REG - Nanoco Group PLC - High Court Confirmation of Capital Reduction

NanocoAnnouncement

24/07/2023 07:00

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RNS Number : 8773G  Nanoco Group PLC  24 July 2023

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 (http://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

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 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.

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