strategic rationale for the Acquisition
The Directors believe the Acquisition represents an excellent opportunity for Versarien. The 2-DTech technology will enable a significant enhancement of the Versarien product range, building upon the Company's experience in manufacturing for the technology sector and enabling the Company to apply its experience and expertise to commercialising the considerable market opportunities for graphene in the UK.
A Circular has today been sent to Shareholders to explain the background to and reasons for the Acquisition and the Placing and providing a Notice of the General Meeting. Copies of the circular will be available on the Company's website (www.versarien.com).
Neill Ricketts, CEO of Versarien plc, said: "The acquisition of 2-DTech coupled with the planned collaboration agreements with The University of Manchester, the established home of graphene, marks a significant opportunity for Versarien to progress its product range with highly complementary technologies.
"Versarien is already manufacturing over 37 tonnes per year of complex powder at its Total Carbide plant and combining this know-how with 2-DTech's expertise, research facilities, and rights to intellectual property makes the early commercialisation of graphene related products far more likely in the near term on an industrial scale."