Nanoco Group PLC has signed an agreement to hedge the second tranche of litigation proceeds due to be received in February 2024. The hedge secures a rate equivalent to the rate on the settlement signing date. Nanoco will receive £58.8m in return for selling $71.75m, which is the net receipt from the second tranche of litigation proceeds. The hedge has no deposit and no margin collateral. The translation rate of the hedge is GBP1:USD1.22, which is in line with the rate ruling on the day that the litigation settlement was signed. This hedge removes any uncertainty around the net GBP cash flows to Nanoco and significantly de-risks the return of capital to shareholders.