TIDMNANO
RNS Number : 8773G
Nanoco Group PLC
24 July 2023
24 July 2023
NANOCO GROUP PLC
("Nanoco", the "Company" or the "Group")
High Court Confirmation of Capital Reduction
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, announces the
confirmation by the High Court of the Capital Reduction.
On 7 July 2023, Resolutions for the Capital Reduction were
approved by 99.8% of shareholders voting at the General Meeting
held that day.
The Company is now pleased to announce that on 18 July 2023 the
High Court of England and Wales sanctioned the cancellation of the
amount standing to the credit of the Company's share premium
reserve and the capital redemption reserve (the "Capital
Reduction"). The Court order confirming the Capital Reduction, and
a statement of capital approved by the Court in connection
therewith, were sent to the Registrar of Companies who have now
published on their website that the documents have been received
and are being processed. The Capital Reduction will become fully
effective upon the registration of these documents by the Registrar
of Companies in the next ten days.
The purpose of the Capital Reduction is to create distributable
reserves as described in the Circular and in accordance with the
Company's Articles of Association.
The Capital Reduction will facilitate the previously announced
return of capital to Shareholders of between GBP33 million and
GBP40 million (or approximately 10 pence to 12 pence per share)
using the second tranche of the proceeds of the Samsung litigation
($75 million) which is expected to be received during February
2024. No decision has yet been taken as to the method of any such
return of capital.
As set out in the Circular, Nanoco also intends to retain
approximately GBP20 million of cash (following the return to
shareholders) to support near term commercial production
opportunities, continuing R&D work on new materials, a
proactive IP licensing programme, and to make Nanoco debt free and
self-funded through to the self-financing position that is expected
to be achieved during 2025.
- Ends -
A copy of the Circular is available on the Company's website at
www.nanocotechnologies.com .
This summary should be read in conjunction with the full text of
the Circular. Capitalised terms used but not defined in this
announcement will have the same meaning given to them in the
Circular.
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.
For further information, please contact:
Nanoco Group PLC :
+44 (0) 1928 761 404
Brian Tenner, CEO
Liam Gray, CFO & Company Secretary
Peel Hunt (Joint Corporate Broker): +44 (0) 20 7418 8900
Paul Gillam
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP :
+44 (0) 20 3128 8990
Reg Hoare
Matthew Taylor
Christian Harte
nanoco@mhpgroup.com
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.
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END
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