Completion of disposal of TriConnex and eSmart

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 Richard Kilner - Chairman Charles Sweeney - CEO Dawn Hillman - CFO	Tel: [phone]
Numis Securities Limited (Financial Adviser, Nominated Adviser & Broker) Oliver Hardy (Nomad) Heraclis Economides Hannah Boros	Tel: [phone]
Camarco (Financial Public Relations) Ginny Pulbrook Rosie Driscoll	Tel: [phone] / 4981

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.

 

END

 

 

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