Verditek falls after announcing Bradclad contract termination

Verditek updated the market on the status of its distribution agreement with Bradclad on Monday.

The AIM-traded firm had announced on 19 October that Bradclad was engaging with another manufacturer over the ‘Solar Bond’ product and that, since 27 June, it had not received any further orders under the agreement.

Additionally, it said at the time that there was no guarantee of any additional orders being received for the other 14 holiday parks referred to in the announcement.

“Consistent with the 19 October announcement, on 6 December Verditek received a notice of termination, dated 2 December, of the agreement from Bradclad which will take effect from 3 March, and the company has been taking steps for the recovery of sums due under the agreement,” Verditek said on Monday.

At 1513 GMT, shares in Verditek were down 18.62% at 0.59p.

Reporting by Josh White for Sharecast.com.