(Alliance News) - Nexus Infrastructure PLC on Friday said it completed the sale of its TriConnex and eSmart Networks for GBP77.7 million to FWCP Spark, while its chief executive officer and chief financial officer both stepped down to become directors at FWCP Spark.
Nexus Infrastructure is an Essex, England-based infrastructure services provider. FWCP Spark is an indirect wholly-owned subsidiary of private investment firm FitzWalter Capital.
Shares in Nexus Infrastructure closed up 5.4% to 173.90 pence each in London on Friday.
It added on Friday that its CEO Mike Morris and CFO Alan Martin both formally stepped down to become employees and directors of FWCP Spark to lead TriConnex and eSmart Network.
Morris, the largest shareholder of Nexus Infrastructure, 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 Nexus company secretary, will be promoted to Nexus's CFO on the completion of the sale.
"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," said Nexus Infrastructure Chair Richard Kilner.
"This is a tribute to the hard work from Mike Morris and Alan Martin and the teams at TriConnex and eSmart Networks."
Civil engineering subsidiary Tamworth is now Nexus Infrastructure's principle trading entity, following the two disposals to FWCP Spark.
Kilner continued: "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."
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Nexus Infrastr. (NEXS)