REG - Nexus Infrastructure - Completion of disposal of TriConnex and eSmart

Nexus InfrastructureAnnouncement

03/02/2023 15:45

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RNS Number : 9242O  Nexus Infrastructure PLC  03 February 2023

3 February 2023

 

Nexus Infrastructure plc

 

("Nexus" or the "Company" or the "Group")

 

Completion of disposal of TriConnex Limited and eSmart Networks Limited

and

Board changes

 

 

Nexus Infrastructure plc ("Nexus") is pleased to announce that further to the
announcement on 30 December 2022 and having received shareholder approval at
the Company's  general meeting on 16 January 2023, the disposal of TriConnex
Limited and eSmart Networks Limited to FWCP Spark (UK) Holdco Limited (the
"Purchaser") for a total cash consideration of £77.7m, has now completed.

 

As previously announced, Nexus intends to return approximately £65m to
shareholders by way of a tender offer, which will be subject to approval by
Nexus shareholders.  A circular containing details of the tender offer as
well as a notice convening a general meeting of shareholders is expected to be
published shortly.

 

Board changes

 

As announced on 30 December 2022, Mike Morris is today stepping down as CEO of
Nexus and becoming a non-executive director of the Company and Alan Martin,
CFO, is today leaving Nexus and stepping down from the Board as CFO. Both Mike
Morris and Alan Martin are becoming directors of the Purchaser.

 

In their place Charles Sweeney is today joining the Nexus Board as CEO and
Dawn Hillman as CFO. Charles Sweeney was previously COO of Nexus and Dawn
Hillman was previously Finance Director of TriConnex and Nexus Company
Secretary. Together, Charles and Dawn have been with Nexus for over 40 years
bringing both continuity and experience to their roles.

 

Richard Kilner, Chairman of Nexus, commented:

"Today is a positive outcome for our shareholders and stakeholders,
crystallising the value of TriConnex and eSmart Networks, while ensuring that
Tamdown is well capitalised for the future as it continues to make operational
progress. This is a tribute to the hard work from Mike Morris and Alan Martin
and the teams at TriConnex and eSmart Networks.

 

We are also delighted to welcome Charles Sweeney and Dawn Hillman to the Board
of Nexus and Mike Morris' continued commitment to the Group with his agreement
to remain as a non-executive director. Under their stewardship the Group is in
excellent hands."

 

 

Enquiries:

 

 Nexus Infrastructure plc                              Tel: 0137 6 559 550

 Richard Kilner - Chairman

 Charles Sweeney - CEO

 Dawn Hillman - CFO

 Numis Securities Limited                              Tel: 020 7260 1000

 (Financial Adviser, Nominated Adviser & Broker)

 Oliver Hardy (Nomad)

 Heraclis Economides

 Hannah Boros

 Camarco                                               Tel: 020 3757 4992 / 4981

 (Financial Public Relations)

 Ginny Pulbrook

 Rosie Driscoll

 

 

 

New Nexus Directors:

 

Charles Alan Sweeney (aged 63) - Nexus CEO

 

Charles is a Chartered Director and Chartered Engineer with extensive
experience in the leadership of companies involved in civil infrastructure and
energy solutions, both in the UK and overseas. His career has included several
C-suite, Managing Director and Senior Operational Director positions,
including nine years on the Executive Board of Costain Group plc and Managing
Director of its Energy & Process Division.

 

Charles joined Nexus in September 2016 as Chief Operating Officer and
subsequently took on the additional interim role of Tamdown Managing Director
through to September 2018. In his role as Chief Operating Officer, Charles has
worked closely with Mike Morris, Alan Martin and with the Managing Directors
and Directors of the subsidiary businesses. He has led various significant
business development projects and worked closely with the Nexus Board on Group
strategy.

 

Current directorships: Tamdown Group Limited, Aktius Limited.

Past directorships (within the last 5 years): TriConnex Limited

 

Charles Sweeney currently holds 121,520 Ordinary Shares in Nexus.

 

Dawn Rosina Hillman (née Cranfield) (aged 54) - Nexus CFO

 

Dawn has worked within or closely alongside the Tamdown business for over 35
years providing significant continuity and experience. Dawn is a Chartered
Management Accountant and Chartered Secretary with extensive experience within
the infrastructure, construction, and engineering sectors. Dawn is an
experienced Executive Board Director and Company Secretary given her roles at
Nexus. She was instrumental in taking the business through IPO to AIM market
listing in 2017. Dawn has held Finance Director roles for Tamdown, TriConnex
and eSmart Networks at various times, and for other construction associated
businesses.

 

Past directorships (within the last 5 years): TriConnex Limited, eSmart
Networks Limited, Tamdown Group, Tamdown Regeneration Ltd, Tamdown Plant Hire
Limited and Tamdown Services Limited.

 

Dawn Hillman and her PCAs currently hold 91,297 Ordinary Shares in Nexus

 

There is no further information which is required to be disclosed under
Schedule Two, paragraph (g) of the AIM Rules for Companies.

 

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