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Having looked at the Twitter post again he says spud “just after” mid April. The new well will be drilled about 20 metres away from the old well and they will be “twinned”.
Colin Harrington on Twitter today saying they are aiming to spud mid April
This was news to me. I think it’s good that this supercilious waste of space is leaving. On another note do we know why Nanoco feels the need to continue with its expensive main market listing?
@NGR He said it in the “This is Money” article.
new note out. same *******s - different day.
They made sure to look after themselves by nullifying the impact of the tender offer on their own LTIP arrangements - that’s the most important thing in the minds of these jokers!
“ Still speculative but unlike a lot of companies that repeatedly dilute your holding, this has cash in the bank to use.”
When Nanoco raises cash at 37 p a share and gives it back at 24 p a share do you think that’s a good thing?
The adoption of Quantum Dot technology is on the horizon, and Nanoco is at the forefront of this innovation.
Nanoco is now in the strongest commercial and financial position in its history, and we are excited to build on our commercial traction and invest in for a phase of steady growth.
We've transitioned from being a company primarily invested in R&D to one that is financially stable, with a focus on organic growth and backed by validated and enforceable IP.
Our core markets, which include sensing and display, are poised for rapid expansion. This is outlined by our Interim Results this morning with highlights that include:
🔴 Revenue increased to £4.0m with an operating profit of £2.4m, FY24 performance expected to be in line with market expectations
🟠 First ever commercial orders for infra-red sensing applications and shipped two first-generation materials
🟡 Joint Development Agreements with STMicroelectronics and an Asian Chemical supplier to enhance sensing materials
🟢 Subject to the return of value underway, on track to be debt-free and fully funded through to cash breakeven, expected during CY25
🔵 Received the second tranche of litigation proceeds, enabling a £33 million return to shareholders and investments to boost operational capabilities
🟣 Continue investing in our strong IP portfolio, and leveraging it for value
Kooba - It’s an application hearing - I’m not a lawyer and could easily be wrong but I don’t think that’s a “Full Monty” court case just yet?
Nanoco is a world leading technology provider enabling next-generation electronic sensors and displays with commercial programmes including a production contract with a global tier-one player. The company has a strong balance sheet position to support the next phases of its growth journey, and with addressable markets exceeding £100m across multiple customer verticals. We initiate coverage with a target price of 60.2p.
Troublesome - Transformational to the Nanoco Deferred Bonus Scheme and LTIP!!
Nanoco first signalled its intention to return significant funds to shareholders on 3 February 2023 when the final settlement agreement was signed with Samsung. The second tranche of the agreement was received on 24 January and on 11 March, the board determined a tender offer up to £30m and a £3m share buyback was the most appropriate means to return value and provide flexibility to shareholders. The tender offer is at a fixed 24p per share, representing a premium of 25.1% to the 8 March closing price and 19.6% to the 60-day VWAP. It covers up to 38.5% of issued capital, with Nanoco potentially acquiring a further 3.9% through the share buyback (assumed at the tender price). If a material portion of the £33m is not returned via these mechanisms, Nanoco may consider a special dividend. The tender offer is subject to shareholder approval at a general meeting on 28 March. Following completion of the £33m return and repaying c £5m of outstanding debt, management expects to retain £23m cash to: ◼ Invest in the group’s production capability to enhance efficiencies and support gross margin expansion. ◼ Build and fit out the new 300mm wafer device facility (see our previous note). ◼ Develop new second and further generation sensing materials. ◼ Self-fund the early stages of its IP portfolio licensing programme, to support overall commercial objectives and mitigate potential downsides to returns from utilising licensing agents or third-party funding. ◼ Fund commercial activities until the company is self-financing (management expects this in CY25). We have previously stated that the group would need to generate over £8m in sales from products and services, assuming a modest 70% gross margin and minimal capex to generate free cash flow. After fulfilling initial commercial orders for two new materials and with more nanomaterial projects underway, we believe the group is well-positioned for growth.
78 pct saying “No”
Nanoco on Twitter patting themselves on the back for doing such a great job!! Deluded!!
“ ard’s confidence it will become self-financing during 2025 Nanoco’s market value presently stands at only a c.10% premium to the final litigation cash proceeds. Recognising that the Group retains carried forward losses well in excess of £30m (having already utilised £10m) to minimise the tax liability from the settlement, it remains surprising that the market continues to price in so very little for the Board’s stated expectation that it will become a self-financing producer of high performing nanomaterials during CY2025. “
This comes as no surprise to me!!!
Kooba - You are absolutely correct - I completely misread that. Apologies to everyone for my mistake. If you are on the register on 9 April you can tender your shares.
Flying higher - If you buy shares today they won’t qualify for the tender!
Gino - I am not making any predictions - I am just pointing out that a mechanism will exist for Nanoco to accept individual tenders of more than 38.5 pct (in the event that other shareholders tender less than 38.5 pct). Hope that clarifies my point adequately?
Gino dog - I believe that the following excerpt answers your question.
· Tenders in excess of a Shareholder's Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement or do not tender any Ordinary Shares and, if necessary, excess demand will be scaled back on a pro rata basis (save that tenders from Shareholders who hold 2,000 Ordinary Shares or less will be accepted in full subject to there being capacity to purchase those Ordinary Shares in accordance with the terms of the Tender Offer).
Snouts in the trough!!!