TIDMNANO
RNS Number : 6839N
Nanoco Group PLC
06 June 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
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IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT.
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CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 June 2022
FOR IMMEDIATE RELEASE
Nanoco Group plc
("Nanoco", the " Company" or the " Group")
Trading Update &
Proposed Fundraise to raise GBP2.25 million by way of a Placing
and Subscription
Additional Broker Option to enable broader retail participation
in the Fundraise
Appointment of Joint Corporate Broker
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from its technology platform, today
announces a trading update and a placing (the "Placing") and
subscription (the "Subscription") in respect of, in aggregate,
6,081,081 new ordinary shares of 10.0 pence each in the Company
("Ordinary Shares") ("New Ordinary Shares"), at a price of 37 pence
per New Ordinary Share ("Issue Price"), to raise GBP2.25 million
before expenses. A Broker Option (as defined below) has been put in
place to allow new and existing shareholders who are qualifying
investors to participate on the same terms as the Placing and the
Subscription. Further details of the Placing, the Subscription and
the Broker Option (together the "Fundraise") are set out below. The
total Fundraise will not exceed the equivalent of approximately
5.0% of the Company's issued share capital immediately prior to the
Fundraise.
Overview
-- Significant trading progress has been made in terms of order
book growth, new contract momentum and cost management.
-- The Board remains very confident in the strength of the
Company's case in the litigation against Samsung and in an outcome
that is transformational for Nanoco's prospects and shareholder
value.
-- The net proceeds of the Fundraise will extend the Company's
cash runway into CY24 - past the key strategic milestones which are
expected to be delivered in the short term, namely visibility of
commercial production orders and the outcome of the Samsung
litigation trial in Texas. The Fundraise will also support Nanoco's
core IP assets and its ongoing business operations.
Trading Update
New contract with existing major European electronics customer
underpins revenue expectations for FY22 and FY23
-- Today's separate announcement of a full year service contract
with our major European electronics customer (the 'New Contract')
more than doubles the Group's order book year-on-year.
-- As a result of the New Contract, the Board now expects
revenue for FY22 to be ahead of its previous expectations.
-- The New Contract:
-- underpins FY23 revenue at least in line with FY22 as well as
creating favourable working capital terms to fund a raw material
stock build ahead of potential production order visibility in H2
CY22;
-- adds an additional new material to the Group's range and
emphasises the long term nature of the Group's development and
production relationship with this significant customer; and
-- covers a period of one year to May 2023 during which the
Company expects to have visibility of commercial production
orders.
Continued progress in organic business and growth
-- New orders in Q3 FY22 from the major Asian electronics
customer for additional development material, with additional
development work packages, are at an advanced stage of
discussion.
-- Tight cost management and agreement of terms to exit the
surplus facility in Manchester will reduce the Company's annualised
cash cost base by around 15% by January 2023 compared to
expectations for FY22, from around GBP4.8 million to around GBP4.0
million, resulting in a cash break even revenue figure of around
GBP5.0 million.
-- With the benefit of the Fundraise and the firm cash flows in
the New Contract, the Company's cash runway will now extend past
the key strategic milestones of production order visibility and the
outcome of the Samsung litigation trial - both expected in H2
CY2022 or shortly thereafter.
-- The Company expects revenue in FY23 to exceed expectations
for FY22. Depending on the size of the initial use case for sensing
materials, the Company expects to achieve the cash breakeven levels
of revenue noted above in FY24 or FY25. A high volume initial use
case such as a mobile handset would result in the earlier date.
Litigation Update (as announced on 17 May 2022)
Significant progress towards and confidence in an outcome that
is transformational for Nanoco's prospects and shareholder
value.
-- In the litigation against Samsung, the Patent Trial and
Appeal Board (PTAB) validated all 47 claims in the five patents at
issue in the lawsuit in the Eastern District of Texas. As fully
expected, Samsung has lodged notices to appeal the outcomes but the
Board notes the robustness of the PTAB opinions in dismissing all
grounds asserted by Samsung in its claims. While the outcome of any
appeal by Samsung is by its nature uncertain, the Board believes
that the PTAB opinions appear to limit both the scope of any appeal
and the chances of success.
