University pension fund cashes in on Nanoco
A PENSION scheme for university staff has cashed in on the surge in value of shares in the pioneering nanotechnology firm Nanoco.
It sold two million shares in the business for around £2.7m on Wednesday when values jumped by more than 20% to 130p.
Manchester-based Nanoco, which was established in 2001 to commercialise research from the University of Manchester and Imperial College, London, had just announced a major deal with The Dow Chemical Company.
The shares are up by around 140% on their value of 55p a year ago.
The Universities Superannuation Scheme, based in Liverpool but representing staff across the UK, still holds 12.7 million shares in the firm, or 6% of the company.
Nanoco makes quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light. They are in demand by the makers of electronic goods because they consume less power than existing systems.
It has agreed to licence the technology to Dow subsidiary, Dow Electronic Materials, which will have the right to make and sell the dots for LCD displays.
