28 Sep 2009 07:00
28 September 2009
Nasstar Plc
("Nasstar" or the "Company")
Issue of equity and award of share options
Nasstar announces that it has conditionally raised £900,000 (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 invested | Number of ordinary shares held following the Placing | Revised percentage shareholding | |
| Lord Daresbury | £150,000 | 5,701,062 | 17.86 % |
| Charles Black | £134,000 | 8,865,833 | 27.78 % |
| Damion Greef | £105,000 | 2,657,881 | 8.33 % |
Of the amount invested by the directors, £70,000 represents the conversion of directors' loans to equity at the Placing Price and £135,000 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 |
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| Allenby Capital Limited | |
| Edward Hutton James Reeve | 020 7510 8600 |
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).