-- The Board will now press for, and is hopeful of achieving, a
lifting of the stay in the case in the very near term. This is
expected to lead to a rescheduled trial in Q4 CY22 where the jury
will consider the questions of infringement, wilfulness and
damages, with the PTAB having settled the issue of validity.
-- The Board is very confident in the strength of the Company's
case and in an outcome that is transformational for Nanoco's
prospects and shareholder value.
Placing of, and Subscription for, New Ordinary Shares and Broker
Option
Proceeds extend cash runway into CY24 and beyond key value
inflection points
-- The Company has raised GBP2.25 million through the Placing
and Subscription, which involves the issue of 6,081,081 New
Ordinary Shares at the Issue Price.
-- In addition, the Company has implemented a Broker Option to
enable new and existing shareholders who are qualifying investors
to participate in the equity fundraise on the same terms as the
Placing and the Subscription. The total Fundraise will not exceed
5% of the Company's issued share capital immediately prior to the
Fundraise.
-- Six directors of the Company ("Directors") and/or persons
closely associated with them have agreed to subscribe for new
Ordinary Shares at the Issue Price with a total value of GBP65,000
as shown in the Additional Information section of this
announcement. Henry Turcan (Non-Executive Director), as a
representative of Lombard Odier Asset Management, is unable to
participate.
-- The net proceeds of the Fundraise will extend the Company's
cash runway into CY24 and beyond key value inflection points for
the organic business and for the Samsung litigation as well as
supporting its core IP assets and its business operations during
the ongoing lawsuit against Samsung.
Brian Tenner, CEO of Nanoco Group said:
"This Fundraise will enable Nanoco to plan confidently for the
future of the organic business and to position us in the strongest
possible way for the next stages of the litigation. It creates a
cash runway that extends comfortably past both of the expected H2
value inflection points noted above and potentially through to the
point when the organic business may become self-financing.
"We are at a very exciting moment in Nanoco's evolution. This
calendar year was set up for four major value inflection points;
two in our organic business development and two more in our
litigation against Samsung; two have now been successfully
delivered, with the next two anticipated in our second half.
"The first of those organic value inflection points has now been
delivered in the New Contract with our important European
Electronics Customer. It creates a significantly more stable
financial environment for Nanoco's operations and business planning
and allows us to prepare better for potential commercial production
orders in the short term.
"The first of the two significant hurdles in our litigation
against Samsung was also recently successfully delivered. On 16 May
2022, the PTAB ruled emphatically in favour of Nanoco on all 47
claims in the five patents in the lawsuit. We will now be pressing
for a lifting of the stay in the trial and are hopeful of a
rescheduled trial date in Q4 CY22.
"We look forward to the second half of CY22 when we aim to
deliver the other two significant value inflection points:
production order visibility in the organic business and a
successful outcome to the litigation trial. In particular,
commercial production orders will be the first in our history and
would quickly establish Nanoco as a fully-fledged and
self-financing operating business with significant upside value to
be earned in the many large and growing international markets that
our materials can serve. "
ADDITIONAL INFORMATION
Background to the Fundraise
The Company announced its Interim Results for the six months
ended 31 January 2022 ("H1 FY22", the "Period") on 12 April 2022.
During the Period, Nanoco delivered Revenues of GBP1.1 million,
Other Operating Income of GBP0.2 million and an Adjusted EBITDA
Loss of GBP1.1 million, being a 27% improvement on the first half
of FY21. The first half included the successful delivery of all
milestones for two large customers, the important European
Electronics Customer and the significant Asian chemical company. H1
FY22 also included material deliveries to a number of other
customers and further work packages for the two larger
customers.
Shortly after the end of the Period, the Group completed the
exit from the first floor of its Manchester facility and announced
the exit from the ground floor by Q3 FY23. These two changes are
expected to reduce the Group's annualised cash cost base to
approximately GBP4.0 million.
