Nanoco receives final litigation proceeds from Samsung

Nanoco Group
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Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, has announced that it has received the second tranche of litigation proceeds from Samsung after settling last year on a no fault basis for the alleged infringement of the Group’s IP.

The Group has received a net sum of $71.75m, being $75.0m less the expected Korean withholding tax, which amounted to $3.25m. The Korean withholding tax is available to offset Nanoco’s future profits in the UK.

The Group previously announced the hedging of this tranche of proceeds at a rate of $1.22 / £1.00. The funds will be converted at this rate and generate a sterling receipt of £58.8m. This represents a gain of £2.1m compared to the current exchange rate for USD.

The Group is finalising its proposals for the amount and structure of the return of capital which can now go ahead following this receipt of the second tranche of litigation proceeds. The Group expects to update shareholders shortly on the final proposals which will be in line with the previously announced commitment to return between £33.0m and £40.0m to shareholders.

As previously communicated, the remaining proceeds will be invested in R&D and commercial activities to expand our range of high-performing materials, developing new materials with enhanced performance, as well as expanding our reach, a proactive IP licensing programme, payment of debt obligations, and to provide working capital through to the self-financing position that is expected during 2025.

Brian Tenner, Nanoco’s CEO, commented:

“With receipt of these proceeds we can now finalise our plans for the significant return of capital to shareholders. The proceeds will also ensure that our commercial business is properly funded to take advantage of the growing commercial traction and development opportunities for our innovative platform technology.”

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