AIM Schedule 1 - Nexus Management plc (8344P)

TIDMNXS

RNS Number : 8344P

AIM

30 October 2012

 
              ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION 
               IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM 
                                           RULES") 
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 COMPANY NAME: 
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 Nexus Management plc, to be renamed Enables IT Group plc (the 
  "Company") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY 
  TRADING ADDRESS (INCLUDING POSTCODES) : 
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 120 Moorgate, London EC2M 6UR 
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 COUNTRY OF INCORPORATION: 
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 United Kingdom 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED 
  BY AIM RULE 26: 
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 Currently www.nexusmanagementplc.com (to be changed to, www.enablesit.co.uk) 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, 
  IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING 
  POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE 
  TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: 
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 The acquisition of Enables IT Limited by Nexus Management plc 
  will result in a reverse takeover under the AIM Rules. On completion 
  of the acquisition and prior to admission to AIM, Nexus Management 
  will, subject to shareholder approval, change its name to Enables 
  IT Group plc. 
 
  The main country of operation of enlarged group will be the 
  UK but will also operate in the US. 
 
  Nexus Management, previously named PC Medics Group Plc, is 
  an AIM IT managed services provider specialising in reducing 
  the cost and complexity of IT for companies. Nexus Management 
  operates in two key markets: Europe and the US, where it can 
  offer 24 hour customer support. Nexus Management provides remote 
  sensor management, wide area network management, disaster recovery, 
  data storage, and help-desk and desktop support. Nexus Management 
  is registered in England and Wales and was admitted to trading 
  on AIM on 8 May 2001 (as PC Medics Group Plc). 
 
  Enables IT provides network and IT solutions and is led by 
  current Managing Director Michael Walliss, who joined the company 
  in 1992 and was appointed as Managing Director in 1996. Enables 
  IT provides technical solutions to business problems and offers 
  on-going support services. Enables IT partners with industry 
  vendors and provides its customers with solutions that are 
  tailored to their needs, with no vendor tie-in. 
 
  Enables IT's customers are focused in the health, education 
  and corporate sectors across the United Kingdom. Enables IT 
  conducts thorough audits prior to commencing work in order 
  to clearly understand its customers' existing IT infrastructure 
  and limitations. Enables IT staff communicate with clients 
  to determine specific needs and use the audit findings, and 
  the consultants own experience and expertise, to design infrastructures 
  based on the benefits the clients require. Implementation is 
  undertaken in partnership with the client to ensure there is 
  a complete understanding of the solution and technology at 
  all times by all parties. 
 
  Enables IT looks to develop new client relationships whilst 
  also focusing on its current client portfolio which contains 
  customers with whom the company has had over 12 years of continuous 
  engagement. 
 
  Enables IT offers a complete end-to-end service in the following 
  key areas: 
 
  -- Virtualisation and Cloud; 
  -- Wireless & Networks; and 
  -- Managed Support. 
 
  The Directors believe that Nexus Management's existing foothold 
  in the US markets will offer an ideal opportunity for Enables 
  IT to cross sell into this substantial and lucrative market. 
  In addition, the Directors believe that the enlarged group 
  will benefit from a substantial increase in the critical mass 
  of the UK business which, with the broader client base, will 
  de-risk the US focus of the business and will offer further 
  cross selling opportunities. The added strength to the management 
  team following completion of the transaction should allow for 
  increased leverage of the business through both organic and 
  acquisitive growth. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS 
  AS TO TRANSFER OF THE SECURITIES (i.e. where known, number 
  and type of shares, nominal value and issue price to which 
  it seeks admission and the number and type to be held as treasury 
  shares): 
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 Admission: 15,842,425 new ordinary shares with a nominal value 
  of GBP0.01 each 
  No restrictions on the transfer of securities 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED 
  MARKET CAPITALISATION ON ADMISSION: 
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 No capital to be raised. 
 
  Anticipated market capitalisation, approximately GBP5.7million 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: 
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 75.2% 
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 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH 
  THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES 
  (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED: 
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 None 
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 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS 
  (underlining the first name by which each is known or including 
  any other name by which each is known): 
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 Mark Bernard Barney Battles (Executive Chairman and proposed 
  Non-Executive Chairman) 
  Peter John Weller (Finance Director and proposed Chief Financial 
  Officer) 
  Michael Dean Walliss (Executive Director and proposed Chief 
  Executive Officer) 
  Marcus Yeoman (Non-Executive Director) 
  Martin Bradburn (proposed Chief Information Officer) 
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 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED 
  AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER 
  ADMISSION (underlining the first name by which each is known 
  or including any other name by which each is known): 
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                           As at the date of this                    On Admission 
                             announcement 
                                 Number of       Percentage    Number of         Percentage 
                                  Existing      of existing     Ordinary    of the Enlarged 
     Name of Director             Ordinary    share capital       Shares       Issued Share 
                                    Shares                                          Capital 
 
    Roger Richardson        38,787,149****             3.29      129,290               0.82 
    Peter Paterson              80,003,763             6.78      266,679               1.69 
    Graham 
     Stoddart-Stones         79,884,809***             6.77      266,282               1.69 
    SF Webb Smaller 
     Cos Growth 
     Fund                    226,556,505**            19.20      755,188               4.80 
    Martin Bradburn                      -              Nil    4,092,619              25.83 
    Michael Walliss                      -              Nil   7,591,378*              47.92 
 
   * of which 3,212,562 are owned by his wife Erica Walliss 
   ** SF Webb Smaller Companies Growth Fund holds its shares through 
   Bank of New York (Nominees) Limited 
   *** Graham Stoddart-Stones holds 57,806,992 shares through 
   Rathbone Trustees 
   **** Roger Richardson holds 38,666,667 shares through SVS Securities 
   Nominees 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 
  2, PARAGRAPH (H) OF THE AIM RULES: 
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 None 
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 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION 
  DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited 
  interim financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS 
  PURSUANT TO AIM RULES 18 AND 19: 
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           (i) 30 September 
            (ii) 30 June 2012 
            (iii) 31 March 2013 (final results for the year ending 30 September 
            2012) 
            30 June 2013 (interim results for the six months ending 31 
            March 2013) 
            31 March 2014 (final results for the year ending 30 September 
            2013) 
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 EXPECTED ADMISSION DATE: 
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 26 November 2012 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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 Merchant Securities Limited, 51-55 Gresham Street, London EC2V 
  7EL 
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 NAME AND ADDRESS OF BROKER: 
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 Peterhouse Corporate Finance Limited, 31 Lombard Street, London 
  EC2V 7EL 
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 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE 
  (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE 
  AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: 
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 Available from the Company's website www.nexusmanagementplc.com 
 
  The admission document contains full details regarding the 
  applicant and the admission of its securities. 
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 DATE OF NOTIFICATION: 
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 30 October 2012 
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 NEW/ UPDATE: 
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 NEW 
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