Nanoco has announced its intention to return £33–40m of the funds won through the settlement with Samsung to shareholders, retaining £20m to execute its growth and intellectual property (IP) licensing strategy. Management expects to start this programme after it has received the second $75m tranche in February 2024 from the Samsung litigation. Operationally, multiple end-customer trials via Nanoco’s major partner are ongoing and it is seeing renewed interest from the display market. The group also intends to seek further value from its IP portfolio, having identified a number of other potentially infringing third parties.
Proposed capital reduction
Nanoco is proposing a capital reduction to facilitate cash returns of £33m and £40m to shareholders as it currently lacks the distributable reserves to pay a dividend or buy back shares. Two resolutions are being tabled at the AGM to receive shareholder approval to facilitate this. The method of returning cash to shareholders has yet to be determined but it will take place once the company receives its second tranche of $75m from Samsung in February 2024.
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.
