Business
Formal Sale Process as Part of Strategic Review
Formal Sale Process as Part of Strategic Review.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n \nRNS Number : 2318S Nanoco Group PLC 05 November 2019 \n\nNOT 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 \nTHIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n\n\n\n\n \n \nFOR IMMEDIATE RELEASE\n\n\n \n5 November 2019\n\n\n\n\n \nNanoco Group PLC\n \nFormal Sale Process as Part of Strategic Review\n \nIn its preliminary results announcement on 16 October 2019, the Board of Nanoco Group PLC (\"Nanoco\" or the \"Company\") (LSE: NANO) reiterated its focus on maximising value for shareholders. In this context, the Company confirms that it has entered into preliminary discussions with certain parties about a potential sale of the Company. Accordingly, the Company today announces that it is undertaking a review of all the strategic options for the Company, including, but not limited to, a potential sale of the Company through the commencement of a \"formal sale process\", as referred to in Note 2 on Rule 2.6 of the Code.\n \nNanoco remains in active discussions with existing and other potential new customers for our materials and services with a particular focus on the display and infra-red sensing markets. In addition to these potentially lucrative commercial opportunities for continued funding of the Company's operations, the Board is also reviewing other sources of funding. The Company's current resources give reasonable headroom for the sale process and commercial opportunities to come to successful conclusions, with contingency plans in place if needed.\n \nThe Board has appointed Evercore as its financial adviser to assist with the formal sale process and as independent financial adviser for the purposes of Rule 3 of the Code.\n \nThe Panel on Takeovers and Mergers (the \"Takeover Panel\") has agreed that any discussions with third parties may be conducted within the context of ...