Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Verditek PLC shares dropped on Monday, after it said it has received a notice for its distribution agreement with partner Bradclad Group to be terminated.
Shares in the solar panels producer were down 19% to 0.59 pence each in London on Monday morning
In June 2022, Verditek announced its role as ‘exclusive’ supplier to a new joint venture. Verditek said it became the exclusive supplier of lightweight solar panels to a joint venture between its distribution partner Bradclad Group and Norwegian PVC single-ply roof membrane manufacturer Protan AB. The joint venture would use Verditek’s panels to launch the Protan Solarbond product, it said.
In October, the London-based company had said it could no longer be considered the ‘exclusive supplier’ to the joint-venture. It said at the time it had been made aware that Bradclad was working with another manufacturer.
On Monday Verditek said it had received a notice for its distribution agreement with Bradclad to be terminated. The notice will take effect from March 3.
It commented: ‘The company has been taking steps for the recovery of sums due under the agreement.’
Copyright 2023 Alliance News Ltd. All Rights Reserved.