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Coms Pays Castleton Final Deferred Consideration For Comunica

Mon, 10th Nov 2014 10:23

LONDON (Alliance News) - Coms PLC said Monday it has paid the final deferred consideration for its acquisition of Comunica Holdings Ltd from Castleton Technology PLC three weeks early for an agreed GBP825,000.

The consideration was originally due November 21. Coms paid an initial GBP7.7 million for Comunica last November, and at that time said a further GBP1.9 million would be paid after a year. Coms to didn't provide a reason for the reduction in final payment in its statement Monday.

Comunica has since been renamed Redstone, the former name of Castleton Technology.

Shares in Coms are trading down 1.3% at 2.93 pence Monday morning, and shares in Castleton are trading down 6.9% at 1.42 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews