Member Info for Kooba

You would be left with a more concentrated interest in the business ..which has not been valued at much by the market recently and 13p cash per share ( which will reduce a bit more as they don on market buyback) …the market will decide post distribution but i don’t think this process relates the company…we need commercial progress to do that.

Flying tend to agree but there is only the guarantee of selling 38.5% of your holding at 24p..i the shares will likely adjust lower as i calculate the cash per share will drop from about 18p to 13p once the tender goes through. If the EV is calculated the same as has been the case this year the shares would likely trade 4p lower in ex entitlement form.

PP

Flying higher -“ If you buy shares today they won’t qualify for the tender!”

THIS IS NOT CORRECT!

“All Eligible Shareholders on the Register of Members at 6.00 p.m. on 9 April 2024 are entitled, but not required, to tender some or all of their Ordinary Shares for purchase by Cavendish, acting as principal, at the Tender Price.”

I note the company is calling a shortened notice GM so to participate shareholders will need to act quickly. They got authority for such a short notice GM at the last AGM.

WOULD NOT BE USED UNLESS THE RESOLUTIONS WERE NOT TIME SENSITIVE!

Really quite cheeky when they have had so long to get this out !!

Resolution 15 - Reduced notice of general meetings (other than Annual General Meetings)

Resolution 15 will be proposed to enable the Company to call general meetings (other than Annual General Meetings) on 14 clear days' notice. Changes made to the 2006 Act by the Companies (Shareholders' Rights) Regulations 2009 (the "Shareholders' Rights Regulations") increase the required notice period for general meetings from 14 clear days to 21 clear days, unless shareholders approve a shorter notice period, which cannot be less than 14 clear days. Annual General Meetings will continue to be held on 21 clear days' notice. Resolution 15 seeks approval to retain the flexibility available before the Shareholders Rights Regulations came into force on 3 August 2009. It is intended that the shorter notice will only be used where it would clearly be to the advantage of shareholders as a whole and it would not normally be used where the proposals to be put before the meeting are not time sensitive. The approval will be effective until the next Annual General Meeting of the Company after the passing of the Resolution, when it is intended that a similar resolution will be proposed. Note that in order to take advantage of the reduced notice period of 14 clear days, the Company must make a means of electronic voting available to all shareholders for that meeting.

You are on the money today PP i imagine far more time spent on how they get around the implications on share bonus’ than what works for the majority of private investors !!

I think this works very nicely if you are inside the tent !

So £30m goes out to buy back 38.5% of the equity at 24p.

That is approx 125m shares out of 324m outstanding.

The cash on balance sheet will be £26m ( £3m on side for share buyback)

So there will be 200m shares left with £26m cash. 13p per share.

So the if there is the same enterprise value acttached the shares have approx 5p less cash backing post tender and will likely adjust accordingly in my opinion unless there is some significant news in the meantime…which i doubt.

Yes indeed consulted with shareholders representing approximately 37.5 per cent..who are these shareholders i wonder ? I reckon over 70% of shares are in pi hands.

As expected a tender mid 20’s but they are obviously chugging through the cash and now decide they need to keep £23m posy distribution rather than the pledged £20m.

The overall position is some £4m short of where research was pointing ..so that could be the ‘fab” costs..but again ramping up cost base when so far have had one small order..hopefully a sign of genuine confidence??

It would be for the board to approve the strategy of capital distribution which was done in June last year. It would then be for the executives to put up a proposal to achieve that aim for the board to approve , as soon as the board approved a method and quantum assuming they considered it appropriate then it would have to be announced to shareholders without delay. So appears nothing has been put to the board for approval as yet , though whether the Neds have questioned why nothing is in train to honour the firm commitment made to shareholders with the results is another matter. All very odd the lack of any urgency to meet their key strategic promise when they have the means to do so but seemingly not the will.

The company will not be valued on an income basis for a one off distribution …there is not clear line of sight to be cash generative let alone making any long term distributable income.

There is no guarantee it will be a dividend which would be taxable to those outside a tax wrapper ..since most holders are not carrying profits then a share buyback or tender would have little tax implications for just about anyone..i still expect them to come up with a split share hybrid that folks can choose between an income or capital distribution as they said they wanted to achieve…perhaps accompanied by an on market buy back with part of the capital return. If they intended making the capital return in the new tax year and Q2 perhaps communicating that would have been an idea!

It appears their PR is as good as their IR.

good explanation of advantages of swir over indium-gallium-****nide (ingaas) sensors.

https://mvpromedia.com/quantum-science-semiconductor-innovations-for-the-machine-vision-market/

Good article on solar..the Chinese still flooding the market but EU and UK should as with other essential products for green policies maintain an efficient and hope next gen approach to maximise bang for buck and bang for size.

There seems a commitment to rebuild non China production.

https://www.euractiv.com/section/economy-jobs/news/solar-industry-calls-for-emergency-measures-as-manufacturers-prepare-to-leave-europe/

The new equipment in the new space for the new team.

The second tranche is in then!

@troublesome..thats interesting the solar market can only grow and needs to be more effective at harvest energy , the song and dance from the Korean piece over a marginal improvement would indicate Nanoco’s materials perform a whole lot better some time ago.

I would very much like for them to reopen the photovoltaic research and find a leading partner ..it could be as big if not bigger than mass mobile if they can demonstrate they have world beating materials..question around patents but would be surprised having found an effective solution they had not patented much of their research. Maybe one for a Q&A?

2G2D

Think the “global consumer electronics “ company refers to STMicro in the context it was referred to , we don’t have any clues apart from it being one of STMicros 2000 customers who might actually be adopting it in a commercial case…as yet.

Abandoned due to lack of funding but this could be a huge global market ..should they dust off the research from several years ago?? Are tgere any relevant patents in this field I wonder.

https://www.nanocotechnologies.com/blog/nanoco-solar-an-approach-to-printable-flexible-and-low-cost-solar-cells/

Also a reminder that Solar was to be a major opportunity….and maybe still is

https://www.thecooldown.com/green-tech/next-generation-solar-energy-quantum-dot-cells/

Quantum Science Breaks Stability Barrier with Long-Life Lead-Free Quantum Dot Inks

https://www.azonano.com/news.aspx?newsID=40776

I enjoy your posts troublesome I am also smart enough to know if I didn’t I could block your posts and not feel the need to moan about them whilst offering no opinion on the company .

Thats just me though…takes all sorts I suppose.