Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, has announced 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.
