TIDMNTX
RNS Number : 1580T
NXT PLC
23 September 2010
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR
ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
THIS ANNOUNCEMENT IS AN ADVERTISEMENT. IT IS NOT A PROSPECTUS. INVESTORS SHOULD
NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT
SOLELY ON THE BASIS OF INFORMATION CONTAINED IN THE PROSPECTUS TO BE PUBLISHED
BY NXT PLC IN CONNECTION WITH THE PROPOSED FUNDRAISING. COPIES OF THE PROSPECTUS
WILL, FOLLOWING PUBLICATION, BE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE
COMPANY AT REGUS HOUSE, 1010 CAMBOURNE BUSINESS PARK, CAMBOURNE, CAMBRIDGE, CB23
6DP AND AT THE OFFICES OF SIMMONS & SIMMONS AT CITYPOINT, ONE ROPEMAKER STREET,
LONDON, EC2Y 9SS DURING NORMAL BUSINESS HOURS ON ANY WEEKDAY (SATURDAYS, SUNDAYS
AND PUBLIC HOLIDAYS EXCEPTED) UP TO AND INCLUDING THE DATE WHICH IS ONE MONTH
FOLLOWING ADMISSION.
NXT plc
Proposed Firm Placing, Open Offer and Placing
Up to GBP8 million proposed to be raised to drive growth
NXT plc (the "Company" or "NXT"), the international consumer electronics
company, is pleased to announce that it intends to raise approximately GBP5.0
million (GBP4.2 million net of expenses) by way of a Firm Placing of 168,133,333
New Ordinary Shares.
NXT also proposes to raise up to a further GBP2.5 million before expenses, by
the issue of up to 83,275,581 New Ordinary Shares at the Issue Price pursuant to
the Open Offer.
Additionally, NXT proposes to raise up to a further GBP0.5 million before
expenses by the issue of up to 16,666,667 New Ordinary Shares (representing 3.9
per cent. of the Enlarged Share Capital (assuming that all of the Open Offer
Entitlements are taken up by Qualifying Shareholders and the maximum number of
Placing Shares are issued under the Placing) at the issue price pursuant to the
Placing
Qualifying Shareholders can subscribe for Open Offer Shares on the basis of
0.525 Open Offer Shares for every 1 Existing Ordinary Share held, and may apply
for any whole number of Open Offer Shares.
The prospectus (the "Prospectus") relating to the Firm Placing, Placing and Open
Offer will be posted to shareholders shortly. The Prospectus contains a notice
of general meeting to approve, inter alia, the Firm Placing, the Placing and the
Open Offer which will be held The Cambridge Belfry, Back Lane, Cambourne,
Cambridgeshire, CB23 6BW, on 18 October 2010 at 2.00 p.m.
When posted, copies of the Prospectus will be submitted to the UKLA's National
Storage Mechanism and will be available for inspection at www.hemscott.com.
In addition, the Prospectus is available to view on the Company's website
(www.nxtsound.com). Copies of the Prospectus will be also available from the
offices of NXT plc, Regus House, 1010 Cambourne, Cambridge, CB23 6DP and at the
offices of Simmons and Simmons, CityPoint, One Ropemaker Street, London EC2Y
9SS.
Ian Buckley, Chairman, said: "The new business model we have developed
revitalises the company's prospects. It will enable NXT to take greater control
over its routes to market and generate gross profit from more predictable
revenue streams. Through the fundraising we will re-focus the workforce and
expand component and module offerings to meet current and future market needs.
Interest in the new products has been highly encouraging and the Board is
confident that the change in management and business model marks the start of a
new era for NXT. We are encouraged by the support for this shift in focus from
our existing and new institutional shareholders and are determined to
demonstrate that this support is justified."
For further information please contact:
NXT plc
Tel: +44 (0)1223 597 840
Ian Buckley, Chairman
James Lewis, CEO
Kate Barnes, CFO
Singer Capital Markets Ltd Tel: +44
(0)20 3205 7500
Shaun Dobson
Claes Spång
Media enquiries:
+--------------------------------+--------------------------------------------+
| Allerton Communications | Tel: |
| | +44 |
| | (0) |
| | 20 |
| | 3137 |
| | 2500 |
+--------------------------------+--------------------------------------------+
This announcement does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
any New Ordinary Shares, nor shall it (or any part of it), or the fact of its
distribution, form the basis of, or be relied on in connection with or act as
any inducement to enter into, any contract or commitment whatsoever with respect
to the proposed Firm Placing and Open Offer or otherwise. This announcement is
not a prospectus and investors should not subscribe for or purchase any New
Ordinary Shares referred to in this announcement except on the basis of
information in the prospectus expected to be published in due course. Copies of
the prospectus will, following publication, be available from NXT's head office
at Regus House, 1010 Cambourne Business Park, Cambourne, Cambridge CB23 6DP.
