Business
Acquisition
Acquisition.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n RNS Number : 8721N Evolutec Group PLC 25 February 2009 \n \nEVOLUTEC GROUP PLC\nTo be renamed\nNANOCO GROUP PLC\n\nProposed acquisition of Nanoco Tech Public Limited Company\nApproval of a waiver of the obligations under Rule 9 of the Takeover Code\nRe-admission of the Existing Ordinary Shares and admission of the Consideration Shares to trading on AIM\nNotice of General Meeting\nEvolutec Group plc ('Evolutec' or the 'Company'), is pleased to announce that it has reached agreement of a recommended share acquisition of the entire issued and to be issued share capital of Nanoco Tech Public Limited Company ('Nanoco'), a leading nanotechnology company involved in the development and manufacture of fluorescent semi-conducting materials called quantum dots, to be effected by means of a Court approved scheme of arrangement. \nThe Acquisition is conditional, amongst other things, upon the approval of Shareholders at the General Meeting and the Scheme of Arrangement becoming effective.\nACQUISITION HIGHLIGHTS:\n\n\nNanoco is a leading nanotechnology company involved in the development and manufacture of fluorescent semi-conducting materials called quantum dots.\n\n\nQuantum dots are a platform technology with uses in a wide range of applications.\n\n\nQuantum dot based applications have the ability to potentially offer significant benefits in performance and energy savings compared to those materials currently used.\n\n\nNanoco has been successful in signing significant development contracts as well as establishing distribution channels with multinational companies to supply Nanoco materials.\n\n\nFollowing Admission the Directors of the Company will comprise Dr. Michael Edelman as Chief Executive Officer, Dr. Peter Rowley as non-executive Chairman, Dr. Nigel Pickett as Chief Technical Officer, Michael Bretherton as Chief Financial Officer and Gordon Hall as non-executive director.\n\n\nThe consideration for the Acquisition is to be satisfied by the issue of the Consideration Shares to the Nanoco Shareholders, on the basis of 4.55 Consideration Shares for every Nanoco Share held. \n\n\nThe Enlarged Group will have net funds of approximately £8.1 ...