22 December 2009
Nexus Management plc
("Nexus" or the "Company")
Issue of Equity and Change of Adviser
Issue of Equity
The Company announces that it has received a notice to convert $100,000 of the
convertible loan note issued to VPEP Technology Corporation ("VPEP") in
connection with the acquisition of the business, assets and certain liabilities
of Scott Technology Corporation (the "STC Business") repayable on or before 31
October 2010. Accordingly, the Company has issued 15,378,734 new ordinary
shares at a price of 0.403p per share, in accordance with the terms of the
convertible loan note.
Following the above conversion the outstanding convertible loan notes in
respect of the acquisition of the STC Business, including interest, at today's
date, together with the final repayment date are as follows:
Final payment Date Amount ($)
1 August 2010 61,446
1 September 2010 113,731
1 October 2010 102,418
31 October 2010 413,063
With effect from the date one year prior to the due repayment date of each
convertible loan, or in the event the Company defaults on the payments due
under the convertible loans, VPEP has the right, at its sole option, to convert
the outstanding balance due under the specific loan into new Ordinary Shares in
the capital of Nexus. Any new Ordinary Shares so issued would be issued at a
price equivalent to a 10 per cent discount to the average bid price in the 20
business days preceding the date upon which the option is exercised.
The company has also issued 19,795,583 shares at a price of 0.45p per share, to
satisfy certain loans owed by the Company amounting, in aggregate, to $143,732.
Application will be made for 35,174,317 new ordinary shares to be admitted to
trading on AIM. Admission of such shares is expected to become effective and
dealings are expected to commence on AIM on 29 December 2009. Following the
issue of such shares, the Company will have 1,032,375,755 ordinary shares in
issue.
Change of Adviser
The Company also announces that it has appointed Daniel Stewart & Company plc
as its broker, with immediate effect.
-END-
Enquiries:
Nexus Management plc
Roger Richardson, Chief Executive Tel: 01862 812 107
Merchant John East Securities Limited (Nominated Adviser)
Simon Clements/David Worlidge Tel: 020 7628 2200
Daniel Stewart & Company plc (Broker)
Christopher Theis Tel: 020 7776 6550
Bishopsgate Communications Ltd
Robyn Samuelson/Siobhra Murphy Tel: 020 7562 3350
nexus@bishopsgatecommunications.com
Notes to Editors:
About Nexus Management plc
Nexus Management is a growing specialist IT Managed Services Provider. Nexus
has two key markets: the UK and the US, where it can offer its customers 24
hour support. Nexus specialises in Remote Server Management, Disaster Recovery,
Data Storage, Help-Desk, Desktop Support and Wide Area Network Management and
Monitoring - providing Enterprise calibre technical support.
Nexus is quoted on AIM, a market of the London Stock Exchange. For further
information on the Company, please visit www.nexusmgmt.com