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Versarien plc (AIM:VRS), an advanced materials engineering group, has issued an update regarding the sale of its Korean plant and equipment to MCK Tech Co. Ltd (MCK Tech). The transaction, originally valued at £604,000, has seen the first payment of £302,000 received. The final £302,000 installment was due on 31 July 31 2024.
Payment Extension Granted
Versarien has been informed by MCK Tech that it is unable to meet the final payment deadline. In response, Versarien has agreed to extend the payment date to on or before 31 October 2024. This extension will incur an annual interest rate of 10.0%. Should MCK Tech default, the sale agreement stipulates that Versarien will retain all payments made and the title to the assets will remain with Versarien.
Considerations for Extension
In granting the extension, Versarien has considered MCK Tech’s progress in Chemical Vapor Deposition (CVD) graphene applications, which may impact the company's ability to meet its financial obligations.
