Nanosynth agrees to return control of Cloudveil to founder

The AIM-traded firm said the disposal was in line with the board's strategy, which was to focus on the synthesis and application of the company's core capabilities, and had been strengthened by the appointment of Mark Duffin as chief executive officer in September.

It said the disposal followed its decision earlier in the year to reduce its holding in Gyrometric Systems, as approved by shareholders in August, and following that the group would have two wholly-owned subsidiaries, being Pharm 2 Farm (P2F) and Nanosynth.

The board also announced that, following the Gyrometric transaction, John Richardson had resigned from the board as an executive director, effective immediately, to focus on product management activities within the firm’s main subsidiary P2F.

“The disposals of Gyrometric and Cloudveil are the last steps in our refocusing strategy,” said chief executive officer Antony Legge.

“With the opportunities available to us, it is vital our management and financial resources are concentrated on realising returns for shareholders by exploiting our strong position within the nano-particle sector.”

At 1517 GMT, shares in Nanosynth Group were up 1.24% at 0.72p.