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This is what they are really worried about - Resolution 2 seeks authority to approve an amendment to the rules of the Nanoco 2015 Long Term Incentive Plan (the "LTIP") and the Nanoco 2015 Deferred Bonus Plan (the "DBP"), which were originally approved by shareholders at the 2015 Annual General Meeting, and subsequently amended at the 2021 Annual General meeting. Awards under the LTIP and the DBP are subject to a combined limit of exercised and outstanding options at any point in time being less than 10 per cent. of the issued share capital at that point in time. The cancellation of approximately 90 per cent. of the Ordinary Shares acquired as part of the Return of Value will have a disproportionate impact on this limit. The Board does not consider that employees should be penalised as a result of the Return of Value which is beneficial to Shareholders. Therefore, in order to be able to continue to issue options under the LTIP and the DBP, Shareholders are being asked to approve an amendment to the rules of the LTIP and DBP to allow shares held in the Nanoco Employee Benefit Trust to be excluded in assessing the 10 per cent. limit.
Too little - too late!!
Pleased it is a tender offer rather than divi - disappoint that it is right at the bottom of the return of capital range mentioned in previous RNSs. Nanoco never fails to disappoint!!
According to a Kooba post on the other board Lombard Odier also have a significant holding in IQE (just under 15 pct). Who’d have thunk it!
Kooba - Nanoco management are focussing on the important stuff (posting about International Women’s Day on Twitter). When they get some free time they might just have a look further down their ‘to do’ list at the much less important business of returning capital to shareholders!!
Richard Griffiths tripled his holding in IQE
There was a boost for IQE last week as 'Welsh wizard' Richard Griffiths tripled his holding in the semiconductor firm to 7.6 per cent.
The former sheep farmer is known for his success in backing firms such as Nanoco, GVC and Oxford Nanopore Technologies.
Maybe his latest move will work some magic on IQE's share price, which has yet to recover from a plunge a year ago.
Just two of the lorry loads of equipment arriving on site at Runcorn for our new semi-conductor device facility. Great commitment by the team coming in over the weekend to get it all moved into our new space. Once commissioned by our new Device Team, we will have an unparalleled device capability.
“Grow up Ryan, he's the CEO show some self respect and professionalism.. If you have issues contact corporate coms.”
If anyone needs to demonstrate professionalism it’s the (very amateur) Nanoco management!
P.S. Have you ever received a response from Nanoco corporate communications? No - me neither!!
Here is the piece for those that are interested “ Responding to today’s Budget, Brian Tenner, Chief Executive Officer, said:
“Jeremy Hunt’s ‘Budget for Long Term Growth’ set out some encouraging developments for the UK’s most innovative technology companies. The continuation of the Treasury’s full expensing policy will act as critical relief for companies seeking to invest in growth, especially businesses who will require significant capital expenditure in developing and manufacturing cutting edge materials.
We’re equally glad to see new tax reliefs and investments for the UK’s growing advanced manufacturing industry, as well as the renewed commitment to the Government’s levelling up agenda; supporting technology and science across the breadth of the UK’s regions and nations, including here in Runcorn”.
Nanoco’s Brian Tenner is on Twitter commenting on the budget’s impact on tech companies. I suggested that investors are more interested in receiving an RNS about the return of capital.
Holland’s latest purchase is less than £6k - What is everyone getting so excited about?
One thing that needs transforming is Nanoco’s comms - Woeful!
Still waiting for details of how the Samsung settlement will be distributed to shareholders - How long has Management had to get this sorted? The only thing Nanoco management does well is incompetence!!
I really don’t know why anyone pays any heed to anything (paid for) Edison says. Pure toilet paper.
“ miconductors) as non-executive directors. Nanoco’s current market cap of £65m is only slightly above the planned £33–40m shareholder return plus the £20m expected to be retained. This implies the market is assigning almost no value to Nanoco’s commercial opportunities, which have taken very meaningful steps forward over the last 18 months, or its intellectual property, validated through the Samsung settlement. This seems to be an overly pessimistic valuation scenario. ” Others might say it speaks volumes about the value investors place on current management!!
….. still waiting for the distribution - incompetence on display again.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland joined Proactive's Stephen Gunnion after the company received a crucial license extension for its gas project offshore Ireland, showcasing confidence in the company's technical and financial preparedness.
Holland said the positive development follows extensive seismic reprocessing efforts that enhanced imaging and reduced risks associated with the project, particularly around the Inishkea West prospect. The reprocessing, progressing from 10 to 30 Hertz, aims to fine-tune the prospect's imaging without materially altering its significant potential, highlighted by its proximity to existing infrastructure and its potential to provide 1.5 trillion cubic feet of recoverable gas.
The strategic importance of the Inishkea West prospect lies not only in its substantial gas reserves but also in its ability to significantly reduce Ireland's reliance on imported gas, thereby enhancing national energy security. Holland emphasized that domestic gas from this project would have far lower emissions compared to imported LNG, aligning with environmental goals.
The company is poised to re-engage with potential partners to further develop this opportunity, emphasizing the project's alignment with European gas market demands, its quick path to cash flow due to nearby infrastructure, and its strong risk-reward profile.
Tinyurl.com/25gc8xjk @Europaoilandgas #EOG
… I was 45 minutes early with that one!
VP is now selling in USA. Don’t know if or when we find out whether Nanoco is supplying anything for it.