TIDMNANO
RNS Number : 1726O
Nanoco Group PLC
08 June 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
AUSTRALIA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE
IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR,
OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN NANOCO GROUP PLC
OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT
NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE
RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF
NANOCO GROUP PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE
SAME HAS BEEN RETAINED IN UK LAW AS AMED BY THE MARKET ABUSE
(AMMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
8 June 2022
FOR IMMEDIATE RELEASE
Nanoco Group plc
("Nanoco", the "Company" or the " Group")
Results of Fundraise - significantly over-subscribed
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from its technology platform, today
announces the results of the fund raising (the "Fundraise") that
took place between 6 and 7 June 2022. The Fundraise was made up of
a Placing, Subscription and a Broker Option.
On 6 June 2022, the Company announced that it had raised
GBP2.25m from a Placing and a Subscription for new shares at a
price of 37 pence per share. A Broker Option opened at that time on
the same terms and this closed at 5:00pm on 7 June 2022. The
Company had indicated that the maximum number of shares to be
issued would be 5% of the issued share capital immediately prior to
the Fundraise (approximately GBP5.65m in total with a maximum of
GBP3.40m from the Broker Option).
The Broker Option was very significantly over-subscribed. The
Company has taken efforts to protect the participation requests
from smaller retail investors and many of these will either not be
scaled back or only modestly so. The balance of other participation
requests have been scaled back after consultation with the
Company's Joint Broker, Turner Pope Investments.
The total amount raised in the Fundraise, after scaling back
over-subscriptions, amounts to GBP5.65m before costs of
approximately GBP0.25m. FY22 year end cash is therefore expected to
be between GBP7.0m and GBP7.5m. The additional funding from the
Broker Option extends the Company's cash runway into CY25, well
beyond the point that the Company expects the organic business to
be profitable and cash generative. The significant value inflection
point in the Samsung IP litigation trial, now due in September
2022, was already covered by the Placing and Subscription. The cash
runway now extends even further and beyond the expected outcome of
Samsung's appeals against the decisions in Nanoco's favour by the
Patent Trial and Appeal Board on the validity of all 47 of Nanoco's
claims in the litigation.
Brian Tenner, Chief Executive Officer of Nanoco Group said:
"We are delighted with the level of support from our existing
shareholders and new investors. By consistently delivering on
anticipated milestones, we continue steady progress towards our
goal of creating a fully-fledged, self-financing organic business.
We continue our work in parallel to realise fair value for the
Company and its shareholders from the patent litigation against
Samsung.
"The Fundraise gives us a very solid platform to achieve both of
these goals. While we will maintain our discipline in focusing on
near term value creation opportunities and cost management, the
Fundraise, combined with the new major work package with our
European Customer, provides a much more stable environment for
managing the business and retaining our team of highly skilled
personnel.
"The strength of demand in the Fundraise is also a very clear
message of support for the Company in its IP litigation. As
announced on 7 June 2022, Samsung's attempt to delay the trial for
a second time has failed and we welcome the new trial date now set
for September 2022, at the earlier end of our expectations. A
robust balance sheet in the run up to the trial in Texas
significantly strengthens our position opposite Samsung and any
efforts to draw out the process through judicial appeals.
"The over-subscribed Fundraise has been a fitting close to a
very successful H1 CY22. The next six months should bring two
further opportunities for significant steps forward in the organic
business and the IP litigation. The Nanoco team are absolutely
focused on delivering against both of those and creating value for
all of our stakeholders."
More details of the fund raise
The total number of new shares to be issued is 15,284,340 new
Ordinary Shares at 37.0 pence per Ordinary Share. Applications have
been made to the FCA for the 15,284,340 new Ordinary Shares issued
pursuant to the Fundraise to be admitted to the premium segment of
the Official List and to the London Stock Exchange for the new
Ordinary Shares to be admitted to trading on its main market for
listed securities. Admission is expected to become effective, and
dealings in the new Ordinary Shares are expected to commence, at
8.00 a.m. on 13 June 2022. Following Admission, the new Ordinary
Shares will rank pari passu in all respects with the existing
Ordinary Shares.
On Admission, the Company's issued share capital will comprise
322,445,744 Ordinary Shares, of which 12,222 were previously held
in treasury and remain so. Each Ordinary Share carries the right to
one vote and, therefore, the total number of voting rights in the
Company on Admission will be 321,433,522. This figure may be used
by Shareholders and other investors as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
== End ==
All references to time in this document are to London time,
unless otherwise stated.
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO +44 (0) 161 603 7900
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
Peel Hunt LLP (Joint Corporate Broker):
Edward Knight +44 (0) 20 7418 8900
James Smith
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Pete Lambie
Charlie Protheroe
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Chief Financial
Officer.
MAR
The information contained within this announcement is considered
by the Company to contain inside information for the purposes of UK
MAR. Upon the publication of this announcement via a Regulatory
Information Service, this inside information will be considered to
be in the public domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words " targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots and other
nano-materials. Within the sphere of quantum dots, the Group
exploits different characteristics of the quantum dots to target
different performance criteria that are attractive to specific
markets or end-user applications such as the Display, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property of quantum
dots is photoluminescence: the emission of longer wavelength light
upon excitation by light of a shorter wavelength. The colour of
light emitted depends on the particle size. Nanoco's CFQD(R)
quantum dots are free of cadmium and other toxic heavy metals, and
can be tuned to emit light at different wavelengths across the
visible and infrared spectrum, rendering them useful for a wide
range of applications including displays, lighting and biological
imaging.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco
continues to build out a world-class, patent-protected IP portfolio
generated both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com.
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END
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