Nanoco Group 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 Intellectual Property.
The Runcorn-based group has received a net sum of $71.75m, being $75m 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. The funds will be converted at this rate and generate a sterling receipt of £58.8m. This represents a gain of £2.1m compared with the current exchange rate for USD.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging.
