DIRECTA PLUS PLC — Legal Proceedings Report 2016

Oct 18, 2016

National Storage Mechanism | Additional information

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RNS Number : 7616M

Directa Plus PLC

18 October 2016

18 October 2016

Directa Plus plc

("Directa Plus" or the "Company")

Notification of potential customer impairment

Directa Plus (AIM: DCTA), a producer and supplier of graphene-based products for use in consumer and industrial markets, has been made aware that a regional governmental grant awarded to a customer who acquired three decontamination units in 2015 for €1.0 million has been rescinded. The customer has notified the Company that it is now unable to satisfy the outstanding payments due.  Accordingly, the Company and customer are in discussions to resolve the matter.

It is important to note that any potential impairment to the accounts would be a non-cash item and has no ongoing impact on Directa Plus' core business of sale of graphene materials.

Further announcements will be made as and when appropriate.

Giulio Cesareo, Chief Executive Officer of Directa Plus, said: "This news is clearly disappointing and we are exploring a range of scenarios with the customer to address this position. We will update the market as soon as we have better visibility on the situation and likely outcome of current discussions.  However, we continue to view the environmental sector and our Grafysorber® product solution as a strong growth opportunity for the Company."

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations

Enquiries

Directa Plus plc
Giulio Cesareo, CEO Marco Ferrari, CFO	+39 02 36714458
Cantor Fitzgerald Europe (Nominated Adviser and Broker)
Marc Milmo, David Foreman, Michael Reynolds (Corporate Finance) Mark Westcott, David Banks (Sales)	+44 20 7894 7000
Luther Pendragon (Financial PR)
Harry Chathli, Claire Norbury, Alexis Gore	+44 20 7618 9100

This information is provided by RNS

The company news service from the London Stock Exchange

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