Coms plc (LSE:COMS.L), Regulatory News (RNS)
Issue of Equity
Placing
Coms plc (the 'Company' or 'Coms.Com') has today placed 114,166,667 new ordinary shares of 0.1p each ('Placing Shares') with new and existing investors and Directors at a price of 0.6p per ordinary share (the 'Placing'). The gross proceeds of the Placing are £685,000 and will be used by the Company to provide additional funds for further acquisitions and the continued growth of the Company's existing operations.
The Placing Shares will represent approximately 12.6 percent 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 Wednesday 14 February 2007. The Placing Shares will rank pari passu with the existing shares.
The Company's enlarged share capital immediately following the Placing will be 908,044,867 ordinary shares of 0.1p, each share carrying the right to one vote.
Commenting on the placing, Jason Drummond, Executive Chairman of Coms plc said, 'The Company continues to go from strength to strength and the capital raised through this placing shows a high level of investor confidence in our strategy'. 'Coms.Com is very well positioned to further expand and to capitalise on profitable acquisition opportunities that arise in the fast growing Internet Telephony sector'.
Date: 8 February 2007
Contact:
Coms plc
Richard Bennett, Corporate Development Officer
Tel: +44 (0)20 7148 3600
Notes to Editors:
About Coms plc Coms.Com was founded by Jason Drummond in 2000 with the vision of using the Internet to carry and deliver voice telephone calls. Unlike Skype, Coms.Com is based upon the industry standard SIP protocol which enables the widest possible connection of customers, devices and integrated Web 2.0 applications. Coms.Com subscribers can make high quality calls over the internet wherever a high-speed internet connection is available including in wireless hotspots. Coms.Com subscribers can also select their own free telephone number. Ofcom has allocated Coms.Com 2 million numbers in the top 178 UK geographic area codes by population which Coms.Com subscribers can choose from. In addition, Coms.Com 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.Com 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.Com launched its consumer service in October 2006, and recently acquired ExchangeXT, a leading provider of business VoIP services, to enable Coms.Com to enter the SME market.
Coms.Com is an Ofcom authorised Public Electronic Communications Network (PECN) and a member of the Internet Telephony Service Providers Association (ITSPA).
Coms.Com plc joined the AIM market of the London Stock Exchange on 6 September 2006
(AIM:COMS).
