Runcorn nano-material firm Nanoco Group plc announced the receipt of a notice from the Milkwood Fund, on behalf of 5.6% of the voting rights of the company, to requisition a general meeting (GM) of the company under section 303 of the Companies Act 2006.

Nanoco recently appointed Dmitry Shashkov as chief executive officer and put its trading business and intellectual property up for sale after the loss of a major customer prompted a strategic review.

“The 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,” said Nanoco.

“Shareholders are urged to take no action in the meantime.

“The notice proposes two separate resolutions for the respective appointments of Mr Rhys Summerton and Mr Andre Tonkin to the Board of Nanoco Group plc, Mr Summerton being a Director of Milkwood, and Mr Tonkin being 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.

“The Notice 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.”