Result of General Meeting, Capital Reorganisation

RNS Number : 8039S

Coms PLC

25 November 2011

 



COMS PLC

25 November 2011

 COMS PLC

("Coms" or "the Group")

Result of General Meeting

Capital Reorganisation and Admission of New Ordinary Shares

Coms plc, a provider of internet telephony services to business customers, announces that all resolutions put to the General Meeting held today were duly passed.

In particular, the Capital Reorganisation, details of which were contained in the Circular to shareholders dated 9 November 2011, is now approved and as a result each of the Company's existing ordinary shares of 1 pence each ("Existing Ordinary Shares") have now been sub-divided and consolidated into 1 new Ordinary Share of 0.1 pence ("New Ordinary Shares") and 9 new deferred shares of 0.1 pence ("2011 Deferred Shares").  The 2011 Deferred Shares will have rights such that in practical terms they will have no value and will not be quoted.  It is intended that the 2011 Deferred Shares will be cancelled in due course.

The New Ordinary Shares will have the same rights and entitlements (including as to voting, dividends and return of capital) as the Existing Ordinary Shares.  Furthermore, the New Ordinary Shares will reflect the same proportion of the Company's value as the Existing Ordinary Shares and therefore their intrinsic value is the same.

No new share certificates representing the New Ordinary Shares or the 2011 Deferred Shares will be issued.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM.  Admission of the New Ordinary Shares to trading on AIM is expected to take place on 28 November 2011.

The Board is evaluating several funding proposals for the Company and announcements are expected to be made in due course.

A copy of the Circular dated 9 November 2011 together with further information on the Company is available on the Company's website: www.coms.com.

Contact:

Coms plc

Richard Bennett                           [phone] 

Northland Capital Partners

(Nominated Adviser)

Luke Cairns / Rod Venables            [phone]

(Broker)

Katie Shelton                              [phone] 

XCAP Securities Plc

(Broker)

John Grant                                  [phone]

Threadneedle Communications (PR)

Graham Herring                            [phone]

 

END

 

 

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