On 20 December 2019, Nanoco Group PLC (LON:NANO) announced that it had engaged with multiple interested parties as part of a formal sale process, as referred to in Note 2 on Rule 6 of the City Code on Takeovers and Mergers, and that certain of those parties were being invited to enter into further due diligence and detailed discussions about the sale of the Company.
Nanoco confirms that it has not to date received any firm proposals that, in light of the current market environment, it believes would lead to an offer for the Company from such parties and discussions with certain of them have now been terminated. The Company is continuing to engage with a number of parties to establish whether they are prepared to make such a proposal.
Further announcements regarding timings of subsequent steps for the formal sale process will be made as appropriate. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
As announced in February, Nanoco is pursuing a patent infringement lawsuit against Samsung. In addition, the Board continues to review all the strategic options available to the Company as part of the Group’s strategic review, including possible sources of additional funding for the Company which include some short term commercial opportunities, with contingency plans in place if needed.
As previously communicated, the Panel on Takeovers and Mergers (the “Takeover Panel”) has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) as a result of this announcement and any interested party participating in the formal sale process will not be subject to the 28-day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process.
The Board of Nanoco reserves the right to alter or terminate the formal sale process at any time and if it does so it will make an announcement as appropriate. The Board of Nanoco also reserves the right to reject any approach or terminate discussions with any interested party at any time (without liability to any person).
