5th Nov 2019 09:29
(Alliance News) - Nanoco Group PLC on Tuesday confirmed that it has entered into preliminary talks for a potential sale of the company.
Nanoco shares in London were up 6.1% at 15.92 pence each in morning trade.
The company, which supplies quantum dots used in manufacturing LCD screens, said that it is undertaking a review of all available strategic options, including, but not limited to, a potential sale through the commencement of a formal sale process.
Nanoco, however, warned that there can be no certainty that an offer will be made for the company. It has appointed Evercore Partners International LLP as its financial adviser to assist with the sale process.
"Nanoco 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," Nanoco said.
"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," it added.
By Tapan Panchal; [email protected]
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