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Nanoco Group PLC - Manufacturer of quantum dots for infra-red sensing, based in Manchester, England - Completes subscription of unsecured loan notes by its major shareholders. Raises gross proceeds of GBP3.2 million. Says Lombard Odier Asset Management (Europe) Ltd and ORA Capital Ltd subscribed for 4.5 million loan notes overall. Nanoco can redeem the notes any time before their maturity, offering 80% of nominal value in the first year of the term, 90% in the second and 100% from the third.
Says proceeds from the loan note subscription will be used to fund its commercial production orders and litigation against Samsung Electronics Co for "wilful infringement" of Nanoco's intellectual property. Notes it petitioned a Texas court on this basis on June 28. Confident of positive outcome. Says it will offer a "success bonus" of 105% of the nominal value of the loan notes subscribed if it succeeds in its litigation.
Chief Executive Brian Tenner says: "The loan notes will not only enable us to address these commercial opportunities, but also maintain our balance sheet during the lawsuit against Samsung as a fully operational business, rather than as an IP shell."
Current stock price: 21.00 pence, up 7.3% on Thursday morning
Year-to-date change: up sharply from 10.70p on December 31
By Scarlett Butler; scarlettbutler@alliancenews.com
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