Nanoco has started moves to redistribute up to £40m of funds to its shareholders.
The University of Manchester spin-out, which develops materials used in the manufacture of monitors and TV screens, achieved a $150m payout from South Korean electronics giant Samsung in February, which was criticised in some quarters as below forecasts. Nanoco will retain around $90m after litigation costs.
Today (June 20), the Runcorn-based company, posted details of a Proposed Capital Reduction to create distributable reserves to facilitate future returns to shareholders.
The company is currently restricted from returning capital to its shareholders as it does not have distributable reserves.
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.