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(Alliance News) - Nanoco Group PLC on Monday said it will return GBP33.0 million to shareholders, primarily through a tender offer.
Shares in Nanoco rose 8.8% to 20.87 pence each in London on Monday morning.
The Runcorn, England-based developer and manufacturer of nanomaterials said it received the second tranche of litigation proceedings from Samsung Electronics in January. Samsung was alleged to have infringed on Nanoco's intellectual property.
Nanoco said: "The board has determined that, in order to provide flexibility and choice to shareholders, the most appropriate means of returning value is to conduct a tender offer to return up to GBP30.0 million to shareholders.
"In addition to the tender offer, the board also intends to return a further sum of up to GBP3.0 million by way of an on-market share buyback of ordinary shares."
The tender offer is being made at 24 pence per share, a 25% premium to the stock's Friday closing price.
Non-Executive Chair Christopher Richards said: "Today Nanoco is announcing an exceptional and significant return of capital to shareholders, while retaining and investing funds to support delivery of further value from commercial prospects and enhance our future growth and margin profile.
"With growing opportunities and a fully funded commercial business, we are confident in enhancing shareholder value over the medium and long term."
By Sabrina Penty, Alliance News reporter
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