Coms plc (LSE:COMS.L), Regulatory News (RNS)
Coms plc announces first day of trading of its shares on the AIM market of the London Stock Exchange
(to be re-named from Azman PLC)
Placing and Admission to AIM
Coms plc ("Coms" or "the Company") announces today the first day of trading of its Ordinary Shares on the AIM market of the London Stock Exchange ("AIM").
Admission to trading follows a reverse takeover of Azman PLC and a Placing of the Company's Ordinary Shares, which raised £1.22 million before expenses, at the Placing Price of 1 pence per share. As of 31st of January 2006, Azman PLC had a cash balance of £0.45 million. The market capitalisation of Coms.Com at the placing price will be approximately £7.93 million when the shares commence trading this morning. ARM Corporate Finance Limited is acting as Nominated Adviser and Falcon Securities (UK) Limited is Broker to the Company.
The Company
The Company has been established to launch a Voice over Internet Protocol ("VoIP") and unified messaging service. It is the intention to establish by organic growth and by acquisition a group which has the potential for generating significant, sustainable growth and profitability in the telecommunications industry.
Coms.Com has been generally authorised as a Public Electronic Communication Network by Ofcom. Ofcom has allocated Coms.Com 1.4 million numbers in the top 178 UK geographic area codes by population which Coms.Com principally intends to use for VoIP services.
The Company has appointed a board with substantial experience in management of both start-up and large companies, providing the background capability to manage the growth of Coms.Com.
"The emergence of Internet telephony is revolutionising the telecoms industry, creating major opportunities for an innovative telecoms company such as Coms.Com" commented Jason Drummond, Executive Chairman of Coms.Com, "Our ongoing investment in our own proprietary technology, coupled with, an exceptionally experienced senior management team will, I believe, deliver substantial results. Our team includes Terry Martin, previously sales director of Apple Computers (UK) Limited, and Richard Bennett, a co-founder of JFAX/J2 Inc, the leading unified messaging telecoms service. Terry and Richard will lead and implement our customer acquisition and corporate development strategies".
The Market Opportunity
The Directors believe that VoIP is changing the way consumers and businesses make and receive their telephone calls - offering a low-cost service that can be combined with services provided by broadboard Internet suppliers. The many innovative features of such an emerging technology, which include location independence and lower cost calls, will encourage a rapid migration of customers away from the traditional PSTN systems. The Company, unlike Skype for example, has adopted standards based open architectures that the Directors believe will provide for higher standards of service and compliance with emerging technologies.
Strategy
The Company intends to capitalise on the evolving VoIP market by implementing direct, channel and wholesale customer acquisition programmes. The Directors believe that the Coms.Com's proposition, which includes free internet calls between Coms.Com's subscribers, will encourage subscribers to introduce their contacts to the service. This method of customer acquisition is widely known as viral marketing and should lead to rapid subscriber growth.Placing Statistics
| Placing Price | 1p |
| Existing Shares | 121,750,000 |
| Number of Placing Shares being issued | 122,128,200 |
| Percentage of the Enlarged Share Capital represented by the Placing Shares at Admission | 15.4% |
| Consideration Shares | 555,000,000 |
| Number of Ordinary Shares in issue at Admission | 793,878,200 |
| Gross proceeds of the Placing | £1,221,282 |
| Market Capitalisation at the Placing Price | £7,938,782 |
Directors' and Other Interests
| Director | Number of Ordinary Shares Held | Percentage of Issued Ordinary Shares |
| Jason Drummond | 482,745,700 | 60.8% |
| Jonathan Cole | 86,951,100 | 11.0% |
| Justin Drummond | 29,931,400 | 3.8% |
| Terry Martin | 2,500,000 | 0.3% |
| Richard Bennett | 2,500,000 | 0.3% |
| Andrew Branson | 500,000 | 0.1% |
| Other Interests | ||
| Riverrock Limited | 50,000,000 | 6.3% |
| Cantor Fitzgerald Europe | 24,000,000 | 3.0% |
| Leo Knifton* | 16,666,667 | 2.1% |
*Mr. Knifton also has an interest in 15,000,000 Ordinary Shares, comprising 1.9% of the Issued Ordinary Shares, held in the name of Cantor Fitzgerald Europe
6th September 2006
For further information, please contact:
| Coms plc | |
| Richard Bennett, Corporate Development Director | +44 7966 388 374 |
| Holborn PR | |
| Trevor Phillips Mark Longson |
+44 207 929 5599 |
Coms.Com is listed on the London Stock Exchange AIM market (LSE:COMS)
