TIDMNANO
RNS Number : 5415X
Nanoco Group PLC
01 September 2020
1 September 2020
Nanoco Group PLC
( " Nanoco, the " Group", or the " Company")
Directorate Changes
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials emanating from its technology platform, today
announces changes to its Executive team and Board.
The Company has announced a number of significant achievements
in recent months, including the launch and funding of the Company '
s litigation against Samsung, good commercial progress and a
successful over-subscribed GBP3.4m fund raising. The Board changes
announced today create the right team to lead the Company in its
new form, considering both the scale and commercial focus of the
business and its governance requirements.
Dr Michael Edelman, currently the Group ' s Chief Executive
Officer (CEO), will step down from the Board with effect from 1
September 2020. He will remain available to the Company as a S
pecial A dvis or, reporting to the Group ' s new Litigation
Sub-committee, which will be chaired by Nanoco ' s Non-Executive
Chairman, Dr Christopher Richards.
Brian Tenner, currently Chief Operating Officer and Chief
Financial Officer of the Group, will become CEO with effect from 1
September 2020. Brian joined the Group in August 2018 and has had a
significant impact on the Group ' s performance in his time with
Nanoco, particularly in sharpening its commercial focus, providing
people leadership in the UK and improving cost control. Brian will
be supported by Nanoco's highly capable leadership team. Liam Gray,
currently Group Financial Controller, will take on additional
finance activities as UK Finance Director and Company Secretary (a
non-Board position) to allow Brian to focus on his CEO role and
ongoing operational responsibilities.
At the same time, the Company confirms that all Board salaries
will remain at reduced levels until 31 March 2021. Salaries were
reduced by 35% for Non-Executive Directors and by 20% for Executive
Directors with effect from 1 April 2020 as part of the Group's
response to the Covid-19 pandemic.
Dr Christopher Richards, Nanoco's Non-Executive Chairman,
commented:
"Nanoco has had an exceptionally busy year, culminating in
substantial progress in recent months in respect of our litigation
against Samsung and momentum in our commercial and financing
activity which has significantly extended the Group ' s cash runway
until the end of 2022.
" This is to the credit of the executive team, led by Michael,
Brian and Nigel Pickett our Chief Technology Officer. Having
achieved these milestones, it is important that we now implement
our existing CEO succession plan to match the size and shape of the
Board to the more focused group Nanoco is becoming. I am confident
that, as CEO, Brian will provide the right leadership for this next
phase in the Company's development.
" I am immensely grateful for Michael ' s significant
contribution during his many years at Nanoco, having led the
business since September 2004, through its initial fundraising,
spin out from the University of Manchester and IPO on the London
Stock Exchange in 2009. We are fortunate to retain Michael ' s
services as a Special Advisor to the Group ' s Litigation
Sub-committee as we progress our litigation against Samsung."
Dr Michael Edelman, Nanoco ' s outgoing CEO, commented:
"It has been a great honour and pleasure being part of the
development of the world-leading quantum dot player that Nanoco is
today, working with such an incredibly talented team of
entrepreneurs and scientists who have seen the Group germinate from
an idea to a global player in this cutting-edge technology. Brian
is an excellent successor as CEO and will have my continued support
as well as the full support of all of our staff.
"I am also very pleased to be leaving the Group following the
significant recent achievements, and I look forward to seeing
through the Samsung litigation in an advisory role."
- Ends -
Full details of Michael's leaving arrangements in respect of
fixed pay, annual bonus and the treatment of share awards which are
consistent with his current service contract and the Company's
shareholder approved Remuneration Policy, will be disclosed shortly
on the Group's website ( www.nanocotechnologies.com ) in compliance
with Section 430(2B) of the Companies Act 2006 and in the
Directors' Remuneration Report within the Company's Annual Report
and Accounts for the year ended 31 July 2020, and subsequent years,
as appropriate.
For further information, please contact:
Nanoco Group PLC :
Chris Richards, Non-Executive Chairman +44 (0) 161 603 7900
Brian Tenner, CEO (designate)
+44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager +44 (0) 7799 897
357
cwatson@nanocotechnologies.com
Peel Hunt:
Edward Knight +44 (0) 20 7418 8900
Nick Prowting
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.
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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