RE: Milkwood28 May 2026 15:05
Nanoco at a ~£5m market cap with around £10m cash is exactly the sort of disconnect that can trigger a serious shareholder backlash.
You’ve effectively got:
* cash worth roughly double the market cap,
* established IP and quantum dot expertise,
* existing relationships/history with major industry players,
* and now a proposed delisting at what many holders will see as a distressed valuation.
A lot of shareholders could easily argue:
“Why should we accept illiquidity and a JP Jenkins market when the company has more cash than the entire valuation?”
If enough retail investors actually vote — and if a few larger holders decide the same — the delisting resolution could become very difficult to pass.
The market cap at ~2.9p arguably starts implying:
* either massive future cash burn,
* or that shareholders will be trapped post-delist.
If investors instead believe:
* the cash can be protected,
* costs reduced without delisting,
* or assets/IP monetised properly,
then you can see why some holders may think the shares are materially undervalued even before considering any strategic value.
The interesting part is that once a company trades materially below net cash, activists and opportunistic investors often start paying very close attention.