The distribution of this announcement in certain jurisdictions may be restricted
by law and such distribution could result in violation of the laws of such
jurisdictions. In particular, this announcement is not for distribution in the
United States, Australia, Canada, Japan or South Africa.
This announcement is not for release, publication or distribution, in whole or
in part, directly or indirectly, in or into the United States, Australia,
Canada, Japan or South Africa or any jurisdiction into which the publication or
distribution would be unlawful. This announcement is for information purposes
only and does not constitute an offer to sell or issue or the solicitation of an
offer to buy or acquire shares in the capital of the Company in the United
States, Australia, Canada, Japan or South Africa or any jurisdiction in which
such offer or solicitation would be unlawful. Any failure to comply with these
restrictions may constitute a violation of the securities laws of such
jurisdictions. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended ("Securities Act") and may
not be offered, sold or transferred, directly or indirectly, within the United
States except pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and the securities laws of
any state or other jurisdiction of the United States. The securities are being
offered and sold outside the United States in accordance with Regulation S under
the Securities Act. No public offering of the shares referred to in this
announcement is being made in the United States, Australia, Canada, Japan or
South Africa or any jurisdiction in which such public offering would be
unlawful.
The information in this press release may not be forwarded or distributed to any
other person and may not be reproduced in any manner whatsoever. Any forwarding,
distribution, reproduction, or disclosure of this information in whole or in
part is unauthorized. Failure to comply with this directive may result in a
violation of the Securities Act or the applicable laws of other jurisdictions.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:
This announcement contains certain forward-looking statements which may include
reference to one or more of the following: the Group's financial condition,
results of operations, cash flows, dividends, financing plans, business
strategies, operating efficiencies or synergies, budgets, capital and other
expenditures, competitive positions, growth opportunities for existing products,
plans and objectives of management and other matters. Statements in this
announcement that are not historical facts are hereby identified as
"forward-looking statements". Such forward-looking statements, including,
without limitation, those relating to future business prospects, revenue,
liquidity, capital needs, interest costs and income, in each case relating to
NXT, wherever they occur in this announcement, are necessarily based on
assumptions reflecting the views of NXT and involve a number of known and
unknown risks, uncertainties and other factors that could cause actual results,
performance or achievements to differ materially from those expressed or implied
by the forward-looking statements. Such forward-looking statements should,
therefore, be considered in light of various important factors. Important
factors that could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include, without
limitation: economic and business cycles, the terms and conditions of NXT's
financing arrangements, foreign currency rate fluctuations, competition in NXT's
principal markets, acquisitions or disposals of businesses or assets and trends
in NXT's principal industries.
These forward-looking statements speak only as at the date of this announcement.
Except as required by the Listing Rules, the Disclosure and Transparency Rules,
the Prospectus Rules and any law, NXT does not have any obligation to update or
revise publicly any forward-looking statement, whether as a result of new
information, further events or otherwise. Except as required by the Listing
Rules, the Disclosure and Transparency Rules, the Prospectus Rules and any law,
NXT expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained herein to
reflect any change in NXT's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based. In
light of these risks, uncertainties and assumptions, the forward-looking events
discussed in this announcement might not occur.
Introduction
NXT is pleased to announce that the Company proposes to raise approximately
GBP5.0 million (GBP4.2 million net of expenses) by way of a Firm Placing of
168,133,333 New Ordinary Shares. The total number of shares issued under the
Firm Placing will be 168,133,333, representing 39.4 per cent. of the Enlarged
Share Capital (assuming that all of the Open Offer Entitlements are taken up by
Qualifying Shareholders). Singer Capital Markets Limited has placed firm the
Firm Placing Shares at the Issue Price pursuant to the Placing Agreement.
