Nanoco Group PLC AGM Statement (7299V)
05 Diciembre 2019 - 1:00AM
UK Regulatory
TIDMNANO
RNS Number : 7299V
Nanoco Group PLC
05 December 2019
5 December 2019
NANOCO GROUP PLC
("Nanoco", the "Group", or the "Company")
AGM Statement
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from our technology platform, will hold its
Annual General Meeting ("AGM") later this morning at its
headquarters in Manchester.
Dr Christopher Richards, Nanoco's Chairman, will make the
following statement in respect of the Formal Sale Process ('FSP')
and the Group's trading performance in the first four months of the
financial year ending 31 July 2020 ('the Period').
Formal Sale Process as part of the Strategic Review
On 5 November 2019, the Group announced that it was undertaking
a review of all the strategic options for the Company, including,
but not limited to, a potential sale of the Company through an FSP,
as referred to in Note 2 on Rule 6 of the City Code on Takeovers
and Mergers.
The Group is currently in discussions with certain interested
parties who have been invited to submit indicative proposals in
mid-December for an acquisition of the Group. At this stage, there
can be no certainty that an offer will be made, nor as to the terms
on which any offer will be made. Further announcements about the
FSP will be made as appropriate.
Operational and trading performance
We continue to supply material and other services to the US
Customer and other companies in its supply chain in line with the
current contract that expires at the end of December 2019. We
expect to earn all associated contract revenues in full. The
Runcorn plant is now fully commissioned and able to operate at its
designed capacity.
We have also received confirmation of the demand by a key
participant in the US Customer's supply chain for further test
volumes of our IRQD materials throughout H1 of calendar year 2020
as they seek to identify other application opportunities while
completing their own production facilities. The Group and its
sensor customers are working hard to identify and secure further
infrared sensor opportunities for our technology.
We have also continued to enhance the performance
characteristics of our display materials, in particular, their
efficiency in absorbing blue light for use in second generation
QD-OLED displays. We are in discussion with several potential
customers who have shown interest in these materials.
Financial performance in the Period has been in line with
expectations for revenue, adjusted EBITDA loss and cash. We started
FY20 with approximately GBP3.5m of contracted orders for delivery
in FY20. The majority of this contracted revenue will be delivered
in H1 of FY20. We remain in active discussions with existing and
other potential new customers. However, progress on new commercial
opportunities in Sensing and Display has been slower than expected
as a result of the ongoing FSP, with only modest increases in new
orders in the Period.
The Company's expectations for cash on hand in December 2019 are
in line with prior communications. The Board continues to review
possible sources of additional funding for the Company as part of
the Group's strategic review, with contingency plans in place if
needed.
- Ends -
For further information, please contact:
Nanoco Tel: +44 (0) 161 603 7900
Brian Tenner, Chief Financial Officer
Caroline Watson, Investor Relations Tel: + 44 (0) 7799 897357
Manager
cwatson@nanocotechnologies.com
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Giles Robinson / Pete
Lambie
nanoco@mhpc.com
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 has non-exclusive manufacturing and marketing licensing
agreements in display with The Dow Chemical Company, Merck KGaA of
Germany and Wah Hong Industrial Corporation of Taiwan.
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.nanocogroup.com.
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END
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