LONDON (Thomson Financial) - Coms plc said it is in talks to acquire
Sim4Travel Holdings in an all-share deal that values the independent telecoms
network company at around 3 mln stg, below its current market cap of 7.4 mln
stg.
AIM-listed internet telephony company Coms said interim funding is required
to meet Sim4Travel's working capital requirements in the short term. It agreed
to loan up to 500,000 stg to Sim4Travel earlier this month.
As part of the talks, it said Nettworx -- which holds 117.33 mln shares in
Sim4Travel, or roughly 11.8 pct of the company - has agreed to sell its stake to
Coms.
Nettworx said it also holds 756,000 stg convertible loan notes that are
convertible into 126 mln Sim4Travel shares, and a further warrant to subscribe
for 30 mln shares.
TFN.newsdesk@thomson.com
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