An engineering group in talks to acquire stricken graphene specialist Versarien plc has undergone leadership changes.
After Versarien served a notice of intention to appoint Leonard Curtis as administrators last week, fellow listed firm Time To ACT confirmed that it was in talks.
Time to ACT had agreed a provisional £200,000 takeover deal in October which would have seen it take on responsibility for an Innovate UK loan of £5.7 million. However that deal fell through.
Trading in Versarien’s shares has been suspended, while non-executive directors Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen resigned.
Now Time To ACT says Chris Heminway, currently executive chairman, has assumed the combined role of CEO and chief strategy officer with immediate effect.
Jeremy Earnshaw, currently a non-executive director, has become non-exec chair.
The firm said the revised structure will support good governance as well as its operational and strategic objectives.
“In transitioning into the management role… I can focus my time and commitment on working even more closely with my executive team colleagues Gary Wallace (CFO) and Jason Moody (COO) and implementing our strategy to increase scale in our chosen markets and building our portfolio of high-quality engineering assets,” said Heminway.
Time to ACT, based in Stockton-on-Tees, is an engineering-led group focused on technology for the energy transition supply chain.
It currently has two principal operating businesses. Diffusion Alloys supplies diffusion coatings – an intermetallic layer that protects metal components from degradation at high temperatures and in highly corrosive environments, such as those found in hydrogen and nuclear energy generation.
GreenSpur is an intellectual property creator and generator designer that claims to have developed a credible solution for renewable energy applications to the ‘Rare Earth magnet problem’.
Magnets constructed using Rare Earth Elements (REEs) are fundamental components in electrical generators and electric vehicle motors which are critical to delivering the clean energy transition. However, there are substantial supply chain constraints and risks in the sourcing of REEs that are needed for these magnets.
GreenSpur says its generator design eliminates the need for Rare Earth magnets and copper coils without any loss in electrical performance.
Earnshaw added: “Since I joined the Time To ACT plc Board earlier in 2025, I have been extremely impressed by the commitment of all of my colleagues throughout the organisation to delivering upon our strategy.
“Equally, I have observed first-hand how committed the board is to upholding high standards of corporate governance, and to ensuring continuing proactive engagement with all shareholders.
“Time To ACT plc has a real opportunity to embed strategy, expertise and hands-on support into the businesses shaping our clean energy future, and I am committed to working with all of our investors and shareholders to deliver on our objectives.”