20th Dec 2019 11:31
(Alliance News) - Nanoco Group PLC on Friday said it has invited potential buyers to engage in further due diligence and detailed sale discussions.
Shares in Nanoco were up 9.4% at 13.67 pence in London in late morning trading.
The nano-materials firm undertook a strategic review and began a formal sale process in early November. As part of the sale process, it engaged with multiple parties and asked potential buyers to sign a non-disclosure agreement.
Following the non-disclosure agreements being signed, possible bidders were sent more information about Nanoco and some submitted non-binding proposals to Evercore, Nanoco's financial adviser.
Nanoco's board has considered the proposals that were made and has invited some bidders to proceed to further due diligence and more detailed talks for a possible sale.
"In addition to these ongoing discussions, 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. The company's expectations for cash on hand in December 2019 are in line with prior communications," said Nanoco.
By Anna Farley; [email protected]
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