Cloudbuy PLC £1,475,700 Funding (2072G)

TIDMCBUY

RNS Number : 2072G

Cloudbuy PLC

25 May 2017

 
 Embargoed for 7:00am release   25 May 2017 
 

cloudBuy plc

("cloudBuy" or the "Company")

GBP1,475,700 Funding

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, announces that pursuant to the Financing announced on 24 March 2016 (as defined therein), the final GBP1,475,700 of the total GBP5,750,000 funds available has been drawn down under the interest bearing loan note instrument dated 8 April 2016 (the "Agreement"). In accordance with the terms of the Agreement, the Company has issued 535,462 convertible and 940,238 non-convertible loan notes of GBP1 each to Robert Sella.

As at 25 May 2017, following the issue of these notes, Roberto Sella held the following non-convertible and convertible loan notes of GBP1 each:

   Convertible Loan Notes                      Loan Notes                                Total 
               4,203,968                                  1,632,598                             5,836,566 

The following details are required to be disclosed to comply with the conditions of The Takeover Code pursuant to the Financing. Mike Pasternak who is a director of cloudBuy is deemed to be acting in concert with Roberto Sella for the purposes of the Takeover Code.

Following the full drawdown of the facility, the holdings and potential maximum future holdings can be calculated with more certainty. As at 25 May 2017 (assuming the loan continues to the 10 year term, all interest is paid in kind and all Convertible Loan Securities are converted to Ordinary Shares), the holdings of Roberto Sella and Mike Pasternak and are as follows:

 
 Shareholder     Interest in issued share     Percentage interest in      Total interest on the       Percentage 
                 capital on 25 May 2017       issued share capital on 25  basis that the full          total interest 
                                              May 2017                    GBP5,750,000 loan has been   on the basis 
                                                                          utilised and all potential   that the full 
                                                                          Convertible Loan             GBP5,750,000 
                                                                          Securities are converted     loan has been 
                                                                                                       utilised and 
                                                                                                       all potential 
                                                                                                       Convertible 
                                                                                                       Loan Securities 
                                                                                                       are converted 
Roberto 
 Sella           14,700,000                   11.27%                      86,911,877                  42.89% 
Mike Pasternak   2,150,000                    1.65%                       2,150,000                   1.06% 
Total            16,850,000                   12.92%                      89,061,877                  43.95% 
 

For further information, please contact:

 
 
    cloudBuy plc 
 
    David Gibbon, CFO                     Tel: [phone] 
 
  Arden Partners plc -                  Tel: [phone] 
   NOMAD and broker 
  William Vandyk / Patrick Caulfield 
 
 
 
 

About cloudBuy plc

cloudBuy, (AIM: CBUY), provides cloud solutions for buyers and sellers - and brings them together to trade securely and ethically via an increasing number of public eMarketplaces and private purchasing portals around the world, powered by cloudBuy technology. cloudBuy solutions for buyers help B2B purchasers understand and control their spend, to reduce costs and increase value. Our cloudSell solutions enable sellers of all sizes, from startups to corporates, reach new customers and grow their business.

cloudBuy's technology platform powers web sites, public marketplaces and private purchasing portals that enable all types of online interactions and relationships including, citizen and business to government; consumer to business; and business to business.

For more information, visit: www.cloudbuy.com .

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 02:21 ET (06:21 GMT)