The Company's cash balance was GBP1.8 million as at 31 January
2022 and this had risen to GBP2.6 million by the end of February
2022. This was sufficient to create a cash runway into H1 CY23,
subject to customer demand being in line with expectations.
The third-party funder continues to finance the Company's
litigation against Samsung for the alleged wilful infringement of
the Group ' s IP. This third party funding prevents a drain on the
Group ' s cash position for a number of years. The third-party
funder will only receive a return of their capital in the event of
a successful outcome to the lawsuit. The recent favourable decision
by the PTAB in respect of the Group's patents in the law suit has
increased the Board's confidence in a successful outcome to the
litigation which is still expected to have a potentially
transformational impact on the Group's prospects and shareholder
value.
The Fundraise, combined with recent commercial wins, will ensure
that the Group has adequate funding to retain operational
capabilities of R&D, scale-up and production in its Sensing and
Display product lines for a number of years and, subject to initial
use cases for its materials, potentially to a point when the
organic business is self-financing.
Use of proceeds of the Fundraise
The Company is raising gross proceeds of GBP2.25 million from
the Placing and the Subscription. The net proceeds (after deducting
the costs and expenses of the Fundraise, which are expected to be
GBP0.2 million), along with the Company's existing cash resources,
will be used to:
(i) support the Group ' s R&D, scale-up and production
capabilities of novel nanomaterials for use in infra-red sensing
and CFQD(R) display applications with short to medium term
prospects for self-financing commercial production revenues;
(ii) protect its IP and Company operations during the ongoing
litigation against Samsung, which is being funded by a
third-party;
(iii) strengthen the Group's balance sheet opposite Samsung
during the litigation process to reduce the attractiveness of
potential delaying tactics designed to weaken Nanoco;
(iv) improve the Group's position as a reliable supplier in the
very large electronics supply chains in which it operates; and
(v) retain key skilled personnel and attract new staff as the business rebuilds itself.
The Company intends to use any net proceeds from the Broker
Option to further extend the Company's cash runway, maintain a
reasonable balance sheet and to support business development
activity with a number of new potential customers and opportunities
in a range of applications.
Details of the Placing and the Subscription
In total, 6,081,081 New Ordinary Shares are proposed to be
allotted and issued pursuant to the Placing and the Subscription,
at an Issue Price of 37 pence per New Ordinary Share to raise gross
proceeds of GBP2.25 million.
The New Ordinary Shares to be issued pursuant to the Placing
have been conditionally placed by Turner Pope Investments (TPI) Ltd
("TPI"), acting as agent and broker of the Company, with certain
new and existing institutional and other investors pursuant to a
Placing Agreement, as detailed below.
New Ordinary Shares have also been subscribed for directly with
the Company, pursuant to the Subscription, by subscribers pursuant
to direct subscription agreements.
The New Ordinary Shares (and the Broker Option Shares (as
defined below)) will be issued pursuant to the Company's existing
share allotment authorities which were granted at the Company's
annual general meeting held on 30 November 2021. The New Ordinary
Shares and the Broker Option Shares will, when issued, be credited
as fully paid and will rank pari passu in all respects with the
existing Ordinary Shares of the Company.
Broker Option
The Company has also granted an option to TPI under the Placing
Agreement in order to deal with additional demand for New Ordinary
Shares in the event that requests from new or existing shareholders
who are qualifying investors to participate in the Fundraise during
the period following the release of this announcement and up to
5:00 pm on Tuesday 7 June 2022 (the "Broker Option"). To
participate in the Broker Option, qualifying investors should
communicate their interest to TPI via their independent nancial
adviser, stockbroker or other rm authorised by the Financial
Conduct Authority (all of whom will be required to con rm to TPI
whether their client is a new or existing shareholder), as TPI
cannot take direct orders from individual private investors. TPI
should be contacted by telephone on (020) 3657 0050 or by email at
info@turnerpope.com.
