18th Jun 2015 10:28
LONDON (Alliance News) - Coms PLC said Thursday it has raised GBP1.08 million in its recent open offer of 216.3 million shares at 0.5 pence per share, which was oversubscribed.
Shares in Coms are trading up 6.3% at 0.638 pence.
Coms received valid acceptances in respect of 292.84 million open offer shares, representing around 135% of the open offer shares offered. This follows GBP1 million that Coms raised through a placing in May. At that time, it said it planned to use the proceeds of the placing and open offer to reduce its liabilities and overdraft facility.
"We are very appreciative of the strong support for the open offer from our shareholders and are pleased that the full amount of GBP1.08 million will be received by the company," said Non-Executive Chairman Frank Beechinor in a statement.
Coms sold off the business and some assets of its telecoms operations to Timico Ltd for GBP2.5 million in May, and following this disposal Coms' operations now consist of animation studio Darkside Studios, and its infrastructure business Redstone.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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