REG - Nanoco Group PLC - Foreign Currency Hedge of Litigation Settlement

NanocoAnnouncement

03/10/2023 16:45

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RNS Number : 5734O  Nanoco Group PLC  03 October 2023

FOR IMMEDIATE
RELEASE
                                3 October 2023

 

Nanoco Group PLC

("Nanoco, the "Group", or the "Company")

 

Foreign Currency Hedge of Second Tranche of Litigation Settlement

 

Further to the announcement on 3 February 2023, 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 that it has signed an agreement to hedge the second
tranche of litigation proceeds due to be received in February 2024. This
secures a rate equivalent to the rate on settlement signing date.

The hedge means that Nanoco will receive £58.8m in return for selling
$71.75m, which is the net receipt from the second tranche of litigation
proceeds ($75m less withholding tax $3.25m). The hedge has no deposit and no
margin collateral.

The hedge has a translation rate of GBP1:USD1.22, which is in line with the
rate ruling on the day that the litigation settlement was signed.

Brian Tenner, Nanoco's CEO, commented:

"This hedge removes any uncertainty around the net GBP cash flows to Nanoco.
Given the volatility around the foreign exchange markets, we felt this was an
important step to take when the opportunity arose to secure a rate equivalent
to the rate on settlement signing date. This significantly de-risks the return
of capital to shareholders, which is expected to take place after the second
tranche of proceeds is received by the company."

- Ends -

For further information, please contact:

Nanoco Group PLC:

Brian Tenner,
CEO
+44 (0) 1928 761 422

Liam Gray, CFO & Company
Secretary

 

Peel Hunt (Joint Corporate Broker):

Paul
Gillam
+44 (0) 20 7418 8900

Richard Chambers

James Smith

 

Turner Pope Investments (Joint Corporate Broker):

Andrew
Thacker
+44 (0) 20 3657 0050

James Pope

 

MHP
Communications:

Reg
Hoare
+44 (0) 20 3128 8793

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™ 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 Manchester, 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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