News blog

Coms

  • BY: Andrew Hore |
  • POSTED: 04/06/2015 |

Helium Special Situations has doubled its shareholding in Coms, taking its stake to 15.1%. 

A placing at the end of May raised £1m at 0.5p a share and a two-for-nine open offer will raise up to £1.08m at the same share price.  The Helium shareholding is prior to the open offer which does not close until 17 June. Four directors, none of which previously held shares, have subscribed to shares in the placing. Together they have a 1.71% stake in Coms.

Coms has raised a further £2.5m from selling its telecoms services operations to Timico, although Coms retains two leasehold properties. That will help to cut the overdraft level to below £2m.

Coms had grown via acquisition and these purchases had not been fully integrated. Coms believes it is better to sell these loss-making activities rather than trying to turn them around. A further £1m could become payable depending on the performance of the activities in the period until the end of November 2015.

Coms will concentrate on growing its Redstone and Darkside Studios infrastructure business, including its smart buildings and managed services.
Former boss David Brieth was deposed earlier this year and he appears to have sold his stake - it has certainly gone below 3%.

The Coms share price has taken a battering and fallen from a high of 6.78p one year ago. The share price has risen 0.1p to 0.7p today.

Full year results will be issued at the end of July.

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