Disposal of Subsidiary
07 Setembro 2010 - 3:00AM
UK Regulatory
TIDMNXS
7 September 2010
NEXUS MANAGEMENT PLC
("Nexus" or the "Company")
Nexus raises $320,000 through the sale of its Nerd Force Franchise Company
and certain North American franchises
Nexus Management plc, the AIM quoted provider of specialist IT Managed
Services, is pleased to announce that it has reached an agreement with a
consortium, comprising Boris Adlam, Ilir Sela and certain other investors ("the
Purchasers") regarding the sale of the Nerd Force Franchise Company and certain
North American franchises, trademarks, licences and contracts ("Nerd Force"),
for a total consideration of $320,000, comprising of $260,000 in cash and the
balance ($60,000) as to the forgiveness of certain amounts due to Mr Adlam and
Mr Sela.
In addition, and forming a critical part of the negotiations, the Purchasers
have entered into a contract with Nexus, under which they have agreed that the
existing and any new North American franchises will sell, on an exclusive basis
(except for limited circumstances in the last five years of the agreement),
Nexus Managed Services for a period of 10 years.
The proceeds of the sale will be used to accelerate sales and marketing
initiatives for the profitable core businesses and for working capital
generally.
The consortium has also been granted an option, which is capable of being
exercised before the first anniversary of the sale, to acquire the licences to
operate Nerd Force in the other territories held by the Company for a further
consideration of up to $180,000.
The Company will retain the existing franchises, situated in Maine, London and
South East England, and will continue, jointly with Nerd Force, to market the
franchises internationally.
Commenting on the sale, Roger Richardson, Nexus' Chief Executive, said
"Nerd Force was originally acquired in a more stable economic climate and as a
strategic fit with our investment in PD Financial. The difficulties at PD
Financial and the tough economic environment meant that Nerd Force failed to
deliver the expected contribution to earnings and, in-turn, positive cashflow
to enhance our balance sheet. It is therefore seen as a non-core part of the
business and its disposal will add cash to the balance sheet and allows
management to focus on its stated aim of increasing profitability and
generating shareholder value across the other parts of the Company.
"We will however be maintaining a strong marketing arrangement with Nerd Force
which will allow the companies to collaborate on the sale of managed services
through the Nerd Force franchise network. Our belief is that Nerd Force, with a
highly motivated owner-manager team, will be able to up sell core Nexus
services to a greater extent than we have experienced to date.
"I am very confident that the new owners, with significant new investment, will
be able to make a success of the Nerd Force business in North America, and we
are confident that the ongoing managed services agreement will have a positive
effect on Nexus.
"The Board of Nexus wishes the new owners every success."
-END-
Enquiries:
Nexus Management Plc Tel: 01862 812 107
Roger Richardson, Chief Executive
Merchant Securities Limited (NOMAD) Tel: 020 7628 2200
Simon Clements
David Worlidge
Daniel Stewart & Company plc (Broker) Tel: 020 7776 6550
Christopher Theis
Bishopsgate Communications Ltd Tel: 020 7562 3350
Gemma O'Hara / Siobhra Murphy
nexus@bishopsgatecommunications.com
About Nexus Management plc
Nexus Management is a specialist IT Managed Services and network security
provider. Nexus has two key markets: Europe and the US, where it can offer its
customers 24 hour support 7 days a week. Nexus specialises in all aspects of IT
for small to medium sized companies with services such as Remote Server
Management, Disaster Recovery, Secure Data Storage, Help-Desk, Desktop Support
and Wide Area Network Management and Monitoring - providing Enterprise calibre
technical support. We also through our Resilience subsidiary offer the largest
companies in the world superior appliances to run their network security
software.
Nexus is quoted on AIM, a market of the London Stock Exchange. For further
information on the Company, please visit www.nexusmgmt.com
END
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