Wray takes 16.9% equity stake.

The Directors of Associated Network Solutions plc ("ANS" or "the Company"), a leading UK information technology solutions provider, are pleased to announce that Scott Fletcher, Managing Director of ANS, and two members of his family have agreed to sell 2,000,000 of the Ordinary Shares that they hold in the Company to a third party, Nigel Wray.

In addition Paul Sweeney, Director of ANS, and a another shareholder intends to dispose of a further 850,000 Ordinary Shares to Nigel Wray on the same basis in seven days time, in accordance with the Rules Governing Substantial Acquisitions of Shares.

The consideration payable (including the intended consideration payable to Paul Sweeney) will be 60p per share, amounting to a total of £1,710,000, with 45 pence being payable on completion with the balance payable in accordance with the provisions summarised below.

The number of Ordinary Shares held by the Directors before and after the disposal and the proposed disposal is as follows:

Before After

Scott Fletcher 6,157,227 (52.0%) 4,482,227 (37.9%)
Paul Sweeney 2,025,000 (17.1%) 1,275,000 (10.8%)
Other Directors 218,392 (1.9%) 218,392 (1.9%)

Total 8,400,619 (71.0%) 5,975,619 (50.5%)

Commenting on today's news, Scott Fletcher, MD, said:

"We are delighted to have Nigel Wray on board as a significant shareholder, and we believe this will not only enhance the business directly, but bring value for all shareholders moving forward. I'd like to take the opportunity to highlight to all shareholders that Paul Sweeney and myself, at the present time, are not intending to sell any further shares and look to the future of the business and its growth with confidence."

Consideration Detail

An initial payment of 45p per share has been agreed with a further 10p per share becoming payable at the earlier of when the Company's share price reaches 100p or two years from the date of the agreement; and a final tranche of 5p per share becoming payable at the earlier of when the share price reaches 150p or four years from the date of the agreement.

Each vendor Director has agreed or (in the case of Paul Sweeney) will agree to pay to the purchaser the amount of the deferred consideration payable if the share price targets are not met within the agreed time period. The total amount / intended amount is £363,750, of which £242,500 relates to the initial tranche of the deferred consideration and £121,250 to the second.