Nanoco is to use £33m from the proceeds from its successful litigation against Samsung to buy up its own shares.
Nanoco’s board is to conduct a Tender Offer to return up to £30m to shareholders and return a further £3m by way of an on-market share buyback.
The Tender Offer is being made at a fixed price of 24 pence per Ordinary Share, a 25.1% premium on Friday’s closing price (8 March 2024) closing price.
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.