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Tariq Hamoodi, who owns 4.23 per cent of Nanoco, had accused it of overstating the amount it might receive from a legal claim against Samsung
Tariq Hamoodi, who owns 4.23 per cent of Nanoco, had accused it of overstating the amount it might receive from a legal claim against Samsung
ODD ANDERSEN/AFP/GETTY
Emily Gosden
Tuesday August 15 2023, 12.01am BST, The Times
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Rebel shareholders in Nanoco have failed in an attempt to remove the board of the technology group.
More than 80 per cent of investors backed Nanoco directors at an extraordinary general meeting yesterday, rejecting resolutions brought against the company by Tariq Hamoodi.
Hamoodi, 46, who owns 4.23 per cent of the firm, had accused it of overstating the amount it might receive from a legal claim against Samsung, the South Korean technology conglomerate, ahead of its announcement in February of a $150 million settlement, which led to a fall in share prices. The investor also criticised a financing deal Nanoco had carried out with some minority shareholders. The company dismissed the allegations as “unfounded”.
Hamoodi’s efforts to unseat the board and install his own nominees failed to win the backing of influential shareholder advisory groups and were rejected by other investors.
Nanoco was founded in 2021 and is based in Runcorn, Cheshire. It is focused on developing quantum dots, which are used to improve the backlighting of LED displays. It had sued Samsung, alleging the Korean group had copied its technology after it shared samples to discuss potential collaboration.
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Christopher Richards, 67, the chairman, thanked shareholders for their “overwhelming support”. He said the company would improve its communications and would add people with experience in the electronics sector to its board.
Hamoodi declined to comment.
Shares in Nanoco rose by 1½p, or 7.8 per cent, to 19½p.
From the FT:
European natural gas prices surged almost 40 per cent on Wednesday as the potential for disrupted global liquefied natural gas supply from Australia spooked traders betting on further price declines.
Prices on the Title Transfer Facility, the European benchmark, rose to more than €43 per megawatt hour, up from almost €30 on Tuesday, reaching its highest point since mid-June.
The increase was triggered by reports that workers at important LNG plants in Australia were planning strike action in a fight for higher pay and better job security, with market movements exacerbated by some traders closing out bets that gas prices would fall.
The move highlights that despite gas storage levels rising close to capacity in the EU, the energy crisis that has roiled the continent for almost two years is not yet over, and markets are still nervous about the vulnerability of supplies.
While Australian LNG supplies rarely flow directly to Europe, the EU has become increasingly reliant on global seaborne cargoes of LNG to replace Russian supplies cut since the war in Ukraine.
Analysts said the markets remained wary of any potential supply disruptions, even though prices are substantially lower than the peaks of last summer when the slashing of Russian pipeline supplies propelled gas to record highs above €340/MWh
Yup - very well educated. It helps that it was a polyglot and polymath in the first place.
Trouble - I’ve got a spare one I can lend you !!
Qdnano - That really is pathetic - Hollywood screenwriters are on strike - why don’t you do a bit of moonlighting there?
“Dear Shareholders, Jam tomorrow!”
This Board need to back themselves by buying (with their own money) a significant number of shares in the company
“Exciting inflection point” - and then I woke up!
Now if they could just manage a few more about validation of materials, new orders and significant purchases of Nanoco shares by directors that might help!
Pleased to see that communications have improved in the last few weeks. Pity they didn’t communicate their low case damages model so well (and properly guide investors). I guess they must be feeling a bit rattled!
"Nanoco, tiny little company, almost zero revenue." Tell that to Brian Tenner with his outsized pay packet!!
If the current board is so wonderful why is the share price where it is? If the current board are convinced we are on the cusp of commercialisation why aren’t they investing (with their own money). They keep telling us how transformational the Samsung deal was - I suspect it will only be transformational to Management pay awards, bonuses and LTIP - maybe that’s why they want to hang on to the £20 million!
Kistos Energy Norway AS (KENAS) update for the second quarter of 2023
OPERATIONAL
Since the end of June 2023, production from the Balder Area has averaged approximately 2 500 b/d net to KENAS. However, partly due to a planned maintenance period, which was completed on schedule in June, the average rate net to KENAS in the second quarter of 2023 was 1 684 b/d. Output was positively impacted by the restart of the riser at Ringhorne in May. This was temporarily shut-in during the first quarter and will be permanently replaced in the third quarter during the planned Balder FPU turnaround. A new well at Ringhorne was brought on stream during the quarter and production efficiency for Balder/Ringhorne improved to 83% from 80% in the previous three months.
The upgrade of the Jotun FPSO for the Balder X development project is ongoing and the re-float of the vessel out of dry-dock occurred in late in June. This enabled the safe completion of the heavy-lift installation of the turret, turntable, and gantry in July. The operator (Vår Energi ASA) has reported that the upgrade of the FPSO remains on critical path and that it is focussed on securing sail-away in the second quarter of 2024 and production start-up in the third quarter of 2024.
Balder X drilling activities are progressing well with seven out of 15 wells completed. The last well was the first multilateral and represents the longest reservoir section ever drilled in the Balder area, with a total length of 1,153 metres in the reservoir. The project’s subsea equipment has been delivered and the majority is already installed. Two of the six offshore installation campaigns planned this year have been completed according to plan.
The operator did not provide any update to its 2P reserves or the Balder Area during the period. As of December 31, 2022, KENAS estimated its 2P reserves were 24 MMboe.
FINANCIAL
During the second quarter, 3 cargoes of crude oil were loaded from the Balder FPU. Net to KENAS, these totalled 185 kbbl, which realised an average price of USD 72.74 per bbl. At the end of the period, KENAS had cash at bank of 8.0 MUSD, of which 1.1 MUSD was restricted and had drawn 14.4 MUSD under the terms of the revolving credit facility from its parent company, Kistos plc.
NGR - What I do with my shares is my business and no one else’s.
NGR - No - We trusted Brian Tenner. That was a big mistake - never to be repeated.
“Their”*
What really annoys me is the way that the board is gaslighting investors and almost admonishing us for listening to their “multiples of share price” narrative and actually believing they’re paid for research. According to them we should all have gone behind a paywall to see redacted court papers. They have no shame.
this company is currently valued at less than the samsung “transformational” settlement. management did a fund raise at 37 pence knowing exactly what their low case damages model was (but thought it best to keep that quiet). couldn’t run a **** up in a brewery (look at their awful comms)- the only reason they are so engaged now is because they are frightened that their gravy train is about to hit the buffers - the current share price tells you everything you need to know!
Peregrine - Well said!
Qdnano - As I have already explained readers can look at page 63 onwards of the 2022 report and accounts and draw their own conclusions. This is like arguing with a pigeon. I will leave it here for today. Please try to stay calm.