NXT also proposes to raise up to a further GBP2.5 million before expenses, by
the issue of 83,275,581 New Ordinary Shares (representing 19.5 per cent. of the
Enlarged Share Capital (assuming that all of the Open Offer Entitlements are
taken up by Qualifying Shareholders)) at the Issue Price pursuant to the Open
Offer. Qualifying Shareholders can subscribe for Open Offer Shares on the basis
of 0.525 Open Offer Shares for every 1 Existing Ordinary Share held, and may
apply for any whole number of Open Offer Shares. Excess applications will be
satisfied only to the extent that corresponding applications by other Qualifying
Shareholders are not made or are made for less than their pro rata entitlements.
If there is an oversubscription resulting from excess applications, allocations
in respect of such excess applications will be scaled down according to the
Directors' discretion.
Additionally, NXT proposes to raise up to a further GBP0.5 million before
expenses by the issue of up to 16,666,667 New Ordinary Shares (representing 3.9
per cent. of the Enlarged Share Capital (assuming that all of the Open Offer
Entitlements are taken up by Qualifying Shareholders and the maximum number of
Placing Shares are issued under the Placing) at the Issue Price pursuant to the
Open Offer. Under the Placing, Gartmore Investment Limited has agreed to
subscribe for the lower of (i) such number of New Ordinary Shares such that
Gartmore Investment Limited's shareholding following the Issue does not exceed
29.9 per cent. of the Enlarged Share Capital and (ii) 16,666,667 New Ordinary
Shares. This mechanism ensures that Gartmore Investment Limited's shareholding
in the Company post-Issue will not exceed 29.9 per cent. of the Enlarged Share
Capital and has been agreed as part of the Placing Agreement between the Company
and Singer Capital Markets Limited. Gartmore Investment Limited has undertaken
not to take up its Open Offer Entitlements. If all of the Open Offer
Entitlements are taken up by Qualifying Shareholders and Gartmore Investment
Limited is issued the maximum number of 16,666,667 New Ordinary Shares under the
Placing, Gartmore Investment Limited will hold approximately 24.6 per cent. of
the Enlarged Share Captial. The Placing is being underwritten by Singer Capital
Markets Limited.
The Issue Price of 3 pence per New Ordinary Share represents a 72.1 per cent.
discount to the closing middle market price of 10.75 pence on 22 September 2010
being the last day prior to the announcement by NOGGIN of the intention to carry
out the The discount has been set by the Directors following careful
consideration of the Company's financial position (including the expected
working capital shortfall in November 2010) and the assessment of market
conditions following discussions with a number of institutional investors. The
Directors are in agreement that the level of discount is appropriate in order to
secure the investment necessary to cover the expected working capital shortfall,
strengthen the balance sheet, restructure the Company and to ensure that NXT is
well positioned for growth as well as to develop some of the Group's existing
products
The Issue is conditional, inter alia, upon:
(i) the passing of Resolutions 6-9 (without amendment) which will be
sought at the Annual General Meeting to be held on 18 October 2010, (notice of
which is set out in the Prospectus);
(ii) Admission becoming effective by not later than 8.00 a.m. on 20
October 2010 (or such later time and/or date as Singer Capital Markets Limited
and the Company may agree, not being later than 8.30 a.m. on 15 November 2010);
and
(iii) the Placing Agreement becoming unconditional in all respects and not
having been terminated in accordance with its terms prior to Admission
Accordingly, if any of such conditions are not satisfied, or, if applicable,
waived, the Issue will not proceed and any Open Offer Entitlements or Excess
CREST Open Offer Entitlements admitted to CREST will thereafter be disabled.
Background to and reasons for the Issue
The Group incurred a net loss of GBP1.7 million during the year ended 30 June
2010 and, as of that date, the Group's net cash and cash equivalents balance was
GBP0.06 million. The Group is currently in the process of closing a funding
round which is subject to Shareholder approval. In the intervening period it is
reliant on its existing bank facility and certain arrangements with creditors.
These conditions indicate the existence of a material uncertainty, which may
cast significant doubt about the Group's ability to continue as a going concern.
The directors disclosed this material uncertainty in the 30 June 2010 audited
financial statements, and Deloitte LLP, the Company's auditors included an
emphasis of matter paragraph regarding this material uncertainty in their audit
report.
