(Alliance News) – Nexus Infrastructure PLC on Friday said it has completed the sale of its TriConnex and eSmart Networks for GBP77.7 million to FWCP Spark, while the chief executive officer and financial officer his boss resigned to become directors at FWCP Spark.
Nexus Infrastructure is an infrastructure services provider based in Essex, England. FWCP Spark is an indirect wholly owned subsidiary of private investment firm FitzWalter Capital.
Shares in Nexus Infrastructure closed up 5.4% at 173.90 pence each in London on Friday.
On Friday it added that its CEO Mike Morris and CFO Alan Martin both formally resigned to become employees and directors of FWCP Spark to run TriConnex and eSmart Network.
Morris, Nexus Infrastructure’s largest shareholder, will remain on the board as a non-executive director.
Nexus Infrastructure Chief Operating Officer Charles Sweeney will be promoted to CEO, and Dawn Hillman, financial director of TriConnex and secretary of the Nexus company, will be promoted to CFO of Nexus upon completion of the sale.
“Today is a positive result for our shareholders and stakeholders, which crystallizes the value of TriConnex and eSmart Networks, while ensuring that Tamdown is well capitalized for the future as it continues to make operational progress,” said the President of Infrastructure Nexus Richard Kilner.
“This is a tribute to the hard work by Mike Morris and Alan Martin and the teams at TriConnex and eSmart Networks.”
The civil engineering subsidiary Tamworth is now the parent business entity of Nexus Infrastructure, following the two disposals to FWCP Spark.
Kilner continued: “We are also delighted to welcome Charles Sweeney and Dawn Hillman to the Nexus board and Mike Morris’ continued commitment to the group with his agreement to remain as a non-executive director. Under the leadership their the group is in excellent hands. .”
By Greg Rosenvinge, Alliance News reporter
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