 This is a result of shareholder pressure and is a mixed bag of messaging trying to buy them time to sort out their own mess rather than allow someone else to come in to do it. But the for sale sign is clearly up and it should have been structured as a formal sale process.Noting no comment on getting a replacement and competent ceo and nothing about the executives "sharing the pain" for their failings in terms of taking cuts or shares in lieu , just sack other staff to get the costs down ...nice. Tenner i presume still on full whack as caretaker.They are as always dangling carrots ..infringement ..the Asian customer etc ..though further infringement and licences has delivered nothing even since the IP was validated.The Asian customer is spending less than $1m a year on a platform that could be a mass market winner apparently and are in a two year development agreement. If this was the next big thing would one not expect a bit more commitment and shorter time lines for global companies ..it looks like they are dabbling with the idea at best..as STM seem to have done.Anyway there maybe action now and we may find out sooner rather than later if Milkwood are supportive of this approach or whether the board are trying to deflect there interest by announcing this now ahead of the results and they have other ideas. |
Agree that RNS is contradictory they should drop the tag line of leading manufacturer as Nanoco are manufacturing nothing.
The biggest failing of the Board was getting into bed with bad company and dodgey dealings with LOAM and RG who clearly given their track record didn't give a fig about Nanoco's future and instead pursued an ongoing licence agreement with Samsung which would have secured its future and funded organic growth given that product delivery can take years and looking at ST Micro outcome runs high risks of failure.
The nonsense about other companies using their IP to date they haven't gone after anyone else even tbough they had the settlement funds from Samsung to do so another blatant lie.
The sum of today's RNS a reflection on very poor business management and commercial judgement and a lack of integrity in the Boards various undertakings leading to their cummuppance the business being sold off as the management team have failed to deliver anything..
As to continuing and even increasing the return of value that's just camouflage for syphoning off the remaining cash before the fire sale completion.
The cash placement in 2022 was 42p current share price 12p so they can drop the nonsense regarding rewarding return of value as well they are an abject failure and the mgt teams treachery has come back with avengence to haunt them! |
Oh Nigwit... |
So putting it up for sale because they can't create a business that can sell Qds and make money . I'd be weary of the method of returning money to shareholders after the last debacle . Some very contradicting points in the rns today . Selling the business and IP even though they believe lots of companies are using it without license . They believe there is a good business and value but selling up . |
Its a typical example of how small shareholders have come to demonise management more and more in this grinding small cap bear market, thinking, as katsy clearly does, that it represents some kind of elevated thinking to be relentlessly cynical all the time. It isn't. It's witless, ahistorical and deadly dull. |
Does that make fourk handles? |
Looks like company parrot has changed his handle again.... |
Or they simply made the same error as Cable Car! |
Well, Milkwood must see value. That's good news. |
Milkwood have bought in at 4%. They are an activist investor, they tried to take control of DSM recently, but failed. If they buy more, I would think they will try to get control of the management, sell off the patents and production facilities, and take control of the cash pile. IMO. |
You know exactly sweet F..k All.
Just a self opinionated mammory!
lol. |
Hence October's Trading Update will be binned and replaced with a RNS released stating that Nanoco have entered into a formal for sale process.
What a complete diaster Brian Tenner, Chris Richards and Liam Gray have been. |
The deal i mentionedhttps://www.imveurope.com/article/onsemi-purchases-swir-vision-systems-new-deal |
The recent deal in US with a major microprocessor company buying a small company in SWIR CQD sensors might point a way forward as clearly Nanoco has been unsuccessful /out manoeuvred and failed in its commercial ambitions with a long list of majors now and its difficult to see an independent future.With the patent portfolio , manufacturing base and talent it could be a cheap way into what we are told is a growth market.Whether any interest would be around the whole or just the IP is another matter. Something needs to happen pretty quickly to maximise remaining value ..and decisions need to be made around a cost base burning about £7m a year..as edision research shows there is only a 20 month cash runway..without revenue or cost cuts that needs to be addressed.Suggest an immediate all encompassing strategic review headed by new NEDs with a formal sale process started before the year end. Will anyone be interested ? |
Share sale yesterday05.09.2415:30:549.5000GBX5,920,158562,415.01Off-bookXLONLOAM remaining holdingSUBTOTAL 8. A5,920,1582.97%So pretty certain LOAM no longer hold a single share.There was a buyer against that it seems in just over 6.1m shares Which is just over 3% of the company whether it is a new investor or one increasing there should be an announcement confirming.Transaction done around the 9.5p level which is approximately the current cash position.Lombard who were the largest holder for many years and even held before the listing have completely exited having taken every liquidity opportunity over the past 2 years and clearly were not backing the commercial efforts as they sold almost 70% of their remaining holding at 24p in the tender.They along with RG again a very long term holder ( they often work with) held 38% of the company between them when they did the highly beneficial ( for them) loan with the company and up to the June 2022 fundraise they didn't support , they now own nothing. When people talk of long term holders against the speculative shorter term holders around the litigation impacting the share price post settlement they should remember who has been systematically dumping for quite a while.Main hope is the buyer has a plan ..very unlikely they are backing current management who have left this company bereft of near term revenue opportunities and with a cost base that has ballooned in anticipation of such revenues.The company has 370 odd remaining patents and still has the use of anything sold to Samsung. Whilst some of the core patents do not have a long life there are other important and supporting patents. Also as far as i am aware the "licence" granted to Samsung is for display only..so should not cover sensors/photodetectors. |
Every single person I know involved with NANO are adamant - misleading information was the NANO strategy. |
Bad terms?
“The shareholder group, led by Tariq Hamoodi, who holds more than 4.23% in Nanoco, asked CEO Brian Tenner and CFO Liam Gray, along with other directors, to step down from their roles and board, in a letter dated March 10, which the shareholder group made public on Monday.
"Nanoco's board emphatically rejects the shareholder group's speculative concerns about certain actions and activities involving Nanoco," the company said in a statement.”
“its directors had no plans to step down after a shareholder group alleged the nanotechnology company gave misleading information related to settlement prospects in litigation with Samsung Electronics Co” |
Of course if he is going because he has other opportunities lined up for him then he would be leaving on bad leaver terms just working out his notice ready for the new challenge ahead rather than good leaver terms which would protect his incentives and would pay compensation for loss of office. We will see what he gets in the report and accounts..did he jump or was he pushed gets established. |
“Severance package”? Not the type of package I would send him. A whoopee cushion would equal his achievement here! |
I think even though there is a commitment say that the material change in trading outlook means that the best interests of the company and shareholders is to retain the £500k if that's what is left but would have to inform shareholders if that is to be the case. That £500k might go some way to meet Tenners severance package. |
Didn't they make a promise to return it to shareholders? ;¬) |
I wonder if company money is being spent on defending Brian & "The Team" in the current legal action? |
Thanks I thought would be less.But wouldn't surprise me if they hang on to what is left in the circumstances. |
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