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DeepVerge PLC on Wednesday said it has received ‘several approaches’ for the sale of its Modern Water and Labskin business units. Shares in environmental and life sciences company DeepVerge were suspended from trading on AIM on June 26, pending clarification of its financial position. Its shares were last quoted at 0.15p, having traded as high as 16.00p in the past year. DeepVerge had been seeking to sell one or more of its business units in order to raise sufficient funds to allow it to continue to trade. On Wednesday, DeepVerge said ‘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,’ it explained DeepVerge also said that despite the limited working capital position, the production of Modern Water reagents continues and arrangements are under discussion to enable installation and commissioning of already delivered equipment to continue. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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