Result of Equity Issue (5191U)

TIDMNTX

RNS Number : 5191U

NXT PLC

18 October 2010

18 October 2010

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

NXT plc ("NXT" or "the Company")

Results of the Firm Placing, Open Offer and Placing

On 23 September 2010, the Board of NXT plc (the "Company" or "NXT"), a provider of unique sound solutions, best known for its flat panel loudspeaker and touch screen technologies, announced details of a share issue to raise gross proceeds of up to GBP8.0 million (approximately GBP7.2 million net of expenses) by the issue of up to 268,075,581 New Ordinary Shares through the Firm Placing, the Open Offer and the Placing at 3 pence per New Ordinary Share. Up to 184,800,000 New Ordinary Shares will be issued through the Firm Placing and the Placing and up to 83,275 581 New Ordinary Shares will be issued through the Open Offer.

Defined terms used in this announcement shall have the same meaning as those terms defined and used in the prospectus of the Company dated 23 September 2010.

The Open Offer closed for acceptances at 11.00 a.m. on 15 October 2010. At that time the Company had received valid acceptances in respect of 104,837,389 Open Offer Shares from Qualifying Shareholders. This represents approximately 125.9 per cent. of the Open Offer Shares offered. All eligible applications from shareholders will be allocated their pre-emption entitlements. The application under the excess application facility will be allocated on a pro-rata basis. As a result the Company has conditionally raised a total of GBP8.0 million before expenses (GBP7.2million net of expenses) through the Firm Placing, Open Offer and Placing.

The Firm Placing, Open Offer and Placing remain conditional, amongst other things, upon the passing of Resolutions 6 - 9 at the Annual General Meeting, to be held at 2.00 p.m. on 18 October 2010 and Admission occurring no later than 8.00 a.m. on 20 October 2010 or such later time or date as the parties to the Placing Agreement may determine.

Application has been made to the UKLA for the New Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective on 20 October 2010 and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 20 October 2010. Thereafter, NXT will have a total of 426,695,736 Ordinary Shares in issue.

The New Ordinary Shares, when issued and fully paid will rank equally in all respects with the Existing Ordinary Shares.

The New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on or around 8.00 a.m. on 20 October 2010 and definitive share certificates for the New Ordinary Shares (in certificated form) are expected to be despatched to certificated shareholders within seven days of Admission.

This announcement should be read in conjunction with the full text of the Prospectus. A copy of the Prospectus is available at the UKLA's National Storage Mechanism and will be available for inspection at www.hemscott.com. In addition, the Prospectus is available to view on the Company's website (www.nxtsound.com). Copies of the Prospectus will be also available from the offices of NXT plc, Regus House, 1010 Cambourne, Cambridge, CB23 6DP and at the offices of Simmons and Simmons CityPoint, One Ropemaker Street, London EC2Y 9SS.

For further information please contact:

NXT plc Tel: [phone]

Ian Buckley, Chairman

James Lewis, CEO

Kate Barnes, CFO

Singer Capital Markets Ltd Tel: [phone]

Shaun Dobson

Claes Spang

Media enquiries:

Allerton Communications Tel: [phone]

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any New Ordinary Shares, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract or commitment whatsoever with respect to the proposed Firm Placing and Open Offer or otherwise. This announcement is not a prospectus and investors should not subscribe for or purchase any New Ordinary Shares referred to in this announcement except on the basis of information in the Prospectus.

The distribution of this announcement in certain jurisdictions may be restricted by law and such distribution could result in violation of the laws of such jurisdictions. In particular, this announcement is not for distribution in the United States, Australia, Canada, Japan or South Africa.

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Japan or South Africa or any jurisdiction into which the publication or distribution would be unlawful. This announcement is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Australia, Canada, Japan or South Africa or any jurisdiction in which such offer or solicitation would be unlawful. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States. The securities are being offered and sold outside the United States in accordance with Regulation S under the Securities Act. No public offering of the shares referred to in this announcement is being made in the United States, Australia, Canada, Japan or South Africa or any jurisdiction in which such public offering would be unlawful.

The information in this press release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:

This announcement contains certain forward-looking statements which may include reference to one or more of the following: the Group's financial condition, results of operations, cash flows, dividends, financing plans business strategies, operating efficiencies or synergies, budgets, capital and other expenditures, competitive positions, growth opportunities for existing products, plans and objectives of management and other matters. Statements in this announcement that are not historical facts are hereby identified as "forward-looking statements". Such forward-looking statements, including, without limitation, those relating to future business prospects, revenue, liquidity, capital needs interest costs and income, in each case relating to NXT, wherever they occur in this announcement, are necessarily based on assumptions reflecting the views of NXT and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various important factors. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: economic and business cycles, the terms and conditions of NXT's financing arrangements, foreign currency rate fluctuations, competition in NXT's principal markets, acquisitions or disposals of businesses or assets and trends in NXT's principal industries.

These forward-looking statements speak only as at the date of this announcement. Except as required by the Listing Rules, the Disclosure and Transparency Rules, the Prospectus Rules and any law, NXT does not have any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, further events or otherwise. Except as required by the Listing Rules, the Disclosure and Transparency Rules, the Prospectus Rules and any law, NXT expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in NXT's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this announcement might not occur.

This information is provided by RNS

The company news service from the London Stock Exchange

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