TPI may choose not to accept bids and/or to accept bids, either
in whole or in part, on the basis of allocations determined at
their discretion (after consultation with the Company) and may
scale down any bids for this purpose on such basis as TPI may
determine. A separate announcement will be made regarding the
results of the Broker Option.
Any Ordinary Shares issued pursuant to the exercise of the
Broker Option ("Broker Option Shares") will be issued on the same
terms and conditions as the New Ordinary Shares. The Broker Option
may be exercised by TPI, following consultation with the Company,
but there is no obligation on TPI to exercise the Broker Option or
to seek to procure subscribers for Broker Option Shares pursuant to
the Broker Option. The maximum number of Broker Option Shares that
may be issued pursuant to the exercise of the Broker Option will be
limited to ensure that the total Fundraise does not exceed 5.0% of
the Company's issued share capital immediately prior to the
Fundraise. The maximum aggregate number of new Ordinary Shares
(including both the New Ordinary Shares and Broker Option Shares)
that may be issued pursuant to the Fundraise is therefore
15,284,340.
The Broker Option Shares are being made available only to new
and existing shareholders who are qualifying investors and not to
the public, and none of the Broker Option Shares are being o ered
or sold in any jurisdiction where it would be unlawful to do so. No
prospectus will be issued in connection with the Broker Option.
Placing Agreement
Under the terms of a Placing Agreement between the Company and
TPI, TPI will, conditional upon Admission, receive a corporate
finance fee from the Company and commission relating to the New
Ordinary Shares and Broker Option Shares. The Company will give
customary warranties and undertakings to TPI in relation, inter
alia, to its business and the performance of its duties. In
addition, the Company has agreed to indemnify TPI in relation to
certain liabilities that it may incur in undertaking the Placing.
TPI has the right to terminate the Placing Agreement in certain
circumstances prior to Admission, in particular, in the event that
there has been, inter alia, a material breach of any of the
warranties. No part of the Placing, the Subscription or the Broker
Option is being underwritten.
Appointment of Joint Broker
The Company also confirms that it has appointed TPI as its joint
broker with immediate effect.
Details of the Directors' participation
The Directors have agreed to subscribe for new Ordinary Shares
pursuant to the Subscription as shown in the table below:
Director Current shareholding New Ordinary Resulting shareholding*
Shares
No. % No. Value No. %
(GBP)
-------------- ------- -------- ------- ---------------- --------
Chris Richards 728,730 0.24% 40,540 15,000 769,270 0.24%
-------------- ------- -------- ------- ---------------- --------
Alison Fielding 239,157 0.08% 40,540 15,000 279,697 0.09%
-------------- ------- -------- ------- ---------------- --------
Chris Batterham 153,571 0.05% 40,540 15,000 194,111 0.06%
-------------- ------- -------- ------- ---------------- --------
Nigel Pickett 11,245,548 3.66% 27,027 10,000 11,272,575 3.50%
-------------- ------- -------- ------- ---------------- --------
Brian Tenner 592,375 0.19% 13,513 5,000 605,888 0.19%
-------------- ------- -------- ------- ---------------- --------
Liam Gray 35,418 0.01% 13,513 5,000 48,931 0.02%
-------------- ------- -------- ------- ---------------- --------
Total 12,994,799 4.23% 175,673 65,000 13,170,472 4.08%
-------------- ------- -------- ------- ---------------- --------
*Director subscriptions shall not be subject to scaling back in
the event that the Fundraise is oversubscribed. The resulting
shareholding percentage assumes that the maximum number of Ordinary
Shares (being 15,284,340 new Ordinary Shares) will be issued. The
actual position will be announced with the results of the total
Fundraise, being the combined Placing, Subscription and Broker
Option.
The Directors are considered to be related parties for the
purposes of chapter 11 of the Listing Rules of the Financial
Conduct Authority ("FCA"). However, the Directors' participation in
the Fundraise is exempt from the requirements of LR11.1.7R to
LR11.1.10R by virtue of paragraph 1 of LR11 Annex 1 (small
transactions).
