For immediate
release
Nanoco Group
PLC
("Nanoco", the "Group", or the "Company")
Appointment of Chief
Executive Officer
&
Notice of
Results
Appointment of Chief Executive Officer
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, is pleased to announce the appointment of
Dmitry Shashkov as Chief Executive Officer with immediate
effect.
Dmitry will succeed Brian Tenner
who, as announced on 25 July 2024, will step down from the Board
but remain with the Company during a period of handover and
assistance as the Company continues to work with advisers to assess
ownership options for the trading business and assets.
Dmitry
has an outstanding track record as a leader of technology
companies. He has over 20 years of experience managing businesses
in the electronics and biomedical fields, with technical expertise
in metals and other advanced materials as well as significant
exposure to semiconductors, flat panel displays (FPD), Photovoltaic
(PV), Light Emitting Diode (LED), and medical device
industries.
Most recently, Dmitry was the CEO of
CPS Group of companies (later part of Exyte) from 2020 to 2024,
which was focused on high-tech equipment for semiconductors and
life science facilities. Under his leadership, the revenues of the
business tripled and the profitability increased four-fold, before
it was successfully sold to a strategic investor.
Prior to joining CPS Group, Dmitry
led three high-tech businesses in his capacity as President and CEO
of Exogenesis (a nanotechnology startup developing medical device
and semiconductor technology), President and CEO of HC Starck Inc.
(a world leading supplier of refractory metals to numerous
industries) and Business Director at Honeywell (a leading supplier
of electronic materials).
Originally trained in physics and
materials science, Dmitry started his career with management
consultancy McKinsey and Company, where he advised clients in the
pharmaceutical, chemical, and telecommunications industries on
topics ranging from growth strategy through to manufacturing and
supply chain operations.
Dmitry holds a Ph.D. in Materials
Science and Engineering from Northwestern University and a B.S. /
M.S.E. degree in Physics of Metals from the Moscow Institute of
Steel and Alloys. He is a board member of QuesTek Innovations LLC,
the inventor of Integrated Computational Materials Design (ICMD)
technology.
Chris Richards, Non-Executive Chairman of Nanoco,
said:
"Dmitry's proven track record in leading materials
science-based businesses, driving shareholder value through
transformational business development, make him the ideal candidate
to take Nanoco forward. We look forward to working with
Dmitry both to develop the commercial opportunities and to pursue
potential strategic options for our trading business, as outlined
in our announcement on 3 October. We are certain that this
appointment is additive to the attractions of the
Company.
"At the same time, I would like to thank Brian Tenner on
behalf of the Board for his significant efforts during his tenure,
notably the settlement of the litigation with Samsung and working
to secure the Company's first ever commercial order. We are glad
that he and his expertise and experience will remain available to
us in ensuring an orderly handover to Dmitry, and in assisting
advisers with respect to the corporate options available to
us."
Dmitry Shashkov said:
"I
am truly excited to join the Nanoco team. I was impressed with
Nanoco's technology, high-volume manufacturing capabilities, as
well as the breadth and depth of their IP. More importantly, in my
initial interactions with Nanoco employees I saw great desire to
succeed and great energy to make things happen. Likewise, I saw
Nanoco's Board highly committed to maximizing shareholder value and
highly supportive in developing a new direction for the Company. I
am looking forward to working with the Nanoco team and Board to
move the company forward"
Nanoco confirms that there are no
matters in relation to Dmitry Shashkov's appointment to be
disclosed pursuant to the requirements of UKLR 6.4.8R.
Notice of Results
The Group now expects to announce
its results for the year ended 31 July 2024 on 20 November 2024.
This revised date is later than previously notified and is due to
ongoing work to complete the necessary disclosures in the annual
report and accounts which have arisen due to: the previously
announced end of contract with the European customer; the Board's
review of the Group's strategy as announced on 3 October 2024, and
the announcement today of Dmitry as the new CEO.
For the avoidance of doubt these
events are not expected to affect Nanoco's FY24 consolidated
financial statements, and the Company confirms that it continues to
expect to report FY24 revenue1 and
earnings2 in line with consensus forecasts, and
cash reserves as at 31 July 2024 of £20.3m.
1 The consensus revenue forecast for
FY24 is £7.9m, being the average of forecasts from Cavendish and
Edison.
2 The consensus adjusted EBITDA
forecast for FY24 is £0.6m, being the average of forecasts from
Cavendish and Edison.
For
further information, please contact:
|
Nanoco Group plc:
Christopher Richards, Non-Executive
Chairman
Liam Gray, CFO & Company
Secretary
|
+44 (0)1928 761 404
|
|
Cavendish Capital Markets Limited (Financial Adviser &
Corporate Broker):
Ed Frisby / George Lawson (Corporate
Finance)
Tim Redfern / Charlie Combe
(Corporate Broking)
Jasper Berry (Sales)
|
+44 (0) 20 7220 0500
|
|
Sodali & Co (Public
Relations):
Elly Williamson
Pete Lambie
Nanoco@sodali.com
|
+44 (0)79 3535 1934
|
About Nanoco Group plc
Nanoco (LSE: NANO) is a nanomaterial
production and licensing company, specialising in the production of
its patented cadmium free quantum dots (CFQD®) and other patented
nanomaterials 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 its existing scaled up
production facilities for commercial orders.
Nanomaterials are materials with
dimensions typically in the range 1 - 100 nm. Nanomaterials have a
range of useful properties, including optical and electronic.
Quantum dots are a subclass of nanomaterial 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® 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™ 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