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Nanoco Group PLC

Nanoco Group provides an update on Formal Sale Process

On 5 November 2019, Nanoco Group (LON: NANO) announced that it was undertaking a review of all the strategic options for the Company, including, but not limited to, a potential sale of the Company through a formal sale process, as referred to in Note 2 on Rule 6 of the City Code on Takeovers and Mergers.

The Company has now confirmed that it has engaged with multiple interested parties as part of the formal sale process.  Potential buyers wishing to participate in the formal sale process were required to sign a non-disclosure agreement, after which they received further information on the Company.  A number of interested parties have submitted non-binding proposals to Evercore, for the Board’s consideration.  The Board has reviewed the proposals and is now inviting certain of those parties to engage in further due diligence and detailed discussions about the sale of the Company.

Further announcements regarding timings of subsequent steps for the formal sale process will be made as appropriate.  There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

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.

As previously communicated, the Panel on Takeovers and Mergers (the “Takeover Panel”) has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) as a result of this announcement and any interested party participating in the formal sale process will not be subject to the 28-day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process.

The Board of Nanoco reserves the right to alter or terminate the formal sale process at any time and if it does so it will make an announcement as appropriate.  The Board of Nanoco also reserves the right to reject any approach or terminate discussions with any interested party at any time (without liability to any person).

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