Business
Termination of Formal Sale Process
Termination of Formal Sale Process.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4028L\n Nanoco Group PLC\n 30 April 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 30 April 2020\n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n Nanoco Group PLC\n \n \n \n \n \n Termination of Formal Sale Process\n \n \n \n \n \n On 5 November 2019, Nanoco (\"Nanoco\", the \"Company\" or the \"Group\") announced that it was undertaking a review of all the strategic options for the Company (the \"Strategic Review\"), including, but not limited to, a potential sale of the Company through a formal sale process, as referred to in Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers (the \"Code\").\n \n \n On 4 March 2020, after having previously invited certain parties to engage in due diligence and detailed discussions about the sale of the Company, Nanoco announced that it had not to date received any firm proposals that it believed would lead to an offer for the Company. Since then, Nanoco has continued to engage with a number of parties to establish whether they are prepared to make a firm proposal.\n \n \n However, over the past few weeks, the disruption caused by Covid-19 has escalated rapidly, impacting businesses in the UK and around the globe in an unprecedented manner and leading to exceptional market volatility. The economic climate remains highly uncertain.\n \n \n As a result, the Board has concluded that it is unlikely that the formal sale process will produce an attractive outcome in such environment. The Board has therefore decided to terminate the formal sale process and confirms it is no longer in active discussions with any interested parties.\n \n \n As announced in February, Nanoco is pursuing a patent infringement lawsuit against Samsung and is now in advanced stages of securing third-party funding for the litigation. Nanoco also continues to explore commercial opportunities, with purchase orders having been placed for existing and new materials for sensing applications and a new joint development for R&D services being currently documented with an existing customer. In response to C...