REG - Nanoco Group PLC - Receipt of Final Litigation Proceeds

NanocoAnnouncement

24/01/2024 07:15

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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 / £1.00. The funds will be converted at this rate and generate
a sterling receipt of £58.8m. This represents a gain of £2.1m 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 £33.0m and £40.0m 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®) 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® 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.

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