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IDN share buy-up.

Five directors of IDN Telecom, the Birmingham-based Carphone Warehouse for SMEs, yesterday spent pounds 300,000 to take their holding in the company to over 40 per cent.

Chairman Barry Roberts led the way, acquiring 25 million new shares issued at 1 1 /4p each, for pounds 281,250 and taking his stake in the company, based at Birmingham International Park opposite the NEC, to 9.2 per cent.

The shares were issued to raise a total of pounds 284,062 for IDN to invest in new customer billing software that will be up and running by next February and should save the company pounds 300,000 a year in improved cash flow.

Directors Mick Willmott, Darron Giddens, Alan Hanna andSteven Bannister then bought 1.16 million shares in the market at 1 5 /8p, collectively costing them about pounds 19,000.

Mr Giddens said the directors had wanted to buy shares in the company after it announced its results at the end of November, but had to wait because they knew about the chairman's planned investment.

He said the new billing software, which will cost pounds 150,000 to build and require two new staff, would mean IDN could stop using a third party and reduce the time it took to bill customers.

The software would allow IDN to bill customers by e-mail and offer to break down bills into the various cost centres involved.

Shares closed up 1 /4p at 2p.
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Publication:The Birmingham Post (England)
Date:Dec 15, 2001
Words:243
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