Conversion of Loan Notes

RNS Number : 6523M

Coms PLC

02 February 2009

 



COMS PLC

02 February 2009

COMS PLC

("Coms", or "the Company")

CONVERSION OF LOAN NOTES AND ISSUE OF EQUITY

Coms plc ("the Company") announces that on 29 January 2009, all of the directors who participated in the convertible loan on 18 November 2008 have applied to convert their loans into equity. 

The company has authorised the conversion of £180,500 of loan notes into 1,805,000 10p ordinary shares at a conversion price of 10p ("the Placing Shares"). This represents a 40% premium over the current share price. A total of £44,500 loan notes remain outstanding. 

The following directors took place in the loan note conversion:

	Shares Purchased	Purchase price per share (p)	Percentage Interest (%)	Revised Number of shares held	Revised Percentage Holding (%)
Jason Drummond	995,000	10p	7.09%	6,269,041	44.70
Jonathan Cole	250,000	10p	1.78%	1,162,682	8.29%
Justin Drummond	150,000	10p	1.07%	575,564	4.10%
Terry Martin	250,000	10p	1.78%	280,250	2.00%
Richard Bennett	10,000	10p	0.07%	35,000	0.25%
Andrew Branson	150,000	10p	1.07%	160,000	1.14%

The new shares issued will represent approximately 13.94% of the enlarged share capital immediately after the loan note conversion. Application will be made for the Placing Shares to be admitted to trading on AIM and dealings in the shares are expected to commence on Thursday 5 February 2009. The Placing Shares will rank pari passu with the existing ordinary shares. 

The Company's enlarged issued share capital immediately following the issue of the Placing Shares will be 14,024,616 ordinary shares of 10p, each share carrying the right to one vote.

Commenting on the Placing, Jason Drummond, Executive Chairman of Coms plc said, "Converting the loan notes at a 40% premium to the current market price demonstrates our belief and commitment to the Company".

Contact:

Coms plc
Richard Bennett                             [phone]

Daniel Stewart & Company plc

Simon Leathers                              [phone]

Threadneedle Communications
Graham Herring                              [phone]

Notes to editors:

Coms was founded by Jason Drummond in 2000 with the vision of using the Internet to carry and deliver voice telephone calls. Voice over IP (VoIP) is changing the way consumers and businesses make and receive their telephone calls. Coms offers a low-cost VoIP service that can be combined with services provided by broadband Internet suppliers to make and receive telephone calls. Coms subscribers can make high quality calls over the Internet wherever a high-speed Internet connection is available, including in wireless hotspot as they are allocated their own location free unique user telephone number. Subscription is available in a range of packages. See www.coms.com for more information.

Coms is an Ofcom authorised Public Electronic Communications Network (PECN) and a member of the Internet Telephony Service Providers Association (ITSPA).

Coms is listed on the London Stock Exchange AIM market (LSE:COMS)

 

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