Electronic Trading on CREST
December 24 2009 - 3:59AM
UK Regulatory
TIDMFCOM
RNS Number : 7067E
First Communications, Inc.
24 December 2009
First Communications, Inc.
Registers Stock for Electronic Trading on CREST
AKRON, OH, December 24, 2009 -- First Communications, Inc. (AIM: FCOM) a leading
integrated telecommunications carrier based in the Midwestern United States,
today announces the following update to the trading and settlement of its
shares.
First Communications, Inc. (the "Company") was listed on the AIM market of the
London Stock Exchange effective on July 2, 2007. As over a year has passed since
the Company's admission to AIM, restrictions on transfer imposed under the U.S.
Securities Act 1933, as amended (the "Securities Act") can now be removed from
certain qualifying securities in the Company ("Qualifying Securities"). This
will allow interests in Qualifying Securities to be settled in electronic form
within the CREST system as Depository Interests. The ISIN of the Depository
Interests will not change from the current issued shares.
CREST is a UK and Irish electronic paperless share transfer and settlement
system that allows shares and other securities to be held in electronic rather
than paper form. As the Company is not a UK or Irish company, transactions in
its securities cannot be undertaken direct and electronically through CREST,
thus depositary interests are required.
The Company has established a Depository Interest facility with Capita IRG
Trustees Ltd. ("Capita"), with effect from December 22, 2009, in terms of which
Capita will issue Depository Interests to qualifying stockholders on a one-for
one basis for each Qualifying Security in the Company held by that qualifying
stockholder. Capita will appear on the register of members of the Company as the
stockholder but the beneficial interest and all rights in the stock will remain
with the original stockholder. The benefit of dematerialization is that the
Depository Interests can be held and transferred through CREST, thereby
enhancing the liquidity of the Company's securities.
About First Communications
First Communications is a leading integrated telecommunications carrier based in
the Midwestern United States. Founded in 1998, First Communications has built a
highly reliable fiber-based infrastructure which it uses to provide small and
medium business, enterprise, and carrier customers superior voice, internet, and
transport services. First Communications' mission is to provide secure and
reliable next-generation services that support the critical communications needs
of its commercial customers. For more information visit First Communications on
the Internet: http://www.firstcomm.com
For further information:
First Communications, Inc.
Joe Morris Tel: (330) 835-2472
Collins Stewart Europe Limited - Nominated Adviser and Broker
Stewart Wallace Tel: +44 (207) 523-8350
This information is provided by RNS
The company news service from the London Stock Exchange
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