Nexus raises £35m as shares priced at 185p on AIM

by | Jul 10, 2017

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Nexus Infrastructure has raised £35m as its shares get a price tag of 185p on AIM, giving it a market capitalisation of £70.5m.

Nexus is a leading provider of specialised infrastructure services to the UK housebuilding and commercial sectors.

 
 

House broker Numis Securities placed 18,928,925 shares at 185p and dealings will commence tomorrow at 8am. The Group will have a total of 38,117,850 shares in issue.

The Placing comprises the sale of existing shares by certain selling shareholders to raise the £35m. The Company will not be raising any primary proceeds as part of the Placing. What’s more, all selling shareholders have committed to a 12-month lock-in arrangement following the float. And, Mike Morris (CEO) and Keith Breen, as the Principal Selling Shareholders, and Alan Martin (CFO.) will be subject to a restricted sale period for an additional twelve months.

Mike Morris said: “We are delighted to announce the pricing of our IPO and forthcoming admission to AIM. This is an important milestone for the Group and the start of our life as a publicly quoted company. We have two well established businesses, with client and operational teams in place to deliver on our strategic goals and growth strategy. The directors and senior management team, who have extensive experience in the infrastructure services and utilities sectors, will retain a significant shareholding in the Company and will be fully aligned to the interests of all stakeholders and the future success of the business.”

 
 

The management team includes Chairman Geoffrey French (previously chairman of Scott Wilson); Morris, CEO since 1999 with over 30 years industry experience; Martin, CFO and previously CFO of MJ Gleeson; and, non-executives include Richard Kilner, 3i, and Alex Wiseman, currently NED at Bristol Energy and Technology Services. Management retain 50% of the shares.

Nexus is made up of two main operations. Tamdown is a market leading provider of self-delivered specialist infrastructure services and TriConnex designs, installs and connects energy (gas and electricity), water networks, and now fibre networks on new residential, and commercial developments.

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