21 Nov 2013 13:19
21 November 2013
Coms plc ("Coms") completes acquisition of Comunica Holdings Limited
("Redstone")
Coms plc (AIM: COMS) is delighted to confirm that it has completed the acquisition from Redstone plc of Comunica Holdings Ltd - the ICT Infrastructure, data centre and smart building solutions business. Further to the announcement of the transaction on 5 November 2013, the conditions for completion, one of which was the approval of the transaction by Redstone plc shareholders which was received at the Redstone plc general meeting held today, have been satisfied.
The total cash consideration of the sale was £9.5 million to be settled by the payment of £7.65 million by Coms at completion and deferred consideration of £1.85 million and the transaction was effected on a debt free cash free basis. For the year ended 31 March 2013, Redstone reported revenue of £30.8 million and EBITDA of £2.5m.
Redstone will continue to trade as Redstone and will become an important part of the Coms plc portfolio.
Dave Breith, CEO for Coms commented: "We are delighted to complete the acquisition of Redstone's ICT business. Through this earnings enhancing acquisition, we have materially increased our revenue, service offering, infrastructure and client base. This immediately expands the portfolio of solutions we can provide our customers and to the channel, and our vision to become a leading end-to-end provider of telecommunications and IT services is much closer. This is exciting for both Coms and Redstone. Redstone's brand will continue to be an ever present in the markets it serves. Redstone will continue to grow and evolve, just as Coms will. The purchase of Redstone fully complements the growth strategy of Coms."
About Coms plcEstablished in 2005, Coms is an end-to-end provider of telecommunications and IT services to business and industry. From hosted VoIP telephony to smart buildings to broadband to business infrastructure, Coms offers an unrivalled service built on innovation, passion and dedication. Unlike most VoIP providers, Coms does not rely on third party providers and we own and operate a UK based Carrier Class telephony platform.
Coms plc David Breith (CEO)Iain Ross (Chairman)
| Tel: +44 (0) 207 148 3000 |
Charles Stanley SecuritiesFinancial Adviser, Nominated Adviser & Broker Karri Vuori/Phil Davies
| Tel: +44 (0) 207 149 6000 |
SI CapitalJoint Broker Andy Thacker/Nick Emerson
| Tel: +44 (0) 1483 413 500 |
Newgate Threadneedle(PR) Robyn McConnachie/Alex White | Tel: +44 (0) 207 653 9852 |
A copy of this announcement will be made available, free of charge subject to certain restrictions relating to persons resident in Restricted Jurisdictions, at www.coms.com/comsplcnews.html by no later than 12 noon (London time) on the business day following the date of this announcement.
Charles Stanley Securities, which is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for Coms and no one else in connection with the Proposal and this announcement and will not be responsible to anyone other than Coms for providing the protections afforded to clients of Charles Stanley Securities nor for providing advice in connection with the proposal or any matter referred to herein.