Use of proceeds
Firm Placing use of proceeds
The net proceeds from the Firm Placing of approximately GBP4.2 million will be
used to cover the expected working capital shortfall in November 2010, to
strengthen the balance sheet, to restructure the Company and to ensure that NXT
is well positioned for growth, as well as to develop some of the Group's
existing products. The use of the net proceeds of the Firm Placing is set out
below:
+----------------------------------+----------------------------------+
| | GBPm |
+----------------------------------+----------------------------------+
| Working capital | 0.1 |
+----------------------------------+----------------------------------+
| Strengthen the balance sheet | 0.6 |
+----------------------------------+----------------------------------+
| Product development | 2.5 |
+----------------------------------+----------------------------------+
| Redundancy costs | 0.5 |
+----------------------------------+----------------------------------+
| New management | 0.5 |
+----------------------------------+----------------------------------+
Working capital
The Directors' believe that without the net proceeds of the Firm Placing, there
will be a shortfall in the Company's working capital of approximately GBP0.1
million in November 2010. Accordingly, GBP0.1 million of the net proceeds of the
Firm Placing will be used to cover this estimated working capital shortfall. A
further GBP0.6 million will be used to strengthen the balance sheet.
Product development
Net proceeds from the Firm Placing of approximately GBP2.5 million will be used
to develop the Company's key projects as follows:
- Wireless audio utilising BMR and Audium solutions already within the Company.
- New chip developments to target, firstly, the FPTV market and, subsequently
the market for hand-held devices.
- Progression of haptics products through platforms (combining hardware modules
utilising third party devices plus transducers and software) to Multi-chip
Modules (increasing competitive entry barriers and reducing form factor) to chip
development (optimised performance at lowest price points).
Restructuring costs
Approximately GBP0.5 million of net proceeds from the Firm Placing will be used
to make key management changes and employ additional human resources. In
addition, approximately GBP0.5 million of net proceeds from the Firm Placing
will be used to make redundancy payments.
Open Offer and Placing use of proceeds
The net proceeds from the Open Offer and Placing, to the extent received, will
be used by the Company to accelerate the development of its key projects in
order to bring products to market sooner. It will enable the Company to employ a
larger headcount to develop the products more quickly and will enable the
Company to employ a larger sales force to better market the products. The speed
at which the projects can be undertaken will ultimately determine the timescales
to profit generation from these activities and the growth trajectory for the
business.
Information on NXT and strategy
The Group's strategy is primarily focused on the development and sale of speaker
and touch technologies. NXT intends to build its reputation as a brand
associated with quality and value. By June 2011, the Group intends to have four
revenue streams:
- component and sub-system sales;
- licensing of intellectual property to key partners;
- royalties for shipped products containing NXT technology; and
- consultancy fees for services provided to licensees in the development of
products containing NXT technology.
In order to most effectively address these opportunities, the business will be
streamlined into two business units - Display Applications and Audio
Applications. These two units will be tasked and resourced to address the market
opportunities presented by the Company's product-driven strategy. On 23
September 2010, the Company announced the retirement of Peter Thoms from the
Board effective immediately. As at the date of this announcement the Directors
are in the process of recruiting two non-executive Directors to strengthen the
Board of NXT.
Current trading and prospects
The year to 30 June 2010 has been a mixed one for NXT. The combination of
licensing, royalties, consulting and component sales across an array of sectors
helped to mitigate the impact of the difficult economic environment.
The resulting sales for the 12 month period are in the order of GBP1.9 million,
compared with GBP3.2 million last year. In the previous year the Company signed
a licence with Nissha printing in Japan for GBP1.2 million.
NXT has continued to review its licensing and royalty model over the past three
years, and explored where opportunities for a gross profit margin-generating
approach could be adopted.
The resulting component sales business, though still small, has demonstrated
encouraging progress over the past 12 months, and the Directors believe that it
should make a significant contribution to the Company's success in the future.
The Issue
Under the terms of the Placing Agreement, Singer Capital Markets Limited has
placed firm the Firm Placing Shares at the Issue Price (which represents a
discount of 72.1 per cent to the Company's share price on 22 September 2010,
being the last practicable day before this announcement) pursuant to the Placing
Agreement. The Firm Placing is underwritten by Singer Capital Markets Limited
and the Firm Placing Shares are not subject to clawback.
Qualifying Shareholders are being given the opportunity to subscribe for Open
Offer Shares at the Issue Price on the following basis:
0.525 Open Offer Shares for every 1 Existing Ordinary Share
registered in the names of Qualifying Shareholders at the Record Date, and so in
proportion for any other number of Existing Ordinary Shares then registered.
Qualifying Shareholders may apply for any whole number of Open Offer Shares.
