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Graphene Nanochem aims for reboot by year-end

Shares in the AIM-listed group will remain suspended until a fund raise goes through
picture of graphene structure
Company wants to finalise debt deal by year-end

Graphene NanoChem plc (LON:GRPH) has published its last two sets of results and said restructuring plans are making progress.

Shares in the AIM-listed group are still suspended and will remain so until a fund raise is completed to restore its financial position.

The reorganisation plan has seen it ditch its platinum subsidiaries to focus on nanofluids (oil field chemicals), water treatment and enhanced building materials

Jespal Deol, chief executive, said it had made significant progress with the reorganisation, debt rationalisation and reducing costs, though many challenges remained.

He anticipates a plan would be agreed with its lenders and other financial institutions by the end of the year.

For the half year to June, Graphene posted a loss of £1.54mln (£3.6mln) on sales of £867,000. Debt at the end of the half year was around £30mln.

The group also published its figures for the year to end December 2015, which contained impairment charges of £25.7mln in a loss of £34.1mln.

 

 

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