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Nexus Management

  • BY: Andrew Hore |
  • POSTED: 25/08/2009 |

Nexus Management has raised £400,000 at 1p a share to pay off loan notes and provide working capital.

The net amount raised by will be £380,000. One investor has taken up the shares and it has been granted options over 20m shares at 1p each which are exercisable before 25 February 2011.

Shares in Nexus fell 0.085p to 0.98p each, which values the managed IT services provider at £9.17m.

IT security services provider Resilience was bought for $1.485m back in march 2009. The payment was spread over a number of months – with $560,000 paid by the end of July. Nexus should have paid $110,000 this month and is due to pay $110,000 in September, followed by $100,000 in October and the final payment of $605,000 on 31 October 2009. The cash raised will not cover all of these payments but it will help.

Some of the company’s clients are reducing their spending but costs have been reduced so the effect of this will be minimised. Fourth quarter trading is expected to be stronger with the help of the recently acquired Resilience. The full year figures should be in line with expectations but this assumes that a number of orders – relating to Resilience and IT support franchiser Nerd Force - will generate revenues in the period. 

Nexus plans to release its figures for the year to September 2009 in January 2010.

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