The Issue is conditional, inter alia, upon
· the passing, without amendment, of Resolutions 6-9 as set out in the
notice of AGM contained at the back of the Prospectus;
· Admission becoming effective by not later than 8.00 a.m. on 20 October
2010 (or such later time and/or date as the Company and Singer Capital Markets
Limited may agree, not being later than 8.30 a.m. on 15 November 2010); and
· the Placing Agreement becoming unconditional in all respects and not
having been terminated in accordance with its terms prior to Admission.
Related party transactions
As part of the Firm Placing, the Directors propose to allot 68,333,333 New
Ordinary Shares at the Issue Price, representing approximately 16.0 per cent. of
the Company's Enlarged Share Capital (assuming that all of the Open Offer
Entitlements are taken up by Qualifying Shareholders) to Gartmore Investment
Limited. Under the Placing, the Directors propose to allot up to a maximum of
16,666,667 New Ordinary Shares (representing 3.9 per cent. of the Enlarged Share
Capital (assuming that all of the Open Offer Entitlements are taken up by
Qualifying Shareholders and the maximum number of Placing Shares are issued
under the Placing)) to Gartmore Investment Limited.The proposed allotment of the
New Ordinary Shares to Gartmore Investment Limited constitutes a Related Party
Transaction for the purposes of Chapter 11 of the Listing Rules as a result of
Gartmore Investment Limited being a Substantial Shareholder. As at the date of
this announcement, Gartmore Investment Limited holds 12.7 per cent. of the
Company's issued share capital.
The Company is required by Chapter 11 of the Listing Rules to seek shareholder
approval for any Related Party Transaction which it proposes to enter into.
Resolution 9 set out in the Notice of Annual General Meeting in the Prospectus,
seeks by way of ordinary resolution, the approval of Shareholders for each
individual Related Party Transaction
Pursuant to the requirements of Chapter 11 of the Listing Rules, a Related Party
will not vote on the relevant Resolution approving its Related Party Transaction
with the Company and Gartmore Investment Limited has undertaken to take all
reasonable steps to ensure that its associates will not do so either.
Dividend policy
The Company has not paid a dividend in any of the last three years. The Company
will review this policy once the business becomes profitable.
Annual General Meeting
A notice of the AGM, to be held at The Cambridge Belfry, Back Lane, Cambourne,
Cambridgeshire, CB23 6BW, on 18 October 2010 at 2.00 p.m., is set out in the
Prospectus.
Importance of the Issue
If Resolutions 6-9 are not approved at the Annual General Meeting, the Company
will be unable to complete the Firm Placing or the Open Offer or the Placing.
The Company is unlikely to generate a profit in the next twelve months and,
unless the Firm Placing proceeds, the Company will not have sufficient cash
resources to meet its working capital requirements over the next 12 months. The
Directors believe that, without the proceeds of the Firm Placing, there will be
a shortfall in the Company's working capital of approximately GBP0.1 million
which will occur in November 2010. Accordingly, in the absence of the Firm
Placing, the Group will not have sufficient working capital for its present
requirements, that is, for at least 12 months from the date of this document.
In the event that the Firm Placing does not complete, the Company will have to
pursue alternative courses of action before 1 November 2010 in order to have
sufficient cash resources to continue to meet its obligations as they fall due
from this date. The Company would immediately seek to:
- obtain the agreement from creditors to delay payments. Whilst the Company has
not entered into discussions to delay specific payments in November with any of
its creditors, the Directors believe that it is reasonably likely that the
Company's creditors would agree to the Company postponing the payment of its
liabilities. The creditors' agreement to such delay is beyond the Directors'
control and they cannot quantify the likely cost of securing the agreement to
defer payments if at all;
- obtain funding from private investors (including certain Directors) to cover
any shortfall in working capital requirements. The Directors consider that, in
view of the likely amount of the shortfall, it is reasonably likely that the
Company would be able to obtain sufficient funding to cover the shortfall;
- make non-pre-emptive issues of shares of, in aggregate, less than 5 per cent.
of issued share capital of the Company conditional upon approval of shareholders
at a general meeting should the Company be unable to obtain the debt funding
referred to above. Such issues would be at no more than a 10 per cent. discount
to the then current share price. The Directors believe they would be reasonably
likely to be able to raise sufficient funds through non-pre-emptive issues of
shares to cover the amount of the shortfall in working capital although the
availability of such equity fundraising would depend on the prevailing market
conditions and the amount of the proceeds would depend on the price at which
such new shares were offered; and
- if no such debt or equity funding was available to the Company, the Directors
would immediately look to sell some of the Company's intellectual property. The
Directors believe that, in view of the current economic and financial
environment, there is no certainty that such sales could be completed in
sufficient time or if they would deliver enough proceeds to ensure the
availability of sufficient working capital.
