# nanosynth group Disposal of Cloudveil and Board Change

- Link: https://www.directorstalkinterviews.com/nanosynth-group-disposal-of-cloudveil-and-board-change/4121030907
- Published: 2021-11-01T07:12:34+00:00
- Author: Giles

**Nanosynth plc** (LONJ:NNN) have today announced that it has agreed to return control
of Cloudveil Limited, a wholly owned subsidiary of the Company, to Cloudveil’s founder,
Antony Hugo Gillum-Webb, by transferring the Company’s shares in Cloudveil to the
Founder for nominal consideration, effective immediately.

The Disposal is in line with the Board’s strategy which is to focus on the synthesis
and application of the Company’s core capabilities and has been strengthened by 
the appointment of Mark Duffin as CEO in September 2021. The Disposal follows the
Board’s decision earlier this year to reduce its holding in Gyrometric Systems Limited,
as approved by shareholders in August 2021, and following this the Group will have
two wholly owned subsidiaries, being Pharm 2 Farm Ltd (“P2F”) and nanosynth Ltd.

The Board also announces that following the Gyrometric transaction, John Richardson
has resigned from the Board as an executive director, effective immediately, to 
focus on product management activities within P2F, the Company’s main subsidiary.

Antony Hugo Gillum-Webb is also a director of Cloudveil and as a result, the Disposal
is considered to be a related party transaction in accordance with Rule 13 of the
AIM Rules for Companies. Accordingly, the Directors of nanosynth, being Mark Duffin,
Antony Legge, Richard Clarke, Dr Felicity Sartain and Dr Gareth Cave, having consulted
with the Company’s nominated adviser, SP Angel Corporate Finance LLP, consider that
the terms of the Disposal are fair and reasonable insofar as the Company’s shareholders
are concerned.

> **Antony Legge, Chairman of nanosynth plc, said:** “The disposals of Gyrometric
> and Cloudveil are the last steps in our refocussing strategy. With the opportunities
> available to us, it is vital our management and financial resources are concentrated
> on realising returns for shareholders by exploiting our strong position within
> the nano-particle sector.”

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