The Nanoco Group PLC (LON: NANO) share price was trading flat after releasing its interim financial results for the half year ending 31 January 2023. The company reported a 45% increase in revenues from £1.1 million in the previous financial year to £1.6 million.
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However, investors barely reacted to the news, given that the revenues pale compared to the £62.1 million settlement the company received from Samsung after abandoning its litigation against the tech giant earlier this year. Most initial funds received were used to pay off the litigation funders.
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Some shareholders recently accused Nanoco of impropriety in handling the litigation and settlement with Samsung, whose settlement resulted in a massive drop in the company’s share price. Most people expected the company to receive a much large settlement than the £124.3 million ($150.0 million) it received.
Investors’ muted reaction to today’s announcement could indicate their dissatisfaction with the nanoparticles company management team, which was accused of prioritising the interests of its preferred shareholders at the expense of its other shareholders.
The shareholders, led by Tariq Hamoodi, wrote a scathing letter to Nanoco’s executives claiming that its preferred shareholders knew more about the litigation with Samsung and dumped their shares on other unsuspecting shareholders before the settlement was announced.
Nanoco has defended its actions saying that it emphatically rejects the speculative claims made by the shareholder group and that none of its directors intends to step down from the board. The firm added that its actions and statements over the Samsung litigation aligned with its corporate governance duties, obligations and standards.
Brian Tenner, Nanoco Group CEO, said: “We are closer to commercial production than at any time in our 20-year history, with orders anticipated by the end of 2023. Our organic growth runway is now underpinned by a firm financial footing following the monetisation of the Group’s IP portfolio as a result of the outcome of the lawsuit.”
The CEO also noted that Nanoco was now well positioned as an agile player with validated IP operating in the attractive and growing core end markets of Sensing and Display.
*This is not investment advice.
Nanoco share price.
The Nanoco share price was trading flat despite releasing its interim half-year results.
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