Application for admission to trading
Application will be made to the FCA for admission of the New
Ordinary Shares and the Broker Option Shares to listing on the
Official List and to the London Stock Exchange for admission of the
New Ordinary Shares and the Broker Option Shares to trading on its
main market for listed securities ("Admission").
It is expected that Admission will take place no later than
8:00am on 10 June 2022 and that dealings in the New Ordinary Shares
and the Broker Option Shares will commence at the same time.
Total voting rights
Following Admission and assuming that the maximum number of
15,284,340 new Ordinary Shares are issued, the Company's total
issued share capital will consist of 322,445,744 Ordinary Shares,
with one voting right per share. The Company currently holds 12,222
Ordinary Shares in treasury. Therefore, the total number of
Ordinary Shares in the Company will be 322,445,744 and the total
number of voting rights will be 322,433,522 from Admission. This
gure may be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their holdings
of, Ordinary Shares pursuant to the FCA's Disclosure Guidance and
Transparency Rules.
Expected Timetable of Principal Events
Launch of the Fundraise As of the time of this announcement
Broker Option open from Immediately after this announcement
Broker Option closed at 5:00pm on 7 June 2022
Announcement of the result of the 7:00am on 8 June 2022
Broker Option
Admission of New Ordinary Shares and 8:00am on 10 June 2022
Broker Option Shares to trading and
commencement of dealings
CREST accounts to be credited for 8:00am on 10 June 2022
New Ordinary Shares and Broker Option
Shares to be held in uncertificated
form
Dispatch of definitive share certificates by 15 June 2022
for New Ordinary Shares and Broker
Option Shares to be held in certificated
form
All references to time in this document are to London time,
unless otherwise stated.
MAR
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Company
Secretary.
The information contained within this announcement is considered
by the Company to contain inside information for the purposes of UK
MAR. Upon the publication of this announcement via a Regulatory
Information Service, this inside information will be considered to
be in the public domain.
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO +44 (0) 161 603 7900
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
Peel Hunt LLP (Joint Corporate Broker):
Edward Knight +44 (0) 20 7418 8900
James Smith
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Pete Lambie
Charlie Protheroe
nanoco@mhpc.com
IMPORTANT NOTICES
This announcement, or any copy of it, including the information
contained within it, is restricted and is not for publication,
release, transmission, distribution or forwarding, in whole or in
part, directly or indirectly, in or into the United States (other
than pursuant to certain limited exemptions described below),
Canada, Japan, the Republic of South Africa, Australia, the
Republic of Ireland, New Zealand or any other jurisdiction in which
publication, release or distribution would be unlawful (or to any
persons in any of those jurisdictions). This announcement is for
information purposes only and does not constitute an o er to sell
or issue, or the solicitation of an o er to buy, acquire or
subscribe for shares in the capital of the Company in the United
States (including its territories and possessions, any state of the
United States and the District of Columbia) subject to the limited
exceptions described below, or Canada, Japan, the Republic of South
Africa, Australia, the Republic of Ireland, New Zealand or any
other state or jurisdiction (or to any persons in any of those
jurisdictions) or any other jurisdiction in which the same would be
unlawful. No public o ering of the New Ordinary Shares or Broker
Option Shares is being made in any such jurisdiction. Any failure
to comply with these restrictions may constitute a violation of the
securities laws of such jurisdictions.
Neither the New Ordinary Shares nor the Broker Option Shares
have been, nor will they be, registered under the US Securities Act
1933, as amended (the "US Securities Act") or with any securities
regulatory authority or under any securities laws of any state or
other jurisdiction of the United States and may not be o ered,
sold, resold, pledged, transferred or delivered, directly or
indirectly, in or into the United States except pursuant to an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and in
compliance with the securities laws of any state or any other
jurisdiction of the United States. Accordingly, the New Ordinary
Shares and the Broker Option Shares will be o ered and sold only
outside of the United States in "o shore transactions" (as such
term is de ned in Regulation S under the US Securities Act)
pursuant to Regulation S and otherwise in accordance with
applicable laws. No public o ering of securities is being made in
the United States. The Fundraise has not been approved, disapproved
or recommended by the U.S. Securities and Exchange Commission, any
state securities commission in the United States or any other U.S.
regulatory authority, nor have any of the foregoing authorities
passed upon or endorsed the merits of the o ering of the New
Ordinary Shares and/or the Broker Option Shares. Subject to certain
exceptions, the securities referred to herein may not be o ered or
sold in the United States, Canada, Japan, the Republic of South
Africa, Australia, the Republic of Ireland, New Zealand or to, or
for the account or bene t of, any national, resident or citizen of
the United States, Canada, Japan, the Republic of South Africa,
Australia, the Republic of Ireland or New Zealand.
No public o ering of the New Ordinary Shares and/or the Broker
Option Shares is being made in the United States, United Kingdom or
elsewhere. All o ers of the New Ordinary Shares and/or the Broker
Option Shares will be made pursuant to an exemption from the
requirement to produce a prospectus under the EU Prospectus
Regulation or the UK Prospectus Regulation. This announcement has
not been approved by the London Stock Exchange, nor is it intended
that it will be so approved.
This announcement is not being distributed by, nor has it been
approved for the purposes of section 21 of the Financial Services
and Markets Act 2000 ("FSMA") by, a person authorised under FSMA.
This announcement is being distributed and communicated to persons
in the United Kingdom only in circumstances in which section 21(1)
of FSMA does not apply.
No prospectus has been or will be made available in connection
with the matters contained in this announcement and no such
prospectus is required (in accordance with the EU Prospectus
Regulation or UK Prospectus Regulation) to be published. Members of
the public are not eligible to take part in the Fundraise.
This announcement (including the terms and conditions contained
in this announcement) is for information purposes only and (unless
otherwise agreed by TPI) is directed at and is only being
distributed to: (a) persons in member states of the EEA who are
quali ed investors within the meaning of Article 2(e) of the EU
Prospectus Regulation ("EEA Quali ed Investors"); (b) persons in
the United Kingdom, who are quali ed investors, being persons
falling within the meaning of Article 2(e) of the UK Prospectus
Regulation, and who (i) have professional experience in matters
relating to investments falling within the de nition of "investment
professionals" in article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order"); or (ii) are persons falling within article 49(2)(a) to
(d) ("high net worth companies, unincorporated associations, etc")
of the Order; or (c) persons to whom it may otherwise lawfully be
communicated, (each such persons in (a), (b) and (c) together being
referred to as "Relevant Persons"). This announcement (including
the terms and conditions set out in this announcement) must not be
acted on or relied on by persons who are not Relevant Persons.
Persons distributing this announcement must satisfy themselves that
it is lawful to do so. Any investment or investment activity to
which this announcement (including the terms and conditions set out
herein) relates is available only to, and will be engaged in only
with, Relevant Persons.
This announcement has been issued by, and is the sole
responsibility of, the Company. No responsibility or liability is
or will be accepted by, and no undertaking, representation or
warranty or other assurance, express or implied, is or will be made
or given by TPI, or by any of their respective partners, directors,
o cers, employees, advisers, consultants or a liates as to, or in
relation to, the accuracy, fairness or completeness of the
information or opinions contained in this announcement or any other
written or oral information made available to or publicly available
to any interested person or its advisers, and any liability
therefore is expressly disclaimed. The information in this
announcement is subject to change.
TPI, which is authorised and regulated in the United Kingdom by
the FCA is acting solely for the Company and no-one else in
connection with the Fundraise and the transactions and arrangements
described in this announcement and will not regard any other person
(whether or not a recipient of this announcement) as a client in
relation to the Fundraise or the transactions and arrangements
described in this announcement. TPI is not responsible to anyone
other than the Company for providing the protections a orded to
clients of TPI or for providing advice in connection with the
contents of this announcement, the Fundraise or the transactions
and arrangements described herein.
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words "targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
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