REG - Nanoco Group PLC - Receipt of General Meeting Requisition Notice

NanocoAnnouncement

28/10/2024 07:00

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RNS Number : 7739J  Nanoco Group PLC  28 October 2024

FOR IMMEDIATE RELEASE

 

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 General Meeting Requisition Notice

Nanoco Group plc (LSE: NANO) announces the receipt of a notice from the
Milkwood Fund ("Milkwood"), on behalf of 5.6% of the voting rights of the
Company (the "Requisitioner"), to requisition a general meeting ("GM") of the
Company under section 303 of the Companies Act 2006 (the "Notice").

The Board is in the process of reviewing the content and validity of the
Notice with its advisers and will make a further announcement in due course.
Shareholders are urged to take no action in the meantime.

 

The Notice proposes two separate resolutions for the respective appointments
of Mr Rhys Summerton and Mr Andre Tonkin to the Board of Nanoco Group plc, Mr
Summerton being a Director of Milkwood, and Mr Tonkin being an employee of
Milkwood. The Notice does not provide any details as to the background of
these individuals nor as to the contribution that they might make to the
Company.

 

The Notice provides no information as to  Milkwood's reasons for taking this
action. Mr Summerton, on behalf of Milkwood, has previously in dialogue
indicated to the Board the intention to acquire a significant stake in the
Company, divest its assets, and convert the Company into an investment
company, utilising its cash and listing.

 

The Board reminds shareholders of the recent announcements that:

 

-     the Company has appointed a new CEO with a track record in driving
shareholder value in leading materials sciences based businesses in order to
lead the Company and its business into the future, whatever that might be; and

-     the operating cost base of the Company has been significantly
rationalised to fit its current circumstances, without compromising its
potential and its inherent value; and

-     expert advisers have been appointed to review at pace the options
for the ownership of the Company's trading business and IP assets in which the
Board is confident that there is considerable inherent value; and

-     the Board has also taken steps to reduce the cash cost of the Board,
without compromising corporate governance standards and plans to reduce the
size of the Board during FY25; and

-     the Board believes that any surplus cash reserves should be returned
to shareholders, rather than being retained for any purpose. The Company
intends to make a further  announcement on this following the release of the
FY24 report and accounts.

The Board is confident that pursuing this combination of strategic objectives
is in the best interests of shareholders as a whole.

For further information, please contact:

 

 Nanoco Group plc:                                                                                                                   +44 (0)1928 761 404

 Christopher Richards, Non-Executive Chairman

 Dmitry Shashkov, CEO

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

 Ed Frisby / Henrik Persson / 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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