LONDON (Alliance News) - Coms PLC on Wednesday said that Mark Braund, who is set to become its chief executive, has bought GBP2,250 worth of shares in the company.
Braund, who is joining the infrastructure, managed services and smart buildings company from the same role at staffing specialist InterQuest Group PLC, bought 500,000 shares at an average price of 0.45 pence on Friday last week.
He now owns 4.5 million shares in Coms, equivalent to 0.3% of the company, having previously acquired 4.0 million shares in a placing conducted by the company as part of a GBP2.1 million fundraising between May and June.
Coms fell to a GBP14.9 million pretax loss in its last financial year to January 31, stung by big impairment charges in the telephony services division it has since sold.
Braund is tasked with turning around the company is the wake of the resignation of his predecessor David Breith.
According to Coms' latest annual report, Breith has "intimated" that he intends to make an employment claim against the company, which the company disputes.
It is one of several "outstanding issues" between Coms and its former boss, who quit in March.
Shares in Coms were down 4.3% at 0.5501 pence on Wednesday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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