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Verditek PLC shares dropped on Monday, after it said it has received a notice for its distribution agreement with partner Bradclad Group to be terminated. Shares in the solar panels producer were down 19% to 0.59 pence each in London on Monday morning In June 2022, Verditek announced its role as ‘exclusive’ supplier to a new joint venture. Verditek said it became the exclusive supplier of lightweight solar panels to a joint venture between its distribution partner Bradclad Group and Norwegian PVC single-ply roof membrane manufacturer Protan AB. The joint venture would use Verditek’s panels to launch the Protan Solarbond product, it said. In October, the London-based company had said it could no longer be considered the ‘exclusive supplier’ to the joint-venture. It said at the time it had been made aware that Bradclad was working with another manufacturer. On Monday Verditek said it had received a notice for its distribution agreement with Bradclad to be terminated. The notice will take effect from March 3. It commented: ‘The company has been taking steps for the recovery of sums due under the agreement.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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