Potential buyer pulls out of talks over Versarien's assets

(Sharecast News) - Versarien said on Wednesday that a prospective buyer had withdrawn from talks to acquire its remaining material assets, leaving the advanced engineering materials group to reassess its restructuring options and warning that the appointment of administrators remained a possibility. The AIM-traded company said a UK public company, with which it signed non-binding heads of terms on 31 October, had pulled out of the proposed transaction.

As a result, the exclusivity period attached to the agreement had lapsed.

Versarien said its board was now taking advice and considering alternatives.

It reiterated that options under review "may include appointing administrators to the company."

The firm added that further announcements would be made when appropriate.

At 1258 GMT, shares in Versarien were down 23.16% at 0.01p.

Reporting by Josh White for Sharecast.com.