Cloudcall Group PLC Update Re. Placing (7012L)

TIDMCALL

RNS Number : 7012L

Cloudcall Group PLC

05 October 2016

5 October 2016

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

CloudCall Group plc

("CloudCall" or the "Company")

Further Re. Placing

CloudCall (AIM: CALL), a leading cloud-based software business that integrates voice communications into CRM platforms, reports that further to its announcement on 5 August 2016 regarding a placing to raise up to GBP3.77 million, it has now received clearance from HMRC confirming the Company qualifies for the relevant tax reliefs in connection with the VCT/EIS Placing. The Company will therefore benefit from the receipt of proceeds of GBP1.57 million (net of expenses), in connection with the VCT/EIS Placing.

The proceeds from the VCT/EIS placing will be used to fund new product development, including the launch of a new messaging products, based around SMS and instant messaging technologies. With the launch of the new products, the Board believes that the Company will be able to attract new customers by leveraging its experience within the integrated communications market.

An application will be made for the VCT/EIS Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on Wednesday 12 October 2016. Following Admission the Company will have 20,060,348 ordinary shares of 20p each in issue, admitted to trading on AIM. This figure (20,060,348) may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

Unless otherwise defined, capitalised terms in this announcement shall have the same meaning as those defined in the Circular to shareholders detailing the Firm Placing and VCT/EIS Placing, dated 5 August 2016.

Simon Cleaver, CEO of CloudCall, commented:

"The clearance from HMRC and resulting additional funds, means we can now move ahead with the development and launch of new messaging and SMS services which will enhance our offering. We believe these additional products will not only attract new customers, but also enhance our offering with existing customers, particularly in the recruitment space where we see significant demand for these products."

For further information, please contact:

 
                                     CloudCall              +44 (0)20 
 Simon Cleaver                        Group plc              3587 7188 
                                     Cenkos Securities 
                                      (Nominated 
 Stephen Keys/Callum Davidson/Alex    Adviser and           +44 (0)20 
  Aylen                               Broker)                7397 8900 
Ben Simons / Jeremy Garcia                                 +44 (0)20 
 / Fiona Henson                      Vigo Communications    7830 9701 
 

About CloudCall Group Plc

CloudCall is a software and unified communications business that has developed and provides a suite of cloud-based software and telephony products and services. CloudCall's products and services are aimed at enabling organisations to leverage their voice communications more effectively. The CloudCall suite of products allows companies to fully integrate their telephony systems into their existing CRM software, enabling calls to be made, recorded, logged and categorised from within the customer relationship management (CRM) system with detailed activity reports capable of being easily generated. The Company has approximately 90 staff based predominantly in Leicester (UK) and Boston (US). The Company currently has approximately 750 customers, equating to approximately 13,300 users.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 05, 2016 02:00 ET (06:00 GMT)