TIDMNANO
RNS Number : 0156M
Nanoco Group PLC
09 January 2023
FOR IMMEDIATE RELEASE 9 January 2023
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 AMENDED BY THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
Nanoco Group PLC
( " Nanoco", the " Group", or the " Company")
Litigation Settlement Update
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, provides a
further update on its proposed settlement with Samsung.
Nanoco announced on 6 January 2023 that a term sheet for a no
fault settlement of the litigation had been agreed between Nanoco
and Samsung (the "Parties"). The Parties have 30 days from that
date to agree the full terms of a final settlement agreement and
therefore jointly requested a stay to the trial that was scheduled
to commence on 6 January. Following the announcement, the Judge in
the case agreed to that joint motion for a 30 day stay just before
midnight (GMT) on Friday 6 January.
The settlement process requires further negotiations and
continues to operate within the control of the US judicial system,
and hence the outcome of the litigation, its settlement, and timing
are not wholly within the control of the Parties. As a result of
these factors, the value and terms of any final agreement are not
yet certain.
Details of the terms sheet and of any final agreement with
Samsung are covered by a confidentiality agreement to protect the
commercial interests of both Parties during the ongoing
negotiations.
In evaluating the settlement offer and concluding that it
provides a fair outcome for the Company and its shareholders, the
Board, having consulted with its advisers in the litigation, took
into account the following considerations:
-- The gross settlement value should be expected to be towards
the lower end of the range of expectations for a successful jury
trial outcome as previously guided by the Company.
-- A settlement removes the risks of the litigation process,
potential appeal processes of the trial and the ongoing appeal of
the Patent Trial and Appeal Board decisions, further litigation
costs, and the time value of money.
-- Historical precedent shows that any final agreement is likely
to be a one off payment, with no forward royalties, for the full
and final settlement of all current and future patent litigation
between the Parties in all jurisdictions (colloquially referred to
as "patent peace").
The Company expects to issue a further update on the final
agreement following the completion of the further negotiations
between the Parties.
Christopher Richards, Non-Executive Chairman of Nanoco,
said:
"The Board, having taken extensive advice from its advisers in
the case, has concluded that the draft settlement offer provides a
reasonable and immediate fair value for the litigation. The draft
settlement accounts for both the potential downside risks of a jury
trial, followed by what would likely be very protracted appeal
processes, as well as the considerable adverse impact of further
litigation costs and funding, and on the time value of money in a
rising interest rate environment. Whilst there is still a degree of
uncertainty around the final settlement agreement, we are working
with Samsung to finalise the detailed agreement within the allowed
30 day period and look forward to updating shareholders further in
due course."
Brian Tenner, Chief Executive Officer of Nanoco, said:
"A settlement provides certainty to all our stakeholders and
further reinforces our confidence in the validity and
enforceability of the Group's global patent portfolio.
"I am more confident than ever about Nanoco's future prospects.
A settlement provides a firm financial underpinning to focus on our
organic business, which has made significant progress over the last
three years. It also demonstrates the Company's willingness to
vigorously defend our global IP portfolio against any potentially
infringing parties in the wider market."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO
+44 (0)1928 761 404
Liam Gray, CFO & Company Secretary
Peel Hunt (Joint Corporate Broker):
Paul Gillam +44 (0) 20 7418 8900
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP : +44 (0) 203 128 8100
Reg Hoare
Pete Lambie
nanoco@mhpgroup.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 Runcorn, 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.
visit: www.nanocotechnologies.com .
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END
MSCFFFVILAITIIV
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January 09, 2023 02:00 ET (07:00 GMT)
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