News blog

Versarien

• BY: Andrew Hore |
• POSTED: 19/02/2014 |

Jim Murray Smith, the former chairman of Versarien, has sold 14m shares in the engineering materials developer to Henderson.

Henderson, which acquired its original stake by purchasing the shares issued to Elektron when it sold Total Carbide to Versarien for 13.5p each, owns 26.2% of Versarien.

Murray-Smith had previously sold 1m shares with both disposals coming after a site visit for investors in January. He retains 1m shares, which is well below the 3% figure where he will be required to make further announcements about share deals.

Murray-Smith is a former chief executive of Aim-quoted coatings company Hardide. He was chairman of Versarien from the end of 2010 to just before its Aim flotation in June 2013. 

At 27.25p a share, up 2p, Versarien is valued at £22.6m.

Versarien raised £3m at 12.25p a share when it joined Aim. Versarien had £668,000 in the bank at the end of September 2013. Although it was loss-making in the first half, Versarien is expected to perform more strongly in the second half having already integrated the Total Carbide acquisition. Westhouse forecasts net cash of £1.1m at the end of March 2014

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