TIDMNANO
RNS Number : 1950T
Nanoco Group PLC
16 July 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
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JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN NANOCO GROUP PLC OR ANY OTHER
ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT
OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN
CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF NANOCO GROUP
PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 ("MAR").
UNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS
ANNOUNCEMENT HAVE THE MEANING GIVEN TO THEM IN THE DEFINITIONS
SECTION SET OUT BELOW.
16 July 2020
FOR IMMEDIATE RELEASE
Nanoco Group plc
("Nanoco", the " Company" or the "Group")
Results of Fund Raising
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 the results of the fund raising that took place on 15
July 2020.
In response to overwhelming demand, the Company has decided to
increase the fundraising to GBP3.4 million. Whilst inevitably not
all expressions of interest can be satisfied, the structure of the
offer and the agreement of Lombard Odier to both increase the offer
and accept scale back has ensured that the loyalty and support of
our retail shareholders has been rewarded.
The increased amount further increases the Company's cash runway
until at least the end of 2022 and we would expect this to increase
further with new business wins already under discussion.
The fundraise secures the value inherent in our IP, our
operating skills and capabilities, and our ability to service
existing and new customer opportunities in full.
The longer organic cash runway, in parallel with the third party
funding for the Samsung litigation, means that the significant
value in the lawsuit cannot be depleted by any delaying tactics and
will not go unnoticed. The support of our shareholders validates
our determination to recover the value that we believe they have
been deprived of.
The total number of new shares to be issued is 19,479,856 new
Ordinary Shares at 17.5p per Ordinary Share
Chris Richards, Chairman of Nanoco Group said:
"We are delighted to have such strong demand and support from
our shareholders. The proceeds from the fund raise now secure the
Company's operational cash runway until the end of 2022, with any
new commercial opportunities creating further upside. The strong
demand reflects investor confidence in the value in our IP and our
core operational capabilities for the development, scale up and
production of novel nanomaterials.
"With third party litigation funding, and an extended cash
runway for the Company, the potentially significant value in the
lawsuit against Samsung is safeguarded against attempts to extend
the litigation beyond the Company's cash runway. It also allows us
to continue to fully support our customers in the Sensing and
Display sectors as they seek to expand and accelerate their own
product development and sales.
"All of these factors combined deliver enhanced value for the
Group to the benefit of all of our stakeholders."
More details of the fund raise
Applications have been made to the FCA for the 19,479,856 new
Ordinary Shares issued pursuant to the Fundraise to be admitted to
the premium segment of the Official List and to the London Stock
Exchange for the new Ordinary Shares to be admitted to trading on
its main market for listed securities. Admission is expected to
become effective, and dealings in the new Ordinary Shares are
expected to commence, at 8.00 a.m. on 20 July 2020. Following
Admission, the new Ordinary Shares will rank pari passu in all
respects with the existing Ordinary Shares.
On Admission, the Company's issued share capital will comprise
305,699,102 Ordinary Shares, of which 12,222 were previously held
in treasury and remain so. Each Ordinary Share carries the right to
one vote and, therefore, the total number of voting rights in the
Company on Admission will be 305,686,880. This figure may be used
by Shareholders and other investors 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 interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
== End ==
/All references to time in this document are to London time,
unless otherwise stated.
For further information, please contact:
Nanoco Group PLC :
Michael Edelman, CEO +44 (0) 161 603 7900
Brian Tenner, COO & CFO +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager
cwatson@nanocotechnologies.com
Peel Hunt (Sponsor and Corporate Broker):
Edward Knight +44 (0) 20 7418 8900
Nick Prowting
PrimaryBid Limited:
Kieran D'Silva +44 (0) 20 3026 4750
James Deal
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Brian Tenner, Chief Financial
Officer.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots. Within the sphere of
quantum dots, the Group exploits different characteristics of the
quantum dots to target different performance criteria that are
attractive to specific markets or end-user applications such as the
Display and Electronics markets. One of the interesting properties
of quantum dots is photoluminescence: the emission of longer
wavelength light upon excitation by light of a shorter wavelength.
The colour of light emitted depends on the particle size. Nanoco's
CFQD(R) quantum dots are free of cadmium and other toxic heavy
metals and can be tuned to emit light at different wavelengths
across the visible and infrared spectrum, rendering them useful for
a wide range of applications including displays, lighting and
biological imaging.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco
continues to build out a world-class, patent-protected IP portfolio
generated both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com .
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END
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