Nanoco in £20m move to main market

HI-TECH company Nanoco has announced its intention to raise £20m in a move from the AIM to the London Stock Exchange.

The Manchester-headquartered firm has placed more than 19 million new ordinary shares up for sale at 105p to fund further research and development of Nanoco’s quantum dot technology.

In a statement released today, the company says it believes the Official List is the most appropriate platform for the continued growth of the group, increasing Nanoco’s profile, assisting the liquidity of the company and providing a greater range of potential investors.

It is expected the company’s ordinary shares will be admitted to the Official List on or around May 1 at which time trading in its shares on the AIM will simultaneously cease.

The move follows an upbeat assessment of Nanoco’s prospects when it published its half-yearly results last week.

The company, with a manufacturing facility at The Heath in Runcorn, said the highlights of the six months to the end of January were moves towards the commercialisation of its  cadmium-free quantum dot technology.