News blog
Nexus Management
- BY: Andrew Hore |
- POSTED: 02/11/2011 |
IT services provider Avisen appears to already be thinking about its next deal, even before the acquisition of 1Spatial is completed, as three of its directors are joining the board of managed IT services provider Nexus Management.
This is not stated in the announcement but having three of Avisen’s five directors on another company’s board appears to suggest some form of potential collaboration in the future. Avisen will want to be cautious after the problems that occurred following the merger with Xploite.
The official reason for the new directors joining the board is that they can help reduce costs and seek out acquisitions to increase the size of the group.
Chief executive Marcus Hanke, Marcus Yeoman and Mark Battles are the Avisen directors joining the Nexus board as non-executives. Peter Paterson and Jeremy Lister are stepping down from the board. Chief executive Roger Richardson will become executive chairman for a limited time. There are two other executive directors: finance director Peter Weller and Graham Stoddart-Stones.
SF T1ps Smaller Companies Growth Fund owns 19.2% of Nexus and is also a major shareholder in Avisen.
At 0.24p a share, Nexus is valued at £2.83m. Avisen is valued at £9.63m at its current share price of 4.25p but it will have a higher value when the 1Spatial merger is completed.
Nexus will report its full year figures at the end of November. There will be news of the company’s strategic review at that time.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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