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RNS Number : 2717Z

Versarien PLC

10 January 2024

10 January 2024

Versarien Plc

("Versarien" or the "Company")

Result of General Meeting

Versarien Plc (AIM: VRS), the advanced materials engineering group, is pleased to confirm that at the Company's General Meeting held earlier today, all resolutions were duly passed . Full details of the resolutions are set out in the Notice of General Meeting dated 20 December 2023 and available on the Company's website at: https://www.versarien.com/investors/reports-and-presentations/

The proxy votes cast were as follows:

 
 
          Resolution                 For                Against            Abstain 
 1 - to sub-divide each 
  Existing 
  Ordinary Share into one 
  New Ordinary Share and 
  one New Deferred Share         22,939,297  93.25%   1,661,734  6.75%    303,606 
                                -----------  ------  ----------  -----  ---------- 
 2 - a special resolution 
  to alter the Articles 
  to allow for the issue 
  of New Deferred Shares 
  by including provisions 
  relating to the rights 
  and restrictions attached 
  to the New Deferred Shares     22,992,555  93.78%   1,524,588  6.22%    387,494 
                                -----------  ------  ----------  -----  ---------- 
 3 - to grant the directors 
  authority to allot up 
  to 992,339,000 New Ordinary 
  Shares                         22,754,233  93.16%   1,670,424  6.84%    479,980 
                                -----------  ------  ----------  -----  ---------- 
 4 - a special resolution 
  to grant the directors 
  authority to allot up 
  to 992,339,000 New Ordinary 
  Shares for cash without 
  first offering them to 
  existing shareholders          22,530,861  92.30%   1,880,416  7.70%    493,360 
                                -----------  ------  ----------  -----  ----------

Share Capital Reorganisation

Following the passing of the resolutions at the General Meeting, each of the Company's 496,169,507 Existing Ordinary Shares will be sub-divided into one New Ordinary Share of 0.01p (the "New Ordinary Shares") and one deferred share of 0.09p ("New Deferred Shares"). The New Deferred Shares will have little economic value as they will not carry any rights to vote or dividend rights, although the New Deferred Shares will rank pari passu with the New Ordinary Shares on a return of capital or on a winding up of the Company.

Admission to AIM and Total Voting Rights

Dealings on AIM in the Existing Ordinary Shares is expected to cease at the close of business on 10 January 2024. Application has been made for the admission of 496,169,507 New Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading in the New Ordinary Shares will commence at 8.00 a.m. on or around 11 January 2024. No application will be made for admission of the New Deferred Shares to trading on AIM nor will any such application be made to any other exchange.

Following Admission, there will be a total of 496,169,507 New Ordinary Shares, with voting rights, in issue. The Company does not hold any shares in treasury. Consequently, 496,169,507 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise indicated, all defined terms in this announcement shall have the same meaning as described in the Company's announcement dated 20 December 2023 and the Circular which was posted to shareholders on the same day.

For further information please contact:

 
 Versarien                                        c/o IFC 
  Stephen Hodge, Chief Executive Officer 
  Chris Leigh, Chief Financial Officer 
 SP Angel Corporate Finance (Nominated Adviser 
  and Broker)                                     +44 (0)20 3470 
  Matthew Johnson, Adam Cowl                       0470 
 IFC Advisory Limited (Financial PR and 
  Investor Relations)                             +44 (0) 20 3934 
  Tim Metcalfe, Zach Cohen                         6630 
 
   For further information please see :   http://www.versarien.com

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END

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January 10, 2024 06:30 ET (11:30 GMT)

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