If the Company were to be unsuccessful in pursuing these alternative courses of
action before 1 November 2010 the Group would not have sufficient cash resources
to continue to meet its obligations as they fall due from such a date and the
Directors would be obliged to consider the immediate cessation of trading, the
consequences of which could include administration or receivership or
liquidation or other insolvency proceedings.
In the event that the Firm Placing does not complete, the Directors will not be
able to implement their proposed business plan for the restructuring of the
business and development of the Company's technology. Accordingly,
notwithstanding the alternative courses of action available to the Company to
cover any working capital shortfall described above, the Directors may decide
not to continue with the business, due to the limited cash resources that would
be available to the Directors to grow the Company and generate Shareholder
return. Such a decision will be considered by the Directors following the Annual
General Meeting if Resolutions 6-9 are not passed and the decision will be based
on the Directors' view of whether a sale of the Company's intellectual property
and assets would achieve a higher level of return for Shareholders than
continuing with the business. In the event that the Directors decided not to
continue with the business, they would look to sell all of the Company's
intellectual property and assets and to wind the business up.
Accordingly, it is very important that Shareholders vote in favour of
Resolutions 6-9 in order that the Firm Placing, Open Offer and Placing can
proceed.
Prospectus
The Prospectus containing details of the Firm Placing, Open Offer and Placing is
expected to be posted to shareholders shortly.
Definitions
Defined terms used in this announcement shall have the same meaning as those
terms defined and used in the Prospectus unless otherwise defined in this
announcement.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
+------------------------------------------+----------------------------+---+
| Record Date for the Open Offer | close of business on 22 | |
| | September 2010 | |
+------------------------------------------+----------------------------+---+
| Announcement of the Issue and posting of | 23 September 2010 | |
| Prospectus and Application Forms | | |
+------------------------------------------+----------------------------+---+
| Ex entitlement date for the Open Offer | 8.00am on 23 September | |
| | 2010 | |
+------------------------------------------+----------------------------+---+
| Open Offer Entitlements and Excess CREST | 8.00am on 24 September | |
| Open Offer Entitlements credited to | 2010 | |
| stock accounts of Qualifying CREST | | |
| Shareholders in CREST | | |
+------------------------------------------+----------------------------+---+
| Recommended latest time for requesting | 4.30 p.m. on 11 Octoberr | |
| withdrawal of Open Offer Entitlements | 2010 | |
| and Excess CREST Open Offer Entitlements | | |
| from CREST | | |
+------------------------------------------+----------------------------+---+
| Latest time for depositing Open Offer | 3.00 p.m. on 12 October | |
| Entitlements and Excess CREST Open Offer | 2010 | |
| Entitlements into CREST | | |
+------------------------------------------+----------------------------+---+
| Latest time and date for splitting of | 3.00 p.m. on 13 October | |
| Application Forms (to satisfy bona fide | 2010 | |
| market claims only) | | |
+------------------------------------------+----------------------------+---+
| Latest time and date for receipt of | 2.00 p.m. on 15 October | |
| Forms of Proxy for use at the Annual | 2010 | |
| General Meeting | | |
+------------------------------------------+----------------------------+---+
| Latest time and date for receipt of | 11.00 a.m. on 15 October | |
| completed Application Forms, and payment | 2010 | |
| in full under the Open Offer and | | |
| settlement of relevant CREST | | |
| instructions (as appropriate) | | |
+------------------------------------------+----------------------------+---+
| Annual General Meeting | 2.00 p.m. on 18 October | |
| | 2010 | |
+------------------------------------------+----------------------------+---+
| Admission and commencement of dealings | 8.00 a.m. on 20 October | |
| in New Ordinary Shares | 2010 | |
+------------------------------------------+----------------------------+---+
| CREST members' accounts credited in | by 8.00 a.m. on 20 October | |
| respect of New Ordinary Shares in | 2010 | |
| uncertificated form | | |
+------------------------------------------+----------------------------+---+
| Despatch of definitive share | within 7 days of Admission | |
| certificates for New Ordinary Shares in | | |
| certificated form | | |
+------------------------------------------+----------------------------+---+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEDBGDCSGDBGGD
NXT (LSE:NTX)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
NXT (LSE:NTX)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
