LONDON (Alliance News) - Coms PLC on Wednesday said it has made significant progress in dealing with the legacy issues in the business, including the closure of its former telecoms subsidiaries.
Coms intends to liquidate all the relevant entities in the telecoms business, which will cut the number of entities housed under its group structure and cut administrative costs.
The business and assets of the telecoms unit were sold last year to Timico Ltd and transitional services were provided up to November. The remaining business in the unit will now be liquidated in a process run by Antony Batty & Co LLP.
In addition, Coms has entered into a dispute resolution agreement with Dave Breith, its former chief executive, which concludes all disputes between him the company. Breith left his role in March last year after he had requisitioned a board meeting to remove two other members of the Coms board.
When he resigned, he withdrew the meeting requisition but the company wanted to keep him on board as a consultant so it could continue using the technology he owns.
In addition, Coms has sold the business and assets of its Media arm to the division's management for a nominal amount. The division had been regarded non-core by Coms, which is focused on its Redstone infrastructure and 'smart building' services company.
Coms shares were up 3.5% to 1.32 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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