Cloudified Holdings Limited Update

RNS Number : 1784S

Cloudified Holdings Limited

12 June 2024

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Cloudified Holdings Limited

("Cloudified" or the "Company")

Update

Cloudified Holdings Limited ("Cloudified" or "CHL" or "the Group" or "the Company"), an AIM listed cash shell announces that it will not be in a position to acquire another company or business by way of a reverse takeover before 13 June 2024, as required pursuant to AIM Rule 15. As a result the Company will be suspended from trading on AIM pursuant to AIM Rule 40 at 7:30 on 13 June 2024.

The Directors continue to actively seek opportunities with the potential to deliver value creation and returns to Shareholders over the medium to long-term in the form of capital and/or dividends. They are reviewing a number of possible opportunities across multiple sectors, although at this stage there is no certainty that these opportunities will lead to a transaction. If the Company's shares remain suspended for six months, admission of the Company's shares will be cancelled.

Pursuant to Rule 14 of the AIM Rules, a reverse takeover transaction would require the publication of an Admission Document in respect of the proposed enlarged entity and would be conditional upon the consent of Shareholders being given at a general meeting.

 

Market conditions may have a negative impact on the Company's ability to make an acquisition or acquisitions, which would constitute a reverse takeover under AIM Rule 14. There is no guarantee that the Company will be successful in meeting the AIM Rule 14 deadline as described above.

 

If no suitable acquisitions can be identified on a timely basis, the Directors will consider appointing a liquidator and entering a members' voluntary liquidation to return any remaining cash to Shareholders.

 

As at 31 May 2024, the Company had cash of £425,000 (following the payment of audit & other accrued fees), and has an expected future cost base of circa £23,000 per month. 

 

 

Enquiries:

 

Cloudified Holdings Limited Ian Selby Executive Director	Via IFC
WH Ireland Mike Coe/ Sarah Mather (Nomad) Fraser Marshall (Corporate Broking)	+ 44 (0) 207 220 1666
IFC Advisory Ltd Financial PR & IR Graham Herring / Zach Cohen	[phone]

 

 

 

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