Tech group, Nanoco, is to begin a shareholder consultation as it decides whether to delist from the London Stock Exchange.
The Runcorn-based group is the market leader novel nano materials for use in televisions, smartphones, watches and emerging technologies.
The University of Manchester spin-out was founded in 2001 and has been listed on the LSE since 2015.
However, its share price has slipped in recent years, closing at 2.75 last night.
In May this year, the company’s board stated that it would be holding a General Meeting on 19th June to seek approval to delist.
READ MORE – Nanoco shares plummet following LSE delisting plan announcement
The move, it explained would save around £700k in listing costs and would in turn extend the company’s cash runway as it invested resources in “existing high-potential business areas.”
However, after “extensive” dialogue with shareholders, it found that it was unlikely to meet the approved threshold of 75% votes to support the decision.
As a result it has adjourned the meeting and appointed Sodali & Co to begin a shareholder consultation, “to inform the Board’s future decision making as it explores further options.”
The company has also confirmed that Executive Chairman, Dr Jalal Balgheri has returned to the role of Non-Executive Chairman and Christopher Batterham, Non-Executive Director, has been appointed as Senior Independent Director, and Chair of the Group’s Audit and Remuneration Committees.
