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Coms

  • BY: Andrew Hore |
  • POSTED: 02/03/2015 |

David Breith has stepped down as chief executive of telecoms services provider Coms and withdrawn the requisition of a general meeting to remove two other director, including chairman Frank Beechinor, who has won the day. 

Under Breith Coms has made a number of acquisitions and won significant contracts but the financial side of the company has not been as positive. This was compounded by Breith’s acquisition of shares in Coms last June without seeking board approval. He says that the transaction was an error that could not be unwound. The shares were acquired at 4.239p each so he has not done well from the transaction.

Brieth has agreed, subject to documentation, to provide free of charge a three-year licence for AskMerlin software used by Coms. He is also in the process of agreeing a consultancy agreement with Coms. Brieth still owns 14.3% of Coms and there is no indication about whether there are any limits on him selling these shares.

Coms needs to appoint executive management and it appears that the people that it has in mind are likely to be available immediately. Coms is at a point where it requires a management team rather than an entrepreneurial approach. There are also plans for two new non-executive directors.

The share price has edged up 0.1p to 1.25p, having fallen at one point to 0.95p.

There is still uncertainty about the cash position of the business and it might need additional funds.

AIM Journal February 2015 available.

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