North Atlantic Smaller Companies trust rebuffs 'misleading' shareholder claims

investmentweek.co.uk:

The group is attempting what Nanoco CEO Brian Tenner described as a ‘backdoor takeover attempt’, pushing to remove the board and replace the CEO and chair.

Nanoco, a nanotechnology firm, is held by NASCIT through its holding in the Oryx International Growth fund and has faced a shareholder rebellion against its board from private investor Tariq Hamoodi, who holds a 3.4% stake in the firm.

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Hamoodi is attempting what Nanoco CEO Brian Tenner described as a «backdoor takeover attempt», pushing to remove the board and replace the CEO and chair.

He has made a raft of claims against the company, which Tenner described as «misleading», adding «we have no idea where some of these speculations come from».

On 24 July, Hamoodi's investor group issued a letter criticising Nanoco's current board and included the following statement: «We note the board's expression of thanks to ‘existing shareholders' for their support, namely from Christopher Mills and Randolph Baron.

»The board went back to the related party playbook to find this support as Richard Griffiths and Christopher Mills were co-managers of the North Atlantic Smaller Companies Investment trust, and like Lombard Odier, have cooperated closely in several other investments."

Griffiths, who is chair of Sarossa and ORA Capital Partners and a director for Blake Holdings, holds a 3% stake in the firm.

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However, NASCIT pushed back against the letter, confirming that Griffiths «is not and never has been a co-manager of NASCIT».

NASCIT is managed by Christopher Mills and Nicholas Mills. The duo also manages the Oryx