Verditek no longer exclusive supplier to Bradclad joint venture

Verditek updated the market on its relationship with Bradclad on Wednesday, reporting that it was no longer the exclusive supplier of lightweight solar panels to the latter’s joint venture.

The AIM-traded firm had set out its role as the exclusive supplier of such panels to the new joint venture between Bradclad Group and Protan in June.

It said on Wednesday that it had been made aware that Bradclad was engaging with another manufacturer in respect of the SolarBond product.

“Therefore, Verditek can no longer be considered the exclusive supplier as stated in the announcement,” the board said in its statement.

“Moreover, since the announcement, Verditek has not received any further orders in respect of this distribution agreement and there can be no guarantee of any additional orders being received for the other 14 holiday parks referred to in the announcement.

“The company will provide further updates, if appropriate, in relation to the future of the relationship with Bradclad.”

At 1239 BST, shares in Verditek were down 40.56% at 1.07p.

Reporting by Josh White at Sharecast.com.