Member Info for Kooba

Thanks…clearly was sacked and given good leaver terms..

If he had resigned under his own steam why would you let them keep all the benefits

Also seems on full pay to end Jan 2025…no details of any ongoing consulting role which was pointed to…

Still says he is ceo of Nanoco on linkedin ..there can only be one!

If only shareholders had got so wealthy as he has over his stewardship.

Talking of snouts in the trough and the report and accounts ..it states

“Brian Tenner stepped down from the Board on 22 October 2024. Details of changes in Mr Tenner's remuneration arrangements have been included in the statement on the Company's website, and further information will be included in the FY25 Directors Remuneration Report as required.”

Anyone find these renumeration arrangements on the website?

What are the large cash bonuses if they sell the operating business?

You would needed to look at the report and accounts

https://wp-nanoco-2020.s3.eu-west-2.amazonaws.com/media/2024/11/Nanoco-FY24-annual-report.pdf

Page 70

Ceo for example can receive 125% of salary subject to meeting criteria.

The LTIP awards are signalled as being related to performance over 3 years…

Not what might be a few months.

Thought that was there job of the executives …executing board approved strategy!

They have had many incentives over the years to execute board strategy ..it doesn't necessarily have a positive impact for shareholder value ..though it has lined executives pockets.

Re cto, he sold some shares in the tender at 24p , a chunk of the shares were allocated to the benefit scheme , the cto now gets allocated a chunk of shares if they can deliver on stated strategy at zero cost…reallocated indeed.

If it is less than the book value of the assets and IP should they get anything? They have set that benchmark of current value?

In terms of incentives for a transaction they also have large cash bonuses to receive if they manage to sell the operating business …the LTIP should be there to reward long term commercial performance not short term benefit from a process most of those executives will have little impact on.

If Pickett wanted to maximise his exposure to the business perhaps not selling out a chunk at 24p would have been a thing …selling shares in the tender that were then purchased by the benefit trust and reallocated to him at zero cost is not a great look!

Difficult to know whether awarding nil cost share awards during what is effectively an ongoing sales process is entirely appropriate ..probably is for the new CEO but for the other executives that have overseen the failure to commercialise resulting in a collapse in the price and the decision to try to sell the business..maybe rewarding failure??

Oh well they had to dish out all those shares they bought in to the benefit scheme at 24p i suppose. What might be a stretching level may not appear that stretching to long term holders.

“Having regard to the CDX process referred to in the preliminary results announcement of 20 November 2024, the Directors consider that the performance condition is commercially sensitive. However, in the view of the Remuneration Committee, the targets are set at an appropriately stretching level. “

Well if they have sold some they have got a 60% return in a few months having bought most of their stock from Lombard Odier at 9p …rather better performance than most who ever bought shares from them !

Surprised that the stated strategy is to return more capital to shareholders irrespective of the sale process it seems ..a strategy he presumably supports and will undertake.

Not surprise he has not criticised previous stewardship of the company.

It is now time for him and Dmitry to prove the value they see to the market ..let’s hope they do in the near future.

Interesting interview ..we have an “unpolished gem” apparently, that needed a change of direction and strategy …and management it seems.

Seems upbeat on IP value and that the CMX sale process is “going really well”!

Rather odd the directors buying when they are in the middle of an attempt to sell the business but hell i’m not complaining it has given me more confidence to see this out…hopefully for a valuation that better reflects the chairmans view of the value of the IP.

Does appear they have rather wasted everyone’s time ( and money) they have made no effort ( so far and its getting too late) to explain why they should be appointed to the board of the company by addressing the shareholders they seem to want to vote in their favour.

They cannot really expect support without making some argument of what they can add through their appointment. The odds of success were lower and are now even lower with the board hoovering up just under 2% of the votes recently…with Pickett and the EBT that effectively will follow board recommendation they are well short even before the large number of pi’s vote. Its difficult to see why they bothered if they cant explain to the members why they think their appointment is in shareholder interests.

Meanwhile even though i have a holding in SIPP with Hargreaves obviously held in nominees i have had a letter sent directly from the company ..unclear how they get my details!? Again outlining the boards arguments to vote resolutions down ..it seems an easy job as they can just tell their side of previous discussions without any debate.

One might have to challenge..

“Mr Summerton has further indicated that he intends to convert the Company into an investment vehicle. He would seek to acquire a significant stake in the Company, reduce costs drastically, then sell the Company's operating business for a minimal value. He would not return cash to Shareholders but retain it for his investment fund.

Milkwood has attempted to implement the same strategy with other listed companies, whose shareholders have rejected his approach.”

Why would Mr Summerton want to sell the operations for a minimal value..he is the largest shareholder and i imagine would want to sell the business for as much as possible..but without them outlining their thoughts such statements are left out there.

indeed bought more in 3 days ..though director purchases should be announced following morning than tenner managed to accumulate in 6 years on the board ..most of those were freebies to.

money where mouth is ..

the only thing is that comments made on cdx progress indicated knowledge more than was in the market on level of interest.

oh well pleased to see the new guy put his **** in the custard so to speak in a fairly meaningful way.also explains tge flip in price.

i hope he makes a lot of money very quickly !!

Annual report on the website now

https://wp-nanoco-2020.s3.eu-west-2.amazonaws.com/media/2024/11/Nanoco-FY24-annual-report.pdf

Dmitry is indeed on a big earner if the incentive targets are maxed out ..some relating to share price.

A chunk of other incentives for others expired worthless during the year.

Would appear there is ample short term incentive to the executives to seek a quick sale that moves the share price up in the short term…as well as incentive to try to grow a business with the assets in hand if they cant.

No details of the arrangements for BT until nexts years report …as far as i can tell.

Worth the watch for any holder or would be holder.

If you look from a new point of view quite compelling..longer term holders have though heard similar optimistic hopes of delivering value before disappear ..but this is a new broom so hopefully some value realised on his watch.

https://youtu.be/cKDBu0Qcg2k?si=9p29aTrxGHjK2YEY

I would like Dmitry Shashkov the Chief Executive Officer to do his job and deliver on the strategic objectives set by the board when he accepted the role and be rewarded accordingly ..getting 2% of the value of the company on top of his contracted salary if the business is sold within a few months of appointment I would not see as appropriate.

The only folks that have ever really done well out of this counter over years have been the executive directors…whether they create value or not….predominantly not.

If there was such a specific outcome award shareholders would have to be informed they cant just commit to dish out large cash bonuses on such outcomes without letting us know…after all the strategy , the appointment of CDX and the work in finding buyers is being done by CDX ..any award would have to be proportionate to their input i would have thought.

I agree i think the board could be deemed insiders to the process and any early level of interest..something Dmitry indicated there was strong interest..or maybe said expected ..either way the process has been ongoing for a while and CDX are apparently cracking on “at pace” ..also the board have presumably discussed a level that might be acceptable with their advisors..something not shared with shareholders when they were asked ..even ball park.

So i would be surprised to see any director or PDMR dealing until there is some update.

Unclear what new CEO contract is or how they are rewarded ..i dont think there are any options granted yet either..i would ertainly have no objection to a large grant of options at current share price to him to give upside if the price moves up ( shares already held in benefit trust ) but none of the zero price awards that this company has previously dished out .

Well i do hope you get 25p ,,it’s not completely out of the realms of possibility.

I’m not sure it will sell myself but the new ceo said the thought there was lots of interest and would expect a significantly higher value than afforded by the market.

So fingers crossed.

Commercial and infringement were not new stories but there seemed a bit more pep in timescales and actually getting on with it. If they go it alone and get tough on infringement they could get back to those levels but not for quite s while ..just my view.

As Dmitry said “actions speak louder than words”

no not really…but i am prepared to be surprised at a higher level than pulling a big figure out my **** for the sake of it.

getting over excited at what happens with this counter is a mistake.

the company has now put themselves in a difficult position with highlighting the “realistic” ip valuation they hold in the accounts..how do they sell all the operations and ip for a lower figure?? a figure i doubt anyone will pay.

maybe thats the idea?

£20m is stupidly far too much and will not be reflected in whatever turns out…just puffy talk.

The facilities are potentially a liability and the kit is second hand ..the fab third hand..there are not deep pocketed QD companies desperate for such kit as far as i am aware.

Nanoco do not own the facilities they have leases that they recently expanded…that is a potential liability to many buyers of the IP.

Keep it real.

Quite a few already looking at it ..there would not be the need for Cad free as much on such applications ..so gen 1 which it appears they are free to market to JDAs are already there bar tuning with gen 2 to follow. But we would be catching up with the market.

https://www.photonics.com/Products/Quantum_SWIR_Camera/pr70083