Nanoco Group PLC

Directorate Changes

RNS Number : 5415X
Nanoco Group PLC
01 September 2020
 

    1 September 2020

Nanoco Group PLC

( " Nanoco, the " Group", or the " Company")

 

Directorate Changes

 

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today announces changes to its Executive team and Board.

The Company has announced a number of significant achievements in recent months, including the launch and funding of the Company ' s litigation against Samsung, good commercial progress and a successful over-subscribed £3.4m fund raising. The Board changes announced today create the right team to lead the Company in its new form, considering both the scale and commercial focus of the business and its governance requirements.

Dr Michael Edelman, currently the Group ' s Chief Executive Officer (CEO), will step down from the Board with effect from 1 September 2020. He will remain available to the Company as a S pecial A dvis or, reporting to the Group ' s new Litigation Sub-committee, which will be chaired by Nanoco ' s Non-Executive Chairman, Dr Christopher Richards.

Brian Tenner, currently Chief Operating Officer and Chief Financial Officer of the Group, will become CEO with effect from 1 September 2020. Brian joined the Group in August 2018 and has had a significant impact on the Group ' s performance in his time with Nanoco, particularly in sharpening its commercial focus, providing people leadership in the UK and improving cost control. Brian will be supported by Nanoco's highly capable leadership team. Liam Gray, currently Group Financial Controller, will take on additional finance activities as UK Finance Director and Company Secretary (a non-Board position) to allow Brian to focus on his CEO role and ongoing operational responsibilities.

At the same time, the Company confirms that all Board salaries will remain at reduced levels until 31 March 2021. Salaries were reduced by 35% for Non-Executive Directors and by 20% for Executive Directors with effect from 1 April 2020 as part of the Group's response to the Covid-19 pandemic.

Dr Christopher Richards, Nanoco's Non-Executive Chairman, commented:

"Nanoco has had an exceptionally busy year, culminating in substantial progress in recent months in respect of our litigation against Samsung and momentum in our commercial and financing activity which has significantly extended the Group ' s cash runway until the end of 2022.

" This is to the credit of the executive team, led by Michael, Brian and Nigel Pickett our Chief Technology Officer. Having achieved these milestones, it is important that we now implement our existing CEO succession plan to match the size and shape of the Board to the more focused group Nanoco is becoming. I am confident that, as CEO, Brian will provide the right leadership for this next phase in the Company's development.

" I am immensely grateful for Michael ' s significant contribution during his many years at Nanoco, having led the business since September 2004, through its initial fundraising, spin out from the University of Manchester and IPO on the London Stock Exchange in 2009. We are fortunate to retain Michael ' s services as a Special Advisor to the Group ' s Litigation Sub-committee as we progress our litigation against Samsung."

Dr Michael Edelman, Nanoco ' s outgoing CEO, commented:

"It has been a great honour and pleasure being part of the development of the world-leading quantum dot player that Nanoco is today, working with such an incredibly talented team of entrepreneurs and scientists who have seen the Group germinate from an idea to a global player in this cutting-edge technology. Brian is an excellent successor as CEO and will have my continued support as well as the full support of all of our staff.

"I am also very pleased to be leaving the Group following the significant recent achievements, and I look forward to seeing through the Samsung litigation in an advisory role."

- Ends -

Full details of Michael's leaving arrangements in respect of fixed pay, annual bonus and the treatment of share awards which are consistent with his current service contract and the Company's shareholder approved Remuneration Policy, will be disclosed shortly on the Group's website ( www.nanocotechnologies.com ) in compliance with Section 430(2B) of the Companies Act 2006 and in the Directors' Remuneration Report within the Company's Annual Report and Accounts for the year ended 31 July 2020, and subsequent years, as appropriate.

For further information, please contact:

Nanoco Group PLC :

Chris Richards, Non-Executive Chairman  +44 (0) 161 603 7900

Brian Tenner, CEO (designate)                                                                                           +44 (0) 161 603 7900

Caroline Watson, Investor Relations Manager                                                                +44 (0) 7799 897 357

[email protected]

 

Peel Hunt:

Edward Knight  +44 (0) 20 7418 8900

Nick Prowting

 

MHP Communications :  +44 (0) 203 128 8570

Reg Hoare

Giles Robinson

Pete Lambie

[email protected]

 

MAR

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of Nanoco is Brian Tenner, Chief Financial Officer.

Notes for editors:

 

About Nanoco Group plc

Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. The Group produces quantum dots. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Display and Electronics markets. One of the interesting properties of quantum dots is photoluminescence: the emission of longer wavelength light upon excitation by light of a shorter wavelength. The colour of light emitted depends on the particle size. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of applications including displays, lighting and biological imaging.

Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition.

Nanoco is listed on the Main Market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com .

 

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