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| Date | 24 Jul 2023 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 8773G |
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 £33 million and £40 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 £20 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
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™ 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® 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.