Nanoco braced for investor showdown

Nanoco braced for investor showdown

By Francesca Washtell

Published: | Updated:

Nanoco faces a showdown tomorrow with activist investors who want to overthrow the board.

The Manchester-based nanotechnology company settled a legal dispute earlier this year with Samsung, which it previously accused of stealing its designs to use in its QLED TVs.

Nanoco has since been criticised by a group of rebel shareholders led by businessman Tariq Hamoodi who are unhappy with how the litigation was handled. They believe the settlement, which came to £125 million, should have been higher.

BAttle: The Manchester-based nanotechnology company settled a legal dispute earlier this year with Samsung

BAttle: The Manchester-based nanotechnology company settled a legal dispute earlier this year with Samsung

Two proxy advisers, Glass Lewis and ISS, have recommended Nanoco’s investors back the board at the meeting, which will vote on whether to remove directors.

Investors including Harwood Capital have thrown their weight behind the board. Founder Christopher Mills has previously said it would be ‘highly irresponsible’ to support the revolt.

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