Versarien (VRS) announced that it intended to sell its Korean assets and AAC Cyroma and Total Carbide businesses back in March 2023. Progress hasn’t exactly been rapid.
After the pump pf a meaningless corporate update what the hell did you expect to happen? Today Versarien (VRS) undertook its 4th placing in 2024, raising just £450,000 at a mere 0.0325 pence per share. If you think that this is the last I have a bridge to sell you.
Natch the morons have got terribly excited and shares in Versarien (VRS) are up by 14% on news that it has sold the non core plastics business AAC Cyroma for £550,000 subject to any completion adjustments. Well, that is the headline number.
Versarien (VRS) has new fans. Husband and wife duo Richard Wyn Jones and Christiane Therese Jones from Emsworth in Hampshire have now accumulated a10.243% holding which is worth around £175,000.
For weeks I have been asking Versarien (VRS) whether the Neill Ricketts industrial tribunal was due to take place today as planned but big girl’s blouse Chris Leigh has declined to answer. Today there is an RNS.
And it says that it is “pleased” with the deal. Seriously? You really could not make this sort of stuff up.
There were some positives in the Versarien (VRS) interims this morning which were welcomed by the LSE Bulletin Board Morons who have pushed the shares up in response to the news. The loss before tax in the six months to March 31 reduced from £3.4 million to £1.64 million and the cash burn was down from £1.974 million to a mere £790,000. However…
As Versarien (VRS) had largely predicted back in December 2023 when it issued a company update its results for the 12 months to September 30 2023 were terrible. But they also show laughable failings in the prior year audit, failings I flagged up at the time and which I now feel obliged to report to my good pals at the Financial Reporting Council.
When will folks learn? Yesterday some gerbils were paying more than 0.25p for worthless shares in Verarien (VRS) before, mysteriously there was an afternoon sell off. A Brazilian deal that will not move the dials on ongoing cashburn by more than a smidgeon. The sale, at a vast loss, of joke Korean assets to give a few more months cash to spunk. Pump, pump, pump. The gerbils loved it. That will show old TW@ what a Great British company this is, they chanted. But after the pump and that mysterious afternoon selloff, a coincidence ‘natch…
Versarien (VRS) has signed a licensing deal in Brazil for its graphene products and its shares have raced ahead by 23%. But this deal is not Brazil nuts it is peanuts in monetary terms and does SFA to stop the headlong rush to insolvency.
Today’s RNS announcing the sale of its Korean Assets and Licencing of IP is welcome, albeit temporary relief for the long suffering shareholders of Versarien (VRS). The company will still go bust and its shares are still worth 0p.
