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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nexus Man | LSE:NXS | London | Ordinary Share | GB0030379423 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.085 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNXS 11 July 2012 Nexus Management Plc ("Nexus" or "the Company") Disposal of Resilience Technology Corporation Further to the announcement made on 27 January 2012, Nexus Management Plc, the AIM quoted provider of specialist IT Managed Services, is pleased to announce that it has today sold Resilience Technology Corporation ("Resilience"), a Delaware corporation and wholly owned subsidiary, to RTC Management LLC ("RTC"), a Delaware Limited Liability Company set up by the management team of Resilience for the purposes of the transaction ("the Disposal"). The consideration for the sale is GBP500,000 and in addition RTC has assumed third party net liabilities totalling approximately GBP850,000. Reasons for the Disposal As announced previously the Company commenced a strategic review on 1 November 2011 in an attempt to maximise value for shareholders. The sale of Resilience has been explored as part of this review process and after investigating a number of potential options it has been decided that a management buyout by the current management team of Resilience offered the best value. As highlighted in the Chairman's Statement in the final results for the year ended 30 September 2011, the Board has recognised the "need for change" to drive further cost cutting measures and maximise the value of historic investment in people and operations and we believe that the sale of Resilience matches with these ambitions. The Disposal will allow the Board to focus on the Company's US and UK IT managed services businesses. Further details about the Disposal Resilience recorded a loss before taxation of GBP290,000 in the year ended 30 September 2011 and its net liabilities at that date were approximately GBP1.7 million. Included in the net liabilities at that date was an inter-company creditor balance of approximately GBP2 million which will be written off as part of the transaction. The Company anticipates that the profit/loss on disposal, which will be recorded in the accounts for the year ended 30 September 2012, is expected to be broadly breakeven. The proceeds from the Disposal will be used to reduce the indebtedness of the Company and for working capital generally. Related Party Transaction Sean Scott, the chief executive officer of Resilience, is a director and shareholder of RTC, the result of which is the Disposal is classified as a Related Party Transaction under the AIM Rules. The Independent Directors, having consulted with the Company's Nominated Adviser, Merchant Securities Limited, consider the terms of the Disposal to be fair and reasonable insofar as the Company's shareholders are concerned. In advising the Independent Directors, Merchant Securities Limited has taken into account the commercial judgement of the Independent Directors. M Barney Battles, Executive Chairman of Nexus Management commented: "During the first half tight cost control on our part mitigated the effects of lower revenues at Resilience. However, we feel that a sale of the business to its current management leaves us in a stronger position to drive the remaining trading operations forwards. "Our core managed services businesses continue to perform well. We are focused on developing these businesses and exploring further opportunities to generate shareholder value." FURTHER ENQUIRIES Nexus Management Plc M Barney Battles Tel: +44 (0)778 976 6242 Merchant Securities Ltd (Nomad) Simon Clements/David Worlidge Tel: +44 (0)20 7628 2200 Bishopsgate Communications Ltd Nick Rome/Sam Allen Tel: +44 (0)20 7562 3350 Notes to Editors Nexus is an IT Managed Services Provider specialising in reducing the cost and complexity of IT for companies. Nexus has been a pioneer in cloud computing and virtualization with many customers benefiting from these modern disciplines. Nexus operates in two key markets: Europe and the US, where it can offer customers 24 hour help desk support, Remote Server Management, Wide Area Network Management, equipment monitoring, Disaster Recovery, Data Storage and Desktop Support, and through its Resilience Technology Corporation subsidiary (www.resilience.com), bullet-proof network security. Resilience has since 1985 delivered network security appliances with the most advanced operating system. RES/OS boasts such features as open systems flexibility and life cycle management innovations for mission-critical applications. Resilience's high performance solutions are designed for network environments where availability is essential and security must not be compromised. Nexus is incorporated in the United Kingdom and its shares are quoted on the London Stock Exchange (AIM). http://www.nexusmanagementplc.com/ END
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