Proposed Transformation Plan to Replace Board and Unlock Value At Nancoco Group plc

LONDON, May 19, 2023 /PRNewswire/ -- Tariq Hamoodi, one of the largest shareholders of Nanoco Group plc ("Nanoco"), has today released a presentation which sets out details of his significant concerns regarding corporate governance at Nanoco.

The full presentation is available to shareholders of Nanoco and can be accessed here: www.transformingnanoco.com

On 10 March 2023, Hamoodi wrote to Nanoco to set out his concerns as to the competence and independence of the current board. With the right corporate governance changes, Hamoodi believes that significant value can be realized both from the Company's assets and by augmenting the Company's own licensing business with capabilities to monetize intellectual property for third parties.

Hamoodi has sought cooperation from Nanoco to effect these changes in the best interests of all shareholders, but Mr Hamoodi believes Nanoco has failed to adequately engage with many of his concerns and the board has refused to voluntarily stand down.  

As a result, and with the support of other shareholders, Hamoodi intends to requisition an EGM to replace Nanoco's current board with a more experienced group of independent directors with a strong track record of success and experience in intellectual property licensing and quantum dots.

These directors propose acting swiftly to introduce strong governance and oversee a 90-day business transformation strategy that is informed by robust dialogue with shareholders.

The presentation sets out full details of a coherent go-forward plan to restructure the business, explore new opportunities and vastly improve governance and transparency.

Contact

Media

Jennifer Renwick, Elfie Kent, Camarco:   0203 757 4994, [email protected]

Shareholders

Jonathan Harker, Alison Owers, Morrow Sodali:  0203 148 9770, [email protected]

About Tariq Hamoodi

Tariq Hamoodi is a London-based private investor and corporate finance advisor and previously an investment professional with Bybrook Capital LLP and Morgan Stanley. He is focused on special situations and litigation related opportunities in public and private markets.