Deepverge PLC Update (7131F)

TIDMDVRG

RNS Number : 7131F

Deepverge PLC

12 July 2023

DeepVerge plc

("DeepVerge" or "the Company" or "the Group")

Update

The Company announced on 26 June 2023 that the Board had taken the decision to no longer support the ongoing costs of the operating businesses, and was seeking to realise whatever value is possible through the sale of one or more of the Labskin, Modern Water and Glanaco business units. The Board's expectation remains that this process will result in the sale, closure or administration of all Group subsidiaries.

To avoid incurring additional costs, the Board has today decided to issue redundancy notices to all remaining staff to take effect on 31 July 2023.

Further updates will be given as appropriate.

 
                            Nigel Burton, Interim 
 DeepVerge plc               CEO                     +44 (0) 7785 234447 
 SPARK Advisory Partners 
  Limited                                            +44 (0) 113 370 
  (Nominated Adviser)       Neil Baldwin              8974 
                           -----------------------  -------------------- 
 Turner Pope Investments    Andy Thacker/James       +44 (0) 20 3657 
  (TPI) Limited (Broker)     Pope                     0050 
                           -----------------------  --------------------

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July 12, 2023 02:00 ET (06:00 GMT)

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