REG - Nanoco Group PLC - Appointment of CEO and Notice of Results

NanocoAnnouncement

22/10/2024 07:00

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RNS Number : 0306J  Nanoco Group PLC  22 October 2024

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 revenue(1) and earnings(2) 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:                                                                                                                                                                                         +44 (0)1928 761 404

 Christopher Richards, Non-Executive Chairman

 Liam Gray, CFO & Company Secretary
 Cavendish Capital Markets Limited (Financial Adviser & Corporate Broker):                                                                                                                                 +44 (0) 20 7220 0500

 Ed Frisby / George Lawson (Corporate Finance)

 Tim Redfern / Charlie Combe (Corporate Broking)

 Jasper Berry (Sales)
 Sodali & Co (Public                                                                                                                                                                                        +44 (0)79 3535 1934
 Relations):

 Elly Williamson

 Pete Lambie

 Nanoco@sodali.com (mailto:Nanoco@sodali.com)

 

 

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
(http://www.nanocotechnologies.com/)

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