UK News
Company announcement on behalf of the e-know.net Board of Directors
For some months, the e-know.net Board has been considering how it could cement the future for the Company and its people, to thereby deliver the highest levels of continuity of business and security to its clients. This project has now concluded and e-know.net is proud to announce that it has agreed to be acquired by Nasstar plc through a reverse takeover mechanism.
Completion is planned for early January 2014. The Group will continue to be listed on AIM as Nasstar plc, (NASA) with e-know.net limited and Nasstar (UK) Limited continuing in their current brands.
Joining the Board of Nasstar plc will be Nigel Redwood as Group CEO, Niki Redwood as Group FD and David Redwood as Deputy Chairman. The current CEO of Nasstar plc will be retiring from his position although heavily involved in the smooth integration of the businesses throughout the early part of 2014. The balance of the main board comprises Lord Daresbury; Chairman, Angus McCaffery, Nick Bate and Mike Read all of whom will be Non-Executive Directors. This combination brings a tremendous depth of corporate and business expertise to the Group. Importantly however, Nigel and Niki Redwood will become the Executive Directors of the plc and will therefore have full executive responsibility to continue to drive forward e-know.net and in addition, Nasstar.
The plc will enjoy the benefit of a strong shareholder base with a number of well-known Institutional Investors supporting the equity level held by the e-know.net current shareholders. Whilst being a much smaller Company than e-know.net, Nasstar brings to e-know.net a complimentary portfolio of products and services that enables the new Group to offer existing and prospective clients exciting and comprehensive facilities designed to match market demand within its key sectors.
Clients of e-know.net will see minimal change in their day to day relationships. e-know.net is retaining its complete infrastructure and continuing with its existing teams and strategies. e-know.net are also retaining the existing Nasstar office location in London thereby giving e-know.net a presence within the capital.
The combined Group will enter 2014 with revenues of c£9m, 75 people, locations in Telford and London and some 7,000 managed service desktop users.
In conclusion, the Board of Directors at e-know.net would like to thank clients for their loyal and continued support over the years since its founding in 1999. e-know.net believe the strength that this action brings to the Company will enable e-know.net to continue to provide all clients with the highest levels of customer satisfaction, as well as to facilitate the addition of products and services to the e-know.net portfolio.
To read further details relating to the transaction, click here for the official announcement from Nasstar plc.
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