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Coms Plc Announces Sale of VCOMM; Announces Issue of Equity; David Breith Holds 20.3% Of Total Issued Share Capital In Coms


Friday, 21 Dec 2012 02:00am EST 

Coms Plc announced that is has sold VCOMM (UK) Limited, the Company's wholly owned subsidiary focussed on the distribution of telecoms equipment, for a total consideration (subject to adjustment) of GBP250,000 in cash. The Company has raised GBP237,825 through the subscription for 63,240,000 new ordinary shares of 0.1 pence each in the Company (Ordinary Shares)(the Subscription) at 0.375p per share. The Board has taken the decision to sell VCOMM to Siphon Networks Limited for a total cash consideration of up to GBP250,000 payable. The proceeds from the sale will be used for general working capital for the remaining parts of the group and, together with the Subscription proceeds to be used to explore synergistic acquisition opportunities. The subscription by David Breith for 63,420,000 new Ordinary Shares at a price of 0.375p per share raising GBP237,825. David Breith will own 65,220,000 Ordinary Shares representing 20.3% of the total issued share capital of the Company. 

Company Quote

3.725
0.025 +0.68%
22 Aug 2014