25 June 2008

NXT share placing to raise £0.5 million

NXT plc, a provider of unique sound solutions, best known for its flat panel loudspeaker technology, has raised approximately £0.5 million (before expenses) through a placing of 3,759,398 million new ordinary shares at a price of 13.3 pence per share.  The funds were raised from a number of the Company's existing institutional shareholders.  The placing price represents a discount of 9.8% to the closing middle market price of 14.75 pence per share on 23 June 2008. This placing was undertaken pursuant to a resolution of the shareholders at the Company's Annual General Meeting in November 2007 which approved the disapplication of shareholders' pre-emption rights in relation to the issue of equity securities up to an aggregate nominal amount of £47,254.06.

The funds have been raised to underpin the Company's balance sheet during the implementation of previously indicated strategies. As reported in the recent Interim Management Statement the Company has negotiated the surrender of two UK property leases. The resolution of these long term liabilities was concluded faster than the Company had anticipated in its cash flow planning and the Board considers it prudent to raise funds at this time to maintain its cash resources.

NXT Chief Executive, Peter Thoms, said: "As signalled in last month's Interim Management Statement, the Company is well placed to meet its objectives as it moves towards a break even position. Our stated intention to evaluate supply chain participation has demonstrated the potential for positive returns and by maintaining a strong balance sheet we are able to negotiate more favourable terms with our supply chain, end customers and potential licensees. The Board is pleased that a number of NXT's existing institutional investors have underlined their commitment to the Company by participating in the placing."

Application has been made to the Financial Services Authority for the new ordinary shares to be admitted to the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange's main market for listed securities.  The placing is conditional upon admission, which is expected to become effective, and dealings in the new ordinary shares will commence at 8.00 am on 27 June 2008.  The placing shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

For further information, please contact:

NXT plc

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