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Nanoco faces fresh shareholder revolt

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Nanoco Group is facing a renewed shareholders revolt after groups representing shareholders owning 5.02 per cent of the North West tech company demanded a meeting to remove the board.

Nanoco has received the latest notice from Aurora Nominees and Securities Services Nominees, who are seeking to appoint directors proposed themselves.

This followed two letters from Tariq Hamoodi, who owns 4.23 per cent of the company’s shares, in March and May. 

Nanoco said on March 27 that it noted a public letter setting out corporate-governance concerns, which it rejected. 

Nanoco said today that it is reviewing the content and validity of the requisition with its advisers but believes the proposed board changes aren’t in the best interests of the company or its shareholders.

“The board believes that the blend of skills and capabilities of its members has been demonstrated both in the transformative outcome achieved in the Samsung settlement and the progress made with the organic business,” Nanoco said.

Last week, Nanoco may have hoped to placate dissatisfied shareholders when it announced plans to return as much as £40m to them following its $150m litigation return from Samsung.

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