Nanoco Group PLC

Nanoco raises £10 million through placing

Published on 15/10/2013

Nanoco Group plc (AIM: NANO) (“Nanoco”, the “Company” or the “Group”) today announces its intention to raise approximately £10 million from a placing via an accelerated bookbuild in order to fund the Company’s continued growth (further details of which are set out in the “Use of proceeds” section below).

Nanoco is pleased to announce a placing of 6,369,427 new Ordinary Shares of 10p each (“New Ordinary Shares”) at a price of 157 pence per share (the “Placing Price”) to raise approximately £10 million of gross proceeds (the “Placing”).

Canaccord Genuity Limited (“Canaccord”) and Liberum Securities Limited (“Liberum”) have been appointed as joint bookrunners (“Joint Bookrunners”) in respect of the Placing. The Placing will be conducted through an accelerated bookbuild process which will be launched immediately following this announcement.

Capitalised terms in this announcement have the definitions as set out in the appendix to this announcement (the “Appendix”).

Transaction Highlights

  • The Company announces a placing of 6,369,427 New Ordinary Shares at a price of 157 pence per New Ordinary Share to raise approximately £10 million of gross proceeds
  • Net proceeds from the Placing will be used by the Company for general working capital and corporate purposes
  • The maximum New Ordinary Shares to be issued in connection with the Placing is equivalent to approximately 3.0 per cent. of the Company’s existing issued ordinary share capital
  • The Placing Price represents a discount of approximately 2.2 per cent. to the closing price of Nanoco’s ordinary shares of 160.5 pence on 14 October 2013
  • The Placing is being conducted through an accelerated bookbuild process at the Placing Price
  • The books for the Placing will open with immediate effect
  • The appendix to this announcement contains the detailed terms and conditions of the Placing

Commenting on today’s announcement, Nanoco Group plc Chief Executive Officer Michael Edelman said:

“During the past few months, we have made rapid progress with the commercialisation of our technology and with the development of our manufacturing capacity. The additional funds to be raised in this Placing will assist our efforts to realise our strategy and to deliver value to our shareholders.”