The Gloucestershire-based advanced engineering materials group Versarien plc, has made the difficult decision to file a notice of intention to appoint administrators (NOIA). Specifically, the restructuring firm Leonard Curtis.
The firm has been working in complex technological areas such as Graphene superconductors and vaccum-forming and injection moulding solutions. The company has nine subsidiaries and is based out of Longhope in Gloucestershire.
As recently as the previous week, the company issued warnings that administrators may be necessary following confirmation that a UK quoted public company had decided to withdraw its interest in the firm.
The NOIA’s purose is to shield the company from possible creditor enforcement action for a period of ten working days. In this period, secured creditors may also elect to appoint a different administrator, for a variety of possible reasons.
In this period, Leonard Curtis will look to complete transatctions with any potentially interested party/ies that could ultimately avert the need for administration. However should this not follow through, administration plans will proceed as expected under normal trading and operational conditions.
In the meantime, Versarien plc’s ordinary shares on the Alternative Investment Market have been suspended, pending situational change.
Members of the non executive board of directors, including Susan Bowen, Sir Iain Gray CBE, and Diane Savory OBE, have all tended their resignation with immediate effect.
