Nanosynth Group plc (LON:NNN) has announced that it has agreed to return control of Cloudveil Limited, a wholly owned subsidiary of the Company, to Cloudveil’s founder, Antony Hugo Gillum-Webb, by transferring the Company’s shares in Cloudveil to the Founder for nominal consideration, effective immediately.
The Disposal is in line with the Board’s strategy which is to focus on the synthesis and application of the Company’s core capabilities and has been strengthened by the appointment of Mark Duffin as CEO in September 2021. The Disposal follows the Board’s decision earlier this year to reduce its holding in Gyrometric Systems Limited, as approved by shareholders in August 2021, and following this the Group will have two wholly owned subsidiaries, being Pharm 2 Farm Ltd and nanosynth Ltd.
The Board also announces that following the Gyrometric transaction, John Richardson has resigned from the Board as an executive director, effective immediately, to focus on product management activities within P2F, the Company’s main subsidiary.
Antony Hugo Gillum-Webb is also a director of Cloudveil and as a result, the Disposal is considered to be a related party transaction in accordance with Rule 13 of the AIM Rules for Companies. Accordingly, the Directors of nanosynth, being Mark Duffin, Antony Legge, Richard Clarke, Dr Felicity Sartain and Dr Gareth Cave, having consulted with the Company’s nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the Disposal are fair and reasonable insofar as the Company’s shareholders are concerned.
Antony Legge, Chairman of nanosynth, said: “The disposals of Gyrometric and Cloudveil are the last steps in our refocussing strategy. With the opportunities available to us, it is vital our management and financial resources are concentrated on realising returns for shareholders by exploiting our strong position within the nano-particle sector.”
