Nanoco Group PLC - Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials - Signs an agreement to hedge the second tranche of litigation proceeds due in February. Explains the hedge means it will receive GBP58.8 million in return for selling USD71.8 million, which is the net receipt from the second tranche of litigation proceeds.
"This hedge removes any uncertainty around the net GBP cash flows to Nanoco. Given the volatility around the foreign exchange markets, we felt this was an important step to take when the opportunity arose to secure a rate equivalent to the rate on settlement signing date. This significantly de-risks the return of capital to shareholders, which is expected to take place after the second tranche of proceeds is received by the company," says Chief Executive Brian Tenner.
Current stock price: 16.60 pence
12-month change: down 60%
By Heather Rydings, Alliance News senior economics reporter
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Nanoco (NANO)