City round-up: Nanoco; Assura; Regional REIT

Nanoco Group, the Runcorn-based tech company, has received a General Meeting requisition notice from shareholders holding 5.6% of the group’s voting rights.

The notice proposes two separate resolutions for the respective appointments of Mr Rhys Summerton and Mr Andre Tonkin to the board of Nanoco Group.

Mr Summerton is a director of Milkwood, and Mr Tonkin an employee of Milkwood.

The notice does not provide any details as to the background of these individuals nor as to the contribution that they might make to the company.

It also provides no information as to  Milkwood’s reasons for taking this action.

Mr Summerton, on behalf of Milkwood, has previously in dialogue indicated to the board the intention to acquire a significant stake in the company, divest its assets, and convert the company into an investment company, utilising its cash and listing.

Nanoco said its board is in the process of reviewing the content and validity of the notice with its advisers and will make a further announcement in due course. Shareholders are urged to take no action in the meantime.

It also reminds shareholders of the recent announcements that:

• The company has appointed a new CEO with a track record in driving shareholder value in leading materials sciences based businesses in order to lead the company and its business into the future, whatever that might be; and
• The operating cost base of the company has been significantly rationalised to fit its current circumstances, without compromising its potential and its inherent value; and
• Expert advisers have been appointed to review at pace the options for the ownership of the company’s trading business and IP assets in which the board is confident that there is considerable inherent value; and
• The board has also taken steps to reduce the cash cost of the board, without compromising corporate governance standards and plans to reduce the size of the board during FY25; and
• The board believes that any surplus cash reserves should be returned to shareholders, rather than being retained for any purpose. The company intends to make a further  announcement on this following the release of the FY24 report and accounts.

The board said it is confident that pursuing this combination of strategic objectives is in the best interests of shareholders as a whole.

Nanoco defeated a previous attempt to reconfigure the board in August last year, when more than 80% of its shareholders backed the board.

It followed a general meeting requisition by Tariq Hamoodi who had called on senior management to step down, claiming the Manchester University spin-out company gave misleading information on settlement prospects in its successful IP litigation with South Korean electronics giant, Samsung.

Twelve resolutions were put forward by him at the meeting and were emphatically voted down.

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Jonathan Murphy, Assura CEO

Assura, the Altrincham-based health care property group, is in the process of applying for a secondary inward listing on the Main Board of the Johannesburg Stock Exchange (JSE) by way of an introduction.

Assura believes that admission to trading of the shares on the JSE will be beneficial to the company and its stakeholders.

The board believes the secondary listing can be expected to contribute to liquidity in the company’s shares through its increased profile in the South African market.

The listing of Assura on the JSE is expected to become effective later this year, subject to the necessary regulatory approvals in South Africa.

The company will not place or issue any new Assura shares in connection with its application for a secondary listing on the JSE and will remain listed on the Equity Shares (Commercial Companies) category (ESCC) of the Official List in London.

HSBC is acting as Listing co-ordinator and corporate broker and Nedbank Corporate and Investment Banking, a division of Nedbank Limited, as JSE Sponsor.

Jonathan Murphy, Assura CEO, said: “We are excited to announce that we are moving forward with an application for a secondary listing on the Johannesburg Stock Exchange which we believe will contribute to liquidity in our shares.

“As the UK’s leading diversified healthcare REIT, Assura offers an attractive proposition to South African investors, who we look forward to welcoming onto our share register. Our high quality assets offer long term secured and growing income, underpinned by the long term structural demand for healthcare services.”

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Stephen Inglis

Regional REIT, the property firm with offices in Old Trafford overseeing properties throughout the North West, has entered into a joint venture with Pan-European solar PV developer, Sunbird Solar International, to install solar panels on a number of the most suitable properties within the company’s portfolio, making the properties more attractive to potential tenants.

Phase one of the installation programme will encompass 19 properties with an aggregate portfolio generation capacity of 4,173 kW and is expected to be completed within a year. Regional REIT will invest alongside Sunbird in the joint venture company called Sugarbird SolarCo (UK) Limited. 

The joint venture will enhance the EPC credentials of the respective buildings, supplement and provide on-site green electricity to common parts and continue the ongoing momentum of reducing CO2 emissions by some 713 tonnes across the portfolio. 

The annual solar electricity output of this first phase is equivalent to reducing the electricity usage of 1,270 average UK households, further demonstrating its commitment to long term sustainability that will deliver real impact at scale, said the REIT.

Sunbird is a Pan-European solar PV developer led by an experienced team of commercial and industrial solar specialists with decades of experience in developing, financing, designing, constructing, and maintaining solar and battery energy storage assets.

Stephen Inglis, head of ESR Europe LSPIM, Asset Manager, said: “This important programme will reduce our portfolio’s carbon footprint and enable the properties to benefit from both lower maintenance and energy costs.”

Dave Colley, director at Sunbird, said: “We’re really pleased to be working with Regional REIT on this exciting joint venture of improving the energy efficiency of the portfolio to the benefit of the properties, to the other stakeholders and the benefit of the environment.

“Sunbird is able to bring its global experience in developing, engineering, installing and managing rooftop solar plants that are built to the highest standards to deliver green electricity for decades to come.”