TIDMNANO
RNS Number : 4028L
Nanoco Group PLC
30 April 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
30 April 2020
FOR IMMEDIATE RELEASE
Nanoco Group PLC
Termination of Formal Sale Process
On 5 November 2019, Nanoco ("Nanoco", the "Company" or the
"Group") announced that it was undertaking a review of all the
strategic options for the Company (the "Strategic Review"),
including, but not limited to, a potential sale of the Company
through a formal sale process, as referred to in Note 2 on Rule 2.6
of the City Code on Takeovers and Mergers (the "Code").
On 4 March 2020, after having previously invited certain parties
to engage in due diligence and detailed discussions about the sale
of the Company, Nanoco announced that it had not to date received
any firm proposals that it believed would lead to an offer for the
Company. Since then, Nanoco has continued to engage with a number
of parties to establish whether they are prepared to make a firm
proposal.
However, over the past few weeks, the disruption caused by
Covid-19 has escalated rapidly, impacting businesses in the UK and
around the globe in an unprecedented manner and leading to
exceptional market volatility. The economic climate remains highly
uncertain.
As a result, the Board has concluded that it is unlikely that
the formal sale process will produce an attractive outcome in such
environment. The Board has therefore decided to terminate the
formal sale process and confirms it is no longer in active
discussions with any interested parties.
As announced in February, Nanoco is pursuing a patent
infringement lawsuit against Samsung and is now in advanced stages
of securing third-party funding for the litigation. Nanoco also
continues to explore commercial opportunities, with purchase orders
having been placed for existing and new materials for sensing
applications and a new joint development for R&D services being
currently documented with an existing customer. In response to
Covid-19, management has taken action to reduce costs and maximise
its cash resources while preserving its production and R&D
capabilities. The Group's cash runway now extends to the second
quarter of 2021. The Board continues to review all the strategic
options available to the Company, including possible sources of
additional funding for the Company, with contingency plans in place
if needed.
Following this announcement, the Company is no longer considered
to be in an offer period, as defined in the Code, and the
requirement to make disclosures under Rule 8 of the Code has now
ceased.
Further announcements will be made as appropriate.
For further information, please contact:
Nanoco Group PLC
Michael Edelman, Chief Executive
Officer
Brian Tenner, Chief Financial
Officer
Caroline Watson, Investor Relations
Manager +44 (0)161 603 7900
Evercore (Financial Adviser to
Nanoco )
Tom Stokes
Edward Banks +1 (0)212 857 3100
Wladimir Wallaert +44 (0)20 7653 6000
Peel Hunt (Corporate Broker to +44 (0)20 7418
Nanoco ) 8900
Edward Knight
Nick Prowting
MHP Communications +44 (0)20 3128 8570
Reg Hoare nanoco@mhpc.com
Giles Robinson
Pete Lambie
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Brian Tenner, Chief Financial
Officer.
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement), oral statements made regarding the
formal sale process, 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.
Notes for editors:
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. 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 and Electronics markets. One of the interesting properties
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(R) 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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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