Deepverge PLC Update (0702F)

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RNS Number : 0702F

Deepverge PLC

05 July 2023

5 July 2023

DeepVerge plc

("DeepVerge" or "the Company" or "the Group")

Update

Further to the notification on 26 June 2023, in which the Company announced that the Board was seeking to realise whatever value is possible through the sale of one or more of the Labskin, Modern Water and Glanaco business units, the Company provides an update on progress to date.

Several approaches have been received by the Company regarding the potential sale of either the whole or part of the Modern Water and Labskin business units, with multiple indications of interest for certain parts of the business. Whilst this is encouraging, all these approaches are at an early stage, and there can be no certainty that any of them will result in a transaction, or that sufficient value will be realised to avoid the closure or administration of the relevant Group subsidiaries.

The Company also provides an update on operations. Despite the limited working capital position referred to in previous notifications, the production of Modern Water reagents continues and arrangements are under discussion to enable installation and commissioning of already delivered equipment to continue.

A number of activities and discussions, including the Joint Venture discussions with China Resources Environmental Protection Development Limited ("China Resources") for which a Memorandum of Understanding was initially announced on 28 April 2021 (with further updates notified on 26 July 2021 and 11 January 2022), remain on hold, pending the outcome of discussions regarding the sale, closure or administration of the Group's subsidiaries.

Further updates will be given as appropriate.

 
                            Nigel Burton, Interim 
 DeepVerge plc               CEO                     [phone] 
 SPARK Advisory Partners 
  Limited                                            [phone] 
  (Nominated Adviser)       Neil Baldwin              8974 
                           -----------------------  -------------------- 
 Turner Pope Investments    Andy Thacker/James       [phone] 
  (TPI) Limited (Broker)     Pope                     0050 
                           -----------------------  -------------------- 
 

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July 05, 2023 06:26 ET (10:26 GMT)