Nanoco Group PLC has announced the receipt of the second tranche of litigation proceeds from Samsung, amounting to a net sum of $71.75m. The company settled last year on a no-fault basis for the alleged infringement of its IP. The Korean withholding tax of $3.25m is available to offset Nanoco's future profits in the UK. The funds will be converted at a rate of $1.22 / £1.00, resulting in a sterling receipt of £58.8m, representing a gain of £2.1m compared to the current exchange rate for USD.
The company is finalizing its proposals for the return of capital to shareholders, which is expected to be between £33.0m and £40.0m. The remaining proceeds will be invested in R&D, commercial activities, payment of debt obligations, and to provide working capital through to the self-financing position expected during 2025. Brian Tenner, Nanoco's CEO, stated, "With receipt of these proceeds we can now finalize our plans for the significant return of capital to shareholders."
Nanoco Group PLC is a nano-material production and licensing company, specializing in the production of its patented cadmium-free quantum dots (CFQD®) and other patented nano-materials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside the scaling of the production for commercial orders.