Nanoco Group shares edge higher as closes GBP30 million tender offer

(Alliance News) - Nanoco Group PLC shares edged higher on Thursday, after it closed its oversubscribed GBP30 million tender offer.

Nanoco Group is a Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials.

In March, Nanoco announced plans to return up to GBP30.0 million through a tender offer. It also promised a GBP3.0 million share buyback.

The tender offer was made at 24 pence per share, a 25% premium to the stock's Monday closing price.

Shares in the company were up 2.5% to 21.17 pence each in London on Thursday morning.

In total, Nanoco said 160.5 million shares were validly tendered under the offer. The company noted that 125.0 million shares will be bought for a total cost of GBP30.0 million.

By Sophie Rose, Alliance News senior reporter

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