Nanoco Group PLC, a leader in cadmium-free quantum dots and nanomaterials, has disclosed the outcomes of its recent Tender Offer and the initiation of a Share Buyback Programme. The Tender Offer, aimed at returning up to £30.0 million to Shareholders, was oversubscribed, with 160,535,377 Ordinary Shares, approximately 49.5% of the Issued Share Capital, being validly tendered. Cavendish will purchase 125,000,000 shares for approximately £30.0 million, representing around 38.5% of the Issued Share Capital.

Following the purchase, the Company intends to cancel 111,250,000 Ordinary Shares, with 13,750,000 of the purchased shares to be held in treasury and subsequently transferred to the Nanoco Employee Benefit Trust. The settlement of the Tender Offer is expected to be completed by 25 April 2024, with the Company having 213,180,950 Ordinary Shares in issue, including 13,762,222 Ordinary Shares held in treasury.

Additionally, Nanoco Group PLC will pursue an ongoing on-market share buyback programme of up to a total value of £3.0 million, independent of the Tender Offer. The Share Buyback Programme will commence immediately and end on the earlier of reaching the total value or the date of the Company's next annual general meeting in 2024. Any Ordinary Shares purchased pursuant to the Share Buyback Programme will be cancelled, and the buyback will be conducted in accordance with relevant regulations.

Shareholders are advised that the AGM Buyback Authority was based on 10% of the Issued Ordinary Share Capital before the Tender Offer. Following the completion of the Tender Offer, the Issued Ordinary Share Capital will be adjusted accordingly.