Coms Enterprise Update and Issue of Equity

RNS Number : 6582N

Coms PLC

02 October 2012

 



02 October2012

Coms plc ("Coms", the "Company" or the "Group")

Coms Enterprise Sales Target Achieved and Issue of Equity

Coms plc (AIM:COMS) the Internet Telephony Service Provider, is pleased to announce that the managers of Coms Enterprise Limited, its new business division, have met their initial sales target by securing contracts with a value in excess of £250,000.

The new managers joined Coms from Obsidian Limited in an agreement announced on 30 April 2012. Since then, they have successfully migrated enterprise and government contracts from Obsidian to the Coms platform with a contract value exceeding £250,000.  The new customers include South Tees NHS, South London NHS, Mid Cheshire NHS, East Lancs Council, Stanmore NHS, Bolton Hospitals, St Georges and Coventry PCT. This represents approximately 10% of the Obsidian Support Services customer base, and the new managers are working hard to convert the remaining contracts to Coms.  

Under the terms of the agreement with Obsidian, Coms shall pay a final consideration of £120,000 (the "Consideration") following the fulfilment of the initial sales target.

The new managers and Obsidian stakeholders have subscribed for 20,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") in Coms at a price of 0.6p per share for an aggregate value of £120,000 to be satisfied in lieu of the Consideration. 

Richard Bennett, CEO, commented: "I am pleased with the progress that Coms Enterprise is making in winning corporate and government contracts and the decision by the new team to acquire further shares with the Consideration is a true demonstration of the confidence they have in our future."

Application will be made for the Shares to be admitted to trading on AIM with admission to trading expected to be on 08 October 2012 ("Admission").

Following Admission, the Company will have 257,718,227ordinary shares in issue with each share carrying the right to one vote. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

Contact:

Coms plc

Richard Bennett                                                                      [phone]

Northland plc (Nominated Adviser and Joint Broker)

Luke Cairns /William Vandyk                                                  [phone]

XCAP Securities Limited (Joint Broker)

John Belliss                                                                             [phone]

Newgate Threadneedle (PR)

Graham Herring                                                                      [phone]

 

END

 

 

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