RNS Number : 1262Y
27 November 2014
("cloudBuy" or the "Company")
Further re Director dealing
Further to the Company's announcement of 12 November 2014, Ronald Duncan, Chairman, has notified the Company that he has agreed with Equities First Holdings LLC ("EFH") that he will not proceed with the transfer of the second tranche of 2,250,000 ordinary shares of 1p each in the Company ("Further Transfer") to EFH which was expected to take place by 11 December 2014. This will result in a reduction by half in the total number of shares he had previously agreed to transfer to EFH under the sale and repurchase agreement entered into between Mr Duncan and EFH (the "Agreement"). The Company has been informed by Mr Duncan that no funds will now be transferred by EFH to Mr Duncan in respect of the Further Transfer.
The voting interests of Ronald and Lyn Duncan and associated family are 18,823,624 shares, representing approximately 15.7 per cent. of the Company's issued share capital. The total interests of Ronald and Lyn Duncan and associated family