13 Jan 2009 13:53
Nasstar Plc ("Nasstar" or the "Group)
Finance Lease Arrangements
Nasstar plc (AIM: NASA) refers to the publication of its Annual Report distribution of which was notified to the London Stock Exchange on 13 January 2009, which contains disclosure of a finance lease to the Group by SEN Capital Limited ("SEN Capital"). The finance lease provides for the supply of computer equipment with a capital value of approximately £165,000 on arms-length business terms under lease finance. The finance lease is over 33 months with an initial payment of approximately £24,500 and annual repayments of approximately £72,100 will be made to SEN Capital (including interest charges of approximately £23,700).
The capital value of the computer equipment will be accounted for as an asset and a commensurate related liability will be accounted for in the Group's consolidated balance sheet. Additionally, the annual interest element of the finance leases will be expensed through the Group's accounts commencing in the financial year to 30 September 2009.
The above finance lease arrangement is a related party transaction under the AIM Rules for Companies due to SEN Capital being wholly owned by Charles Black, Chief Executive Officer of Nasstar. The independent directors consider, having consulted with Nasstar's nominated adviser Ambrian Partners Limited, that the terms of the arrangement are fair and reasonable insofar as its shareholders are concerned.
Contact information
| Nasstar plc | |
| Charles Black, Chief Executive Officer | 020 7148 5000 |
| Ambrian Partners Limited (Nominated Adviser) | |
| Samantha Harrison | 020 7634 4705 |
About Nasstar plc
Nasstar (http://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).
- ENDS -