Proposed Share Consolidation

RNS Number : 5899A

Coms PLC

04 August 2008

 



Coms plc

("Coms" or "the Company")

Proposed Share Consolidation & Issue of Equity

Pursuant to the announcement made on 1 August 2008 notifying the date and time of the

Company's Annual General Meeting ("AGM"), it is the Company's intention to seek shareholder

approval for a proposed consolidation of the Company's shares.

The resolutions proposed for the AGM include a Share Consolidation, such that the 1,221,961,533

shares of £0.001 each ("Ordinary Shares") currently in issue be consolidated on a 1 for 100 basis.

For example, a Shareholder holding 1,000 Ordinary Shares of £0.001 each shall, on the Record

Date, following consolidation, hold 10 new Ordinary Shares of £0.10 each.

In order to facilitate the consolidation, the Company has issued and allotted 67 Ordinary Shares

to Jason Drummond, the Company's Executive Chairman for consideration of 20p. As a result of

this purchase Jason Drummond's total resultant holding is 520,679,099 Ordinary Shares, which is

approximately 42.61 per cent. of the then issued share capital of the Company.

An application has been made to AIM for the 67 Ordinary Shares to be admitted to trading which is

expected to take place on 8 August 2008. Following admittance and prior to the proposed

consolidation the Company's total issued share capital will consist of 1,221,961,600 Ordinary

Shares of £0.001 each.

Expected Timetable of Events:

Annual General Meeting	12:00 pm, 21 August 2008
Record Date - the date upon which the consolidation shall be effected, assuming the passing of relevant resolution at the Annual General Meeting	5:00 pm, 21 August 2008
Payment Date - New Ordinary Shares Trade/CREST Accounts Credited - Certificates will be despatched within seven days of this date	22 August 2008

Settlement

If Shareholders hold a share certificate or certificates in respect of their Share, their Certificates will not longer be valid with effect from the Record Date and they will be issued with a new share certificate(s) evidencing their consolidated shareholding. Such certificates are expected to be despatched within seven days of the Record Date at the shareholder's risk and upon receipt of new share certificates, Shareholders should destroy their old certificate(s). If Shareholders hold their Shares in un-certificated form, their CREST account shall be amended accordingly to reflect the number of shares they shall hold following the implementation of the consolidation. Such adjustments to CREST accounts shall be effected as soon as practicable after the consolidation becomes effective.

Fractional Entitlements

Fractional entitlements arising out of the consolidation shall be aggregated into ordinary shares of £0.10 and shall be sold in the market, the net proceeds of which shall be held for the benefit of the Company.

For further information please contact:

COMS PLC
Richard Bennett, Corporate Development Officer	Tel: + 44 (0) 20 7148 3600
	www.coms.com
DANIEL STEWART & COMPANY PLC
Simon Leathers/Tessa Smith	Tel: + 44 (0) 20 7776 6550
	www.danielstewart.co.uk

Notes to Editor: 

Coms was founded by Jason Drummond in 2000 with the vision of using the Internet to carry and deliver voice telephone calls. Unlike Skype, Coms is based upon the industry standard SIP protocol which enables the widest possible connection of customers, devices and integrated Web 2.0 applications. Coms subscribers can make high quality calls over the internet wherever a high-speed internet connection is available including in wireless hotspots. Coms subscribers can also select their own free telephone number. Ofcom has allocated Coms 2 million numbers in the top 178 UK geographic area codes by population which Coms subscribers can choose from. In addition, Coms can transfer a company's existing telephone number to their service. Subscription is available in a range of packages from the Company's website www.coms.com.

As well as the obvious cost saving implications for businesses and consumers, the expanding market will enable Coms to develop and offer innovative new convergent services such as video calling, IP Centrex, location independence and online presence. It is these new innovative features, alongside the cost saving benefits that are likely to encourage customers away from traditional PSTN systems and combine their broadband service and voice calling system.

Coms launched its consumer service in October 2006, and recently acquired ExchangeXT, a leading provider of business VoIP services, to enable Coms to enter the SME market.

Coms is an Ofcom authorised Public Electronic Communications Network (PECN) and a member of the Internet Telephony Service Providers Association (ITSPA).

Coms plc joined the AIM market of the London Stock Exchange on 6 September 2006.

 

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