Issue of Equity

RNS Number : 9454Q

Coms PLC

12 August 2010

 



12 August 2010

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

Issue of Equity

Coms plc announces that it has raised a gross total of £340,000 by issuing 13,600,000 new ordinary shares of 1 penny each ("Placing Shares") at a price of 2.5 pence per share (the "Placing"). The Placing Shares were placed by XCAP Securities PLC ("XCAP"), the Company's joint broker, with institutional and other shareholders. The net proceeds of the Placing will be used by the Company to provide additional funds for further acquisitions and the continued growth of the Company's existing operations.

The following Directors took part in the placing:

Director	No. of Placing shares	No. of Ordinary Shares held following the placing	% of Issued share capital held following the placing
Jason Drummond	2,000,000	19,999,041	35.07 %
Justin Drummond	600,000	2,467,230	4.33 %

The Placing Shares will represent approximately 23.85 per cent. of the Company's enlarged issued share capital immediately following the Placing. Application will be made for the Placing Shares to be admitted to trading on AIM and dealings in the shares are expected to commence on Thursday, 19 August 2010. The Placing Shares will rank pari passu with the existing shares.

The Company's enlarged share capital immediately following the Placing will be 57,023,782 ordinary shares of 1 penny, each share carrying the right to one vote.

Commenting on the placing, Richard Bennett, Executive Director of Coms said, "The Company is close to becoming cash flow positive and it remains our near-term goal to become profitable. Our strategy remains focussed on selling internet telephony services and solutions to business customers, and we intend for the resulting recurring revenue to provide a long-term sustainable income for the company".

Contact:

Coms plc

Richard Bennett                           [phone] 

XCAP Securities Limited (Broker)

John Grant / Karen Kelly                [phone]

Astaire Securities plc (Nominated Adviser and Broker)

Luke Cairns / Avi Robinson             [phone]

 
Threadneedle Communications (PR)
Graham Herring                            [phone]

 

END

 

 

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