Marriott Harrison LLP acted for AIM-listed hosted desktop cloud computing service provider Nasstar plc on its reverse takeover of Denara Holdings Limited, the holding company of cloud computing provider e-know.net Limited, for a total consideration of £13 million in cash and new Nasstar shares. The transaction involved the acquisition, a placing of new ordinary Nasstar shares and re-admission of the enlarged share capital of the group to trading on AIM. Completion was conditional upon approval of the transaction by Nasstar plc shareholders, which was obtained at a Nasstar plc general meeting recently. Nasstar Plc’s nominated adviser and broker finnCap Limited placed £10.5m of new Nasstar shares.
The acquisition is part of Nasstar’s strategy to become the UK’s leading Hosted Desktop cloud service provider, and the enlarged group will enter 2014 with revenues of approximately £9m, employing 75 people servicing approximately 7,000 Hosted Desktop users.
Simon Charles (Corporate Partner) led the Marriott Harrison LLP team with assistance from across the firm’s departments including David Strong (Lead Corporate Associate), Katherine de Souza (Employment Partner), Mark Lavers (Real Estate Partner), David Bettis (Corporate Associate) and Sally Goodhall (Trainee Solicitor, Corporate).
Marriott Harrison LLP corporate partner Simon Charles said “This was a very enjoyable transaction to work on as the parties got on so well, and despite the very tight time scale imposed it got home. The enlarged group board members pulled out all the stops to make this transaction happen on time and we wish with them well with the enlarged group’s business in what is clearly a growing and increasingly significant business area. Marriott Harrison LLP’s corporate and IP/IT expertise greatly assisted this transaction’s smooth progress”