TIDMNASA
RNS Number : 7227Z
Nasstar PLC
28 September 2009
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28 September 2009
Nasstar Plc
("Nasstar" or the "Company")
Issue of equity and award of share options
Nasstar announces that it has conditionally raised GBP900,000 (before
expenses) through a placing arranged by Allenby Capital Limited of
15,000,000 new ordinary shares in the Company (the "Placing Shares") at a price
of 6p per share (the "Placing Price") with institutional and other investors
(the "Placing"). The net proceeds of the Placing will be invested
in Nastar's sales and marketing resource, to develop its intellectual property
and to provide additional working capital.
The following directors have participated in the Placing:-
+-------------------------+--------------+----------------+--------------------+
| | Amount | Number of |Revised percentage |
| | invested | ordinary | shareholding |
| | | shares held | |
| | | following the | |
| | | Placing | |
+-------------------------+--------------+----------------+--------------------+
| Lord Daresbury | GBP150,000 | 5,701,062 | 17.86 % |
+-------------------------+--------------+----------------+--------------------+
| Charles Black | GBP134,000 | 8,865,833 | 27.78 % |
+-------------------------+--------------+----------------+--------------------+
| Damion Greef | GBP105,000 | 2,657,881 | 8.33 % |
+-------------------------+--------------+----------------+--------------------+
Of the amount invested by the directors, GBP70,000 represents the conversion of
directors' loans to equity at the Placing Price and GBP135,000 is to be applied
in repayment of a loan from Lord Daresbury.
Application will be made for the Placing Shares (which, when issued and fully
paid, will rank pari passu in all respects with the existing issued ordinary
shares) to be admitted to trading on AIM ('Admission') and Admission is expected
to be effective on 2 October 2009. Following Admission, the Company will have
31,916,556 ordinary shares in issue.
The participation of the above directors in the Placing constitutes a related
party transaction under the AIM Rules for Companies. Mr Tony Eve, the
independent director, having consulted with Allenby Capital Limited, the
Company's nominated adviser, considers that the terms of the transaction are
fair and reasonable insofar as the Company's shareholders are concerned.
Nasstar also announces that its Remuneration Committee has agreed and authorised
the granting of a total of 1,050,000 options under the Nasstar Plc Share Option
Scheme ('the Scheme') exercisable at 6p per share. 300,000 of the options are
being granted to Damion Greef, a director of the Company.
Charles Black, founder and Chief Executive of Nasstar plc, said,
"The Board are confident about Nasstar's growth prospects and are investing
further funds in the Placing. In addition, we are pleased that we have been able
to secure funds from new institutional investors that will enable us to build on
the solid progress we have made in the cloud computing market."
"Nasstar Hosted Desktop has been launched into a market place that is ever more
accepting of the concept of cloud computing. The financial constraints under
which the company developed this award winning platform have now been
eased. Nasstar's primary route to market, the recently launched partner
programme initiative already has 16 companies contracted to sell Hosted Desktop
and Hosted Exchange services, with 10 more companies at an advanced stage of
engagement. The success of this programme from a standing start gives the Board
optimism for future prospects."
For further information, please contact:
+----------------------------------------+-------------------------------------+
| Nasstar plc | |
+----------------------------------------+-------------------------------------+
| Charles Black, Chief Executive Officer | 020 7148 5000 |
+----------------------------------------+-------------------------------------+
| | |
+----------------------------------------+-------------------------------------+
| Allenby Capital Limited | |
+----------------------------------------+-------------------------------------+
| Edward Hutton | 020 7510 8600 |
| James Reeve | |
+----------------------------------------+-------------------------------------+
About Nasstar plc
Nasstar (www.nasstar.com) provides computing over the internet, enabling
subscribers to do all of their computing in the internet cloud, with access to
their desktop, files, applications and email over the internet rather than
on-premise. Cloud computing is a highly scalable service that provides benefits
including anywhere access to computing and provides an alternative to
traditional locally installed on-premise computing.
Nasstar was founded in 1998 by Charles Black. Nasstar plc was admitted to
trading on the London Stock Exchange Alternative Investment Market in December
2005 (AIM: NASA).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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