Group of Nanoco shareholders ask top bosses to step down over Samsung settlement

A group of shareholders of Nanoco Group Plc (NANON.L) have asked two top bosses to step down after alleging that the company gave misleading information related to settlement prospects in a litigation with Samsung Electronics Co (005930.KS).

The group, led by Tariq Hamoodi, who holds 4.23% interest in the British quantum technology company, asked CEO Brian Tenner and Chief Finance Officer Liam Gray to step down from their roles and board, according to a letter dated March 10, made public on Monday.

In February, Samsung Electronics had agreed to pay $150 million to Nanoco to settle patent lawsuits over technology used in Samsung's LED televisions.

"Nanoco had settled on terms substantially less favorable than its prior statements had led shareholders to believe, and on less favorable terms than our clients understand had been previously offered by Samsung," the shareholder letter stated.

The shareholders have identified the replacements for the CEO and CFO, the letter stated.

Nanoco did not immediately respond to a Reuters request for comment.