Deepverge PLC Cost reductions;delay to Ann. Report;New contract (5720B)
2023年6月5日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMDVRG
RNS Number : 5720B
Deepverge PLC
05 June 2023
5 June 2023
DeepVerge plc
("DeepVerge" or "the Company" or "the Group")
Further cost reductions; Possible delay to publication of Annual
Report and Accounts; New GBP2.3m, four-year contract
DeepVerge (AIM: DVRG), the environmental and life science group
of companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins, announces that: (i) it will be
downsizing its Labskin, Skin Trust Club and Rinocloud business
units as part of further measures to improve the financial position
of the Group; (ii) it is possible that it will need to delay the
announcement of its results for the year ended 31 December 2022 and
publication of its Annual Report and Accounts for the same period;
(iii) it is continuing to carefully manage its working capital
position and to seek new financing opportunities and also consider
the potential sale of one or more lines of its business; and (iv)
it is pleased to announce a new manufacturing contract win.
Downsizing of the Labskin, Skin Trust Club and Rinocloud
business units
The Company's financial position is such that the Board has
taken the decision to no longer support the ongoing costs of
progressing the development of the Labskin, Skin Trust Club and
associated elements of the Rinocloud businesses, whilst retaining
the capacity required to continue supporting the Modern Water and
Glanaco businesses. The Company is therefore downsizing these
business units, with effect from 1 July 2023, which will involve
the elimination of approximately twenty permanent employee and
contract positions. A programme is now in progress to ensure an
orderly downsizing process is conducted. The Company remains proud
of the patents and databases that have been developed to date and
continues to explore out-licensing opportunities of this technology
with companies engaged in the life-sciences industry.
Possibility of delay to the announcement of the results for the
year ended 31 December 2022 and publication of the Annual
Report
The possibility of delay is caused, inter alia, by the
resignation of the Group's previous auditor, Jeffreys Henry LLP, as
announced on 24 March 2023. Following a change of ownership and
name, Jeffreys Henry LLP undertook a review of its capacity to
undertake audit work, in conjunction with the Institute of
Chartered Accountants in England and Wales which concluded that the
firm did not have sufficient capacity to satisfy its regulatory
requirements and as a result resigned as auditor to a number of
quoted companies, including DeepVerge.
The resignation of Jeffreys Henry occurred just days before the
audit of DeepVerge's accounts was due to start. Haysmacintyre LLP
was subsequently appointed as the Company's auditor, however there
is significant risk of there being insufficient time to ensure that
the audit is completed by 30 June 2023.
If the Company is unable to publish its Annual Report and
Accounts by 30 June 2023 in accordance with AIM Rule 19, then the
trading in the Company's ordinary shares on AIM would be suspended
from 7.30am on Monday 3 July 2023 until such Annual Report is
published. Any such delay would be likely to be limited to a matter
of weeks.
New Funding opportunities and potential sale of parts of the
business
The Company announced (RNSs of 17 and 19 April 2023) that due to
the phasing and timing of contract cashflows it was operating from
a limited working capital position. The Company continues to
explore a number of financing options including the raising of
equity, debt or trade finance to improve the Group's financial
position. The Company is also exploring the potential sale of one
or more lines of business.
New Manufacturing Contract in Ireland
The Company is pleased to announce that its subsidiary, Glanaco
Ltd., has won a new contract for the supply of customised
environmental cleaning and monitoring equipment to an undisclosed
customer within the EU. Under the terms of the deal the Company
will lease this equipment to the customer across a four-year period
commencing in the second half of 2023.
The overall revenue will amount to approximately GBP2.3 million
and will be recognised across the coming four years.
Further updates will be given as appropriate.
Nigel Burton, Interim
DeepVerge plc CEO +44 (0) 7785 234447
SPARK Advisory Partners
Limited +44 (0) 113 370
(Nominated Adviser) Neil Baldwin 8974
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Turner Pope Investments Andy Thacker/James +44 (0) 20 3657
(TPI) Limited (Broker) Pope 0050
----------------------- --------------------
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END
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June 05, 2023 02:00 ET (06:00 GMT)
Deepverge (LSE:DVRG)
過去 株価チャート
から 10 2024 まで 11 2024
Deepverge (LSE:DVRG)
過去 株価チャート
から 11 2023 まで 11 2024
