Printer Friendly

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.
COPYRIGHT 2001 Birmingham Post & Mail Ltd
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:The Birmingham Post (England)
Date:Dec 15, 2001
Previous Article:Energis nets giant AOL.
Next Article:Hope for euro zone rate cut is dashed.

Related Articles
Enterprise Integration: Is There Life After Consolidation?
Telecoms firm to ring up pounds 2.5m in share sale.
Identa-fying best kind of telecoms service.
Apprehension over anthrax hampers Iowa Donor Network's ability to promote donor sabbath.
Loss now is gain in the future for IDN.
IDN to raise pounds 430,000 with share placing.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters