5th Dec 2019 15:18
(Alliance News) - Nanoco Group PLC on Thursday said that it remains in talks with certain interested parties who have been invited to submit indicative proposals in mid-December for an acquisition of the company.
Shares in the company were down 1.9% at 13.25 pence each in London.
"At this stage, there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements about the FSP will be made as appropriate," Chair Christopher Richards said in his annual general meeting statement.
The company, which manufactures cadmium-free quantum dots, also said it continues to supply material and other services to its US customer and other companies and expects to earn all associated contract revenue in full.
Nanoco started financial 2020 with around GBP3.5 million of contracted orders for delivery, with majority of them to be recorded in first half of the year ending July 31. It remains in active discussions with existing and other potential new customers, however, progress on new commercial opportunities in Sensing and Display has been slower than expected due to the ongoing formal sale process of the company.
"The company's expectations for cash on hand in December 2019 are in line with prior communications. The board continues to review possible sources of additional funding for the company as part of the group's strategic review, with contingency plans in place if needed," Richards said.
Separately, Nanoco said that all resolutions proposed at its AGM were duly passed.
By Tapan Panchal; [email protected]
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