29th May 2015 10:08
LONDON (Alliance News) - Coms PLC said Friday it has raised GBP1 million through a placing of 200 million new shares at 0.5 pence each, and has launched an open offer to raise a further GBP1.08 million for 216.3 million shares at the same price.
Shares in Coms are trading down 21% at 0.575 pence Friday morning.
The company intends to use the proceeds to drive its infrastructure business Redstone, specifically its Smart Buildings product, and to augment its working capital.
The company agreed to sell the business and assets of its Telecoms business to Timico Ltd for GBP2.5 million Tuesday, with a further consideration of up to GBP1 million which will be based on the performance of the businesses.
Following the sale of these assets Coms' businesses comprise of Redstone and London video production company Darkside Studios
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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