Last close As at 05/08/2026
GBP0.03
— 0.00 (0.00%)
Market capitalisation
GBP5m
Research: TMT
Nanoco has announced plans to delist from the London Stock Exchange’s Main Market and re-register as a private company, subject to shareholder approval. Management believes the move will reduce annual costs by c £0.7m, extending the group’s cash runway, while providing greater flexibility to commercialise its portfolio. A shareholder vote will take place on 19 June 2026, with delisting expected to become effective on 20 July 2026. Following delisting, shareholders will still be able to trade shares through a matched bargain facility operated by JP Jenkins.
The decision follows a review of options after terminating its formal sale process in January 2026. The company highlighted continued progress in its core business, including development agreements with Asian chemical customers and the receipt of proceeds from its successful litigation with LG Electronics. According to the statement, the company had a cash balance of £10.1m as at 19 May 2026 and management confirms the company is not experiencing any financial difficulty nor is it expected to in the near term.
However, the costs and regulatory obligations associated with maintaining a London listing are considered disproportionate given the company’s size, liquidity and pre-commercialisation status. Management also believes operating as a private company could simplify future strategic discussions or a potential sale process.The proposed cancellation requires approval from at least 75% of votes cast at the general meeting on 19 June 2026, with proxy votes due by 10.30am on 17 June 2026. Subject to shareholder approval, the last day of trading in Nanoco shares on the London Stock Exchange is expected to be 17 July 2026, with the cancellation becoming effective on 20 July 2026. Shareholders wishing to trade shares on the Main Market will need to do so before that date.
After delisting, shareholders will be able to buy and sell shares through a matched bargain facility provided by JP Jenkins, an FCA-regulated private securities marketplace that provides matched bargain trading facilities for shares in unlisted companies.
Full details on the timetable can be found here.
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Historical financials |
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|---|---|---|---|---|
| Year end | Revenue (£m) | EBITDA (£m) | EPS (p) | P/E (x) |
| 7/24 | 7.9 | 1.2 | 0.02 | N/A |
| 7/25 | 7.6 | 1.5 | 0.25 | 27.4 |
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London │ New York │ Frankfurt
20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: Industrials
Smiths News’ H126 results saw adjusted PBT in line with market expectations. The expected FY26 operational improvements of more than £4m are progressing to plan, and the company is on track to meet FY26 adjusted PBT expectations of £37.2m with a slightly stronger H2 performance supported by the positive impact of the FIFA 2026 World Cup on the collectables business. Our FY26 P&L estimates are unchanged, while FCF improves due to better working capital. Valuations of companies with similar characteristics support our 96p/share (95p previously) DCF valuation as does the company’s solid track record of sensible capital allocation and healthy dividends.