Versarien PLC (AIM:VRS, OTC:VRSRF) shares sank 38% to 0.006p, valuing the troubled engineering materials group at about £330,000, after the company said a potential buyer had pulled out of a deal to acquire its remaining assets.
The group, which has been attempting a far-reaching restructuring, disclosed that a UK-listed suitor had withdrawn from non-binding heads of terms agreed last month.
Those terms would have covered the sale of Versarien’s remaining material assets and subsidiaries, offering a possible lifeline after years of financial strain.
With exclusivity now gone, the board said it is taking advice and reviewing alternatives.
One option previously flagged is the appointment of administrators, a process that can hand control to an insolvency practitioner to protect creditors while the company’s future is assessed.
Versarien said it will update the market when it has further information, but investors appear to be pricing in a deeply uncertain outcome.