Following updates on Versarien's attempted steps towards improving its financial structuration, it was reported that a proposed acquisition of graphene-related assets owned by Versarien by a joint venture involving China’s Anhui Boundary Innovative Materials Technology has been prevented via an order from the UK government.
The order prevents the transfer and use of both tangible and intangible assets, including intellectual property and know-how with potential dual-use applications. A notice on the government’s website said this was “necessary and proportionate to prevent, remedy or mitigate the risk to national security”.
The firm placed a number of its businesses into administration last month after failing to find a buyer for them. They had hoped to extend the cash runway to the end of August to allow the strategic investment from the JV to go through.
Joint administrators Andrew Knowles and Andrew Poxon of Leonard Curtis are now selling off the assets of Versarien plc and its shares in Gnanomat SL and Total Carbide Limited, while they were appointed administrators to the graphene division last week.
