Investors Call for Complete Board Overhaul at Nanotechnology Firm Nanoco

Investors Call for Complete Board Overhaul at Nanotechnology Firm Nanoco

…By Gift BADEWO for TDPel Media.

A faction of shareholders in the renowned nanotechnology firm Nanoco has voiced concerns over what they term as “serious corporate governance issues.”

Advertisement

The group, which holds about 5% of the company’s stakes, is vehemently advocating for a complete overhaul of the company’s board.

A graphene-based sieve capable of making seawater drinkable which scientists have created / PA

Call for Leadership Change

The faction of investors is led by Tariq Hamoodi, and their primary goal is to unseat the top leadership, including CEO Brian Tenner, CFO Liam Gray, Chairman Christopher Richards, along with three additional board members.

They are adamant that their proposed move is a response to the board’s alleged bias in decision making.

Advertisement

Allegations Against The Board

The investors have levied serious accusations against the Nanoco board, renowned for manufacturing ultra-thin lights employed in screens.

They assert that the board is disproportionately favoring the company’s principal shareholder, Swiss bank Lombard Odier, and ex-major investor Richard Griffiths, at the expense of the collective shareholders’ interests.

Concerns Over a Legal Settlement

At the heart of this dispute lies a recent legal settlement with tech giant Samsung.

The investors argue that the board’s communication about the settlement led them to anticipate a significant windfall.

However, the actual settlement, which totalled $150 million (including $85 million from the sale of Nanoco’s intellectual property rights), fell short of their expectations, given the ensuing legal costs.

Advertisement

Impact on Share Value

Following the settlement disclosure, Nanoco shares listed on AIM experienced a dramatic drop of 23%.

This further fuelled the disgruntled shareholders’ resolve to challenge the current board.

Company’s Response

In response to the unfolding dispute, Chairman Christopher Richards has firmly rejected the allegations made by the shareholder group.

Richards confirmed that the company will evaluate the request for a meeting and make a decision in due time.

The company maintains that the proposed board changes are not in the best interest of Nanoco or its shareholders.

Advertisement

The chairman further argued that Hamoodi’s claims were rife with factual errors and speculative concerns.

Read More On The Topic On TDPel Media

Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn

Read Related News On TDPel Media

Advertisement
Advertisement: Download Vital Signs App (VS App)