Business
Covid-19 Update
Covid-19 Update.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0430I\n Nanoco Group PLC\n 30 March 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n \n \n \n FOR IMMEDIATE RELEASE 30 March 2020\n \n \n \n \n \n \n Nanoco\n \n \n \n \n \n Group PLC\n \n \n \n (\n \"\n Nanoco, the \n \"\n Group\n \"\n , or the \n \"\n Company\n \")\n \n \n Covid-19 Update\n \n \n \n \n \n \n Nanoco Group plc \n \n (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today provides the following update on the impact of Covid-19, and the actions the Group is taking to preserve liquidity.\n \n \n Key points:\n \n \n · \n The Company is experiencing significant business disruption due to Covid-19.\n \n \n · \n The Board is taking steps to reduce substantially the cost base of the business, including pay cuts for all Directors.\n \n \n · \n The Company intends to seek access to Government funding to protect the employment of staff who are furloughed due to Covid-19.\n \n \n · \n The Board continues to evaluate all strategic options, including a potential sale of the Company, which has also been impacted by Covid-19.\n \n \n · \n With these measures, the Board is confident that Nanoco's core capabilities will be protected and the cash reserves of the Company will now extend beyond the end of December 2020.\n \n \n Like a great many businesses, the Group is experiencing significant business interruption as a result of the Covid-19 pandemic, including absence of key workers, disruption to supply chains, and customer measures leading to shipping delays and delays on raising new purchase orders. However, paid for customer work and critical activities are continuing where possible.\n \n \n The safety and wider wellbeing of Nanoco's employees is a key priority for the Board. Employees are working from home where possible and the Company is still meeting customer requirements through its facilities in Manchester and Runcorn.\n \n \n Cost reductions including Directors' contracts and salaries\n \n \n The Board i...