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Nexus Management
- BY: Andrew Hore |
- POSTED: 07/09/2010 |
- COMMENTS: Add yours
Nexus Management has sold the bulk of the Nerd Force business in order to concentrate on its core managed services business.
Nerd Force is a franchise-based business that provides small businesses with IT support. Nexus is getting $320,000 for the business, which is being sold back to its management. The buyers have been granted an option to buy licences to operate Nerd Force in other territories for up to $180,000.
Nerd Force was acquired just over two years ago. Nexus originally paid $500,000 in cash, loan notes and shares, which were issued at 0.93p each. The cash payment was $60,000 and the loan notes were worth $240,000.
Nexus will retain the franchises for Maine, London and south east England and jointly market the franchise internationally. Nerd Force will market the managed services of Nexus for up to 10 years.
The disposal will reduce ongoing revenues but Nexus is still on course to make a small profit in the year to September 2010.
At 0.28p a share, Nexus is valued at £3.08m.
Download the September edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2010_12.pdf
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