23 Jan 2012 10:45
23 January 2012
Nasstar plc.
("Nasstar" or the "Company")
Issue of Equity
Nasstar plc (AIM: NASA), the hosted desktop cloud computing provider, is pleased to announce that the Company has raised £300,000 through the subscription to 2,926,829 new ordinary shares of 1p each in the Company (the "Subscription Shares"), at a price of 10.25p per Subscription Share, by a new institutional shareholder (the "Subscription"). The Subscription is conditional only upon admission of the Subscription Shares to trading on AIM ("Admission"). The closing bid price of an ordinary share in the Company on 20 January 2012, being the latest practical date prior to this announcement, was 10.25p. Application has been made for the Subscription Shares to be admitted to trading on AIM and it is anticipated that Admission will occur on or around the 26 January 2012.
The proceeds of the Subscription will strengthen the Company's balance sheet and this will assist the Company in progressing potential partnerships with some larger organisations both in the UK and overseas. In addition the Company intends to scale up its hardware infrastructure at both its primary and secondary data centre facilities to accommodate current sales and anticipated new sales. Nasstar also intends to raise greater awareness of its Hosted Desktop white label programme amongst its channel partner community to help capitalise on its success to date.
Charles Black, CEO of Nasstar, commented "We are pleased to have been able to carry out the Subscription at the current share price and gain the support of a new institutional shareholder. We view this as a good indication that our shareholders can see the progress we are making and share our positive outlook for the future."
Following Admission, the Company's total issued share capital will consist of 53,660,053 ordinary shares of 1p each ("Ordinary Shares"). This figure may be used by shareholders in the Company 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 Financial Services Authority's Disclosure and Transparency Rules.
Contact information:
Nasstar plcCharles Black, Chief Executive Officer |
020 7148 5000 |
Allenby Capital Limited, Nominated Adviser and Broker | |
Nick Naylor James Reeve | 020 3328 5656 |
About Nasstar plc
Nasstar (www.nasstar.com) provides Hosted Desktop, a cloud computing service that enables subscribers to access their desktop, applications and data in the cloud rather than using local hard drives. Hosted Desktop is a highly scalable service that provides benefits including anywhere access to computing, a standardised corporate desktop solution that can be accessed globally and in multiple languages and cost savings when compared to the traditional IT ownership model, replacing capital expenditure with a simple usage based payment model.
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).