Business
Response to Shareholder Letter
Response to Shareholder Letter.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n\n19 May 2023\nNANOCO GROUP PLC\n(\"Nanoco\", the \"Company\" or the \"Group\")\n \nResponse to Shareholder Letter\n \nNanoco notes the contents of a second letter that has been circulated to shareholders by Tariq Hamoodi. This follows Mr Hamoodi's letter issued via RNS Reach in March, which has since been removed from the LSE's website.\nNanoco has sought to engage with Mr Hamoodi, including responding to his initial letter. A copy of Nanoco's letter to Mr Hamoodi is available here http://www.rns-pdf.londonstockexchange.com/rns/0649A_1-2023-5-19.pdf.\nNanoco's Board continues to emphatically reject Mr Hamoodi's speculative concerns about certain actions and activities involving Nanoco, and does not believe the proposed Board changes are in the best interests of shareholders.\nAs previously announced, the Directors of Nanoco have no intention of stepping down from the Board and are confident that the Board's actions and statements over the period of the Samsung litigation were in line with its corporate governance duties, obligations and standards.\nChristopher Richards, Non-Executive Chairman of Nanoco, said\n\"We continue to emphatically reject Mr Hamoodi's speculative concerns. The Board welcomes scrutiny, but his misinterpretation of the past, and consciously selective and factually inaccurate disclosure, including the publication of heavily edited videos, presents a number of events out of context to create a false narrative to mislead our shareholders.\n\"The proposed Board changes are not in the best interests of the Company or its shareholders, and would give undue influence to a disgruntled minority shareholder. Nanoco is at an exciting inflection point, with the litigation proceeds fully underpinning our organic business which has significant growth opportunities.\n\"Mr Hamoodi's proposals would be damaging and disruptive to Nanoco's future prospects and, if successful, would result in an exodus of key talent from the business.\"\n \n- Ends -\nFor further information, please contact:\nNanoco Group PLC:\nDr Christopher Richards, Non-Executive Chairman\nBrian Tenner, CEO &nb...