4th Feb 2014 09:58
LONDON (Alliance News) - Coms PLC said Tuesday it was "not aware of any specific reason" for the recent rise of its share price, but confirmed that it was in advanced discussions over a potential acquisition for which it would need to raise funds.
Shortly after releasing the statement Tuesday morning, shares in the cloud-based telephone company dropped 19% to 8.90 pence. The stock has seen a 52-week range of 0.72p to 10.95p.
Coms noted that there was no certainty as to whether the acquisition would proceed, but that it would enhance its cloud-based services were it to go through.
Coms said it will need to raise additional funds if the acquisition does happen, and is working with advisers on this.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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