Compass defers key transaction

The company listed last November with a placement of 1.2 million shares and had planned to complete its purchase of telecommunications and internet provider, Compass Communications, before the end of the year.

However due to current market conditions the purchase of the business has now been put off until early next year.

"Given the uncertainty in the markets and in particular the aftermath of the recent terrorist attacks in the US the Company has been advised to postpone the key transaction until markets have stabilised," the company says.

A subsequent capital raising had also been planned following the key transaction to finance capital equipment purchases and acquisitions.

CCG says Compass Communications is trading profitably and continues to develop and grow its business in its target markets, recently launching a number of new products.

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