NASA.L Regulatory News (NASA)

8 Dec 2006 08:30

Nasstar PLC08 December 2006 Nasstar plc Completion of Acquisition and Share Issue Further to the announcement made by Nasstar plc ("Nasstar" or "the Company") on4 December 2006, the Company is pleased to announce that completion of the sharesubscription and the acquisition of the entire issued share capital of NetworkSupport International Limited, trading as Virtual Email, has occurred today. Asa result 3,571,428 new ordinary shares of 1p each ("Ordinary Shares") have beenadmitted to trading on AIM today. Of these new Ordinary Shares, 1,785,714 shareshave been issued to the vendors under the acquisition agreement and 1,785,714shares have been issued under the share subscription, in each case at 28p pershare. Further to completion of the acquisition, Kevin Bird, aged 43, has beenappointed as a director of Nasstar Plc. Other than Mr Bird's directorship ofNetwork Support International Limited, there are no matters in connection withMr Bird which are required to be disclosed pursuant to Schedule Two(g) of theAIM Rules. Under the terms of Mr Bird's service agreement with the Company, heshall be entitled to receive an annual salary of £80,000, a contribution to apersonal pension plan and an annual bonus of up to £70,000 (to be satisfied bypayment of £40,000 in cash and in Ordinary Shares to the value of £30,000 in theCompany) provided that pre-agreed sales targets of the Company are achieved inthe financial years ending September 2007 and September 2008. Charles Black, Chief Executive of Nasstar, said, "The acquisition of Network Support International Limited is an important firststep in our ambitions to be a leader in the application service provider market,providing Nasstar with a much larger customer base. The directors are alsodelighted to welcome Kevin Bird to the Board. Kevin brings a proven trackrecord of delivering sales growth for Hosted Exchange and the Board is confidentthat his experience will help us drive forward the sales of the enlarged group.The Board are excited about the Company's prospects and our participation in theshare subscription underlines our confidence in the future of Nasstar." About Nasstar Nasstar was admitted to AIM in December 2005. The Company is an applicationservice provider ("ASP") supplying software over the Internet. The serviceinvolves hosting email ("Hosted Exchange") and other software applications suchas Microsoft Office ("Hosted Desktop") from a purpose-built data centre,providing a centralised supply of software applications accessible over theInternet. Hosted Exchange enables users to access their email, calendar andcontacts from any computer with an internet connection or using a Windows mobiledevice or BlackBerry. Hosted Desktop enable users to access their email, files,data and other applications such as Microsoft Office from any computer with aninternet connection, using either a secure desktop connection or a web browser.Customers pay for usage on a monthly basis, making delivery of core IT servicesa utility. As set out in the AIM Admission document, Nasstar proposes to growits business both organically and through acquisition. Enquiries Charles Black, Chief Executive Nasstar plc - 0870 240 1634 Tim Cofman W.H. Ireland Limited - 0121 616 2101 This information is provided by RNS The company news service from the London Stock Exchange