TIDMNANO
RNS Number : 6851A
Nanoco Group PLC
24 January 2024
FOR IMMEDIATE RELEASE 24 January 2024
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")
Receipt of Final Litigation Proceeds
Proposals for Return of Capital to follow
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials emanating from its technology platform, today
announces that it has received the second tranche of litigation
proceeds from Samsung after settling last year on a no fault basis
for the alleged infringement of the Group's IP.
The Group has received a net sum of $71.75m, being $75.0m less
the expected Korean withholding tax, which amounted to $3.25m. The
Korean withholding tax is available to offset Nanoco's future
profits in the UK.
The Group previously announced the hedging of this tranche of
proceeds at a rate of $1.22 / GBP1.00. The funds will be converted
at this rate and generate a sterling receipt of GBP58.8m. This
represents a gain of GBP2.1m compared to the current exchange rate
for USD.
The Group is finalising its proposals for the amount and
structure of the return of capital which can now go ahead following
this receipt of the second tranche of litigation proceeds. The
Group expects to update shareholders shortly on the final proposals
which will be in line with the previously announced commitment to
return between GBP33.0m and GBP40.0m to shareholders.
As previously communicated, the remaining proceeds will be
invested in R&D and commercial activities to expand our range
of high-performing materials, developing new materials with
enhanced performance, as well as expanding our reach, a proactive
IP licensing programme, payment of debt obligations, and to provide
working capital through to the self-financing position that is
expected during 2025.
Brian Tenner, Nanoco's CEO, commented:
"With receipt of these proceeds we can now finalise our plans
for the significant return of capital to shareholders. The proceeds
will also ensure that our commercial business is properly funded to
take advantage of the growing commercial traction and development
opportunities for our innovative platform technology."
- Ends -
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Company
Secretary.
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.
For further information, please contact:
Nanoco Group plc :
Brian Tenner, CEO
+44 (0)1928 761 404
Liam Gray, CFO & Company Secretary
Cavendish Capital Markets Limited (Financial Adviser & Joint
Corporate Broker):
Ed Frisby / George Lawson (Corporate Finance) +44 (0) 20 7220
0500
Tim Redfern / Charlie Combe (Corporate Broking)
Jasper Berry (Sales)
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker
+44 (0) 20 3657 0050
James Pope
Powerscourt
+44 (0)7970 246 725
Elly Williamson
Ollie Simmonds
Nanoco@powerscourt-group.com
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.
About Nanoco Group plc
Nanoco (LSE: NANO) is a nano-material production and licensing
company, specialising in the production of its patented cadmium
free quantum dots (CFQD(R)) and other patented nano-materials for
use in the electronics industries.
Founded in 2001 and headquartered in Runcorn, UK, Nanoco
continues to build out a world-class, patent-protected IP portfolio
alongside the scaling of the production for commercial orders.
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. 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 Sensor, Electronics and Display
markets. 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 display applications.
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 cameras and image
sensors.
Nanoco is listed on the Main Market of the London Stock
Exchange, holds the LSE's Green Economy Mark, and trades under the
ticker symbol NANO. For further information please visit:
www.nanocotechnologies.com.
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END
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January 24, 2024 02:00 ET (07:00 GMT)
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