19 Feb 2010 10:35
19 February 2010
Nasstar Plc
("Nasstar" or the "Company")
Issue of Equity
Nasstar plc (AIM: NASA), the hosted desktop cloud computing provider, is pleased to announce that in order to satisfy the demand for shares from investors it has completed a placing of 3,750,001 new ordinary shares of 1 pence each in the Company at a price of 9 pence per share (the "Placing Shares"), raising a total of £337,500 (before expenses) for the Company (the "Placing"). The net proceeds of the Placing will be used by the Company for general working capital purposes. The Placing has been carried out within the Company's current share authorities.
Charles Black, Chief Executive of Nasstar, commented: "We have carried out this Placing to satisfy demand from current and new investors. It is a positive indication that these investors can see the value and growth prospects of Nasstar in the exciting cloud computing market that is taking shape." The Company also announces that, in addition to the issue of the Placing Shares, 66,667 new ordinary shares of 1 pence each in the Company (the "Employee Shares") have been issued to a senior employee as part of a bonus agreement.
Application has been made for the 3,816,668 new ordinary shares (which comprise the Placing Shares and the Employee Shares), to be admitted to trading on AIM ("Admission"). It is expected that Admission will be effective on or around 25 February 2010. The Placing Shares and Employee Shares will be issued fully paid up and will rank pari passu with all existing ordinary shares of 1p each in the Company.
The total enlarged issued share capital of Nasstar following Admission will be 35,733,224 ordinary shares in the Company. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
For further information, please contact:
| Nasstar plc |
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| Charles Black, Chief Executive Officer | 020 7148 5000 |
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| Allenby Capital Limited |
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| Nick Naylor James Reeve | 020 3328 5656 |
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).