Versarien PLC (LON:VRS) Chief Executive Officer Neill Ricketts caught up with DirectorsTalk to discuss their fully subscribed placing, their supportive shareholders, what the proceeds will be used for and the higher number of opportunities for the business
Q1: First off then, congratulations on the placing, can you give us an overview of the fund raise?
A1: Yes, certainly. So last week we were out in the city talking to our existing shareholders about not only our results but about some of the transformational events that could happen in the business and pleased to say that they were highly supportive of our plans and participating in a placing which was fully subscribed so a good result.
Q2: Have Versarien’s existing shareholders been supportive?
A2: Yes so this placing is pretty much supported by all existing shareholders and we’re very lucky to have such a supportive and great shareholder list so that when we come to these kind of events we know that we can count on their support.
Q3: What will you be using the proceeds for?
A3: Currently about half of it is allocated to an acquisition we’re in the final stages of which is very exciting, we’re really trying to get our graphene technology into applications as quickly as possible and this will assist in that. The rest will be used to support the working of the group.
Q4: Now you’ve said that you’ll use the proceeds towards a number of opportunities, does this mean that you’re seeing a higher number of opportunities to improve the business at the moment?
A4: Yes, I mean one of the problems we have with the business if we have any problems is remaining focussed on our core strategy and there are lots and lots of opportunities for us to pursue. We have to do it within the constraints of our group as we have but I’m pleased to say that there are far more opportunities for Versarien to go after after this one.
