Manchester spinout company Nanoco’s plan to quit the London Stock Exchange has been scuppered after it failed to secure enough shareholder backing for the move.
Nanoco Group plc, headquartered in Runcorn, develops and manufactures cadmium-free quantum dots and other nanomaterials. These are used in monitors, TVs and infra-red sensors.
In 2024 it began cutting jobs in an attempt to preserve cash as it explored a sale via financial advisor CDX Advisors. However in January this year it said it had terminated that process then recently said it would seek shareholder approval to delist.
The plan to delist and re-register as a private company required the approval of 75% of the votes cast by shareholders at a general meeting on 19th June 2026. It intended to offer shareholders access to a matched bargain facility via JP Jenkins for a minimum of 12 months afterwards, which would allow trading in shares.
However this morning it stated: “The board have engaged extensively in dialogue with the company’s shareholder base, noting in particular the concerns around the potential lack of liquidity that would result were the company’s shares to be delisted.
“The board continues to believe that a delisting would be in the best interests of all shareholders but recognises that the resolutions are unlikely to meet the required approval threshold of 75% of votes cast by shareholders at the general meeting.
“It is therefore the board’s intention to propose the adjournment of the general meeting to explore further options and allow for further constructive engagement and dialogue with shareholders.”
Last year Nanoco – which currently has around 40 staff and a cash balance of £10.1 million – settled a legal case with South Korean multinational electronics corporation LG Technologies over alleged patent infringements. However it ended legal action against Shoei Chemical Inc. and Shoei Electronic Materials, Inc with no payments made.
In 2023 it won $150m in a legal dispute with Samsung, settling on a no fault basis for the alleged infringement of the group’s intellectual property.
It said recently: “The company is neither currently experiencing any financial difficulty nor is it expected to in the near term. These cost savings (in the event of a delisting) will extend the group’s cash runway, with a view to being break-even in the medium term.
“Additionally, this will also free up significant resource which can be allocated to the achievement of the group’s strategic objectives.”
It added that should these cost savings not be achieved, and were there further delays in the commercialisation of the company’s products, the group’s ability to break even in the medium term and achieve its strategic objectives would be further hindered by the current cost and resource burden associated with being a listed company.
Shares in Nanoco climbed 38% in early trading (writing at 8.40am) but remain more than 50% down in the year to date and 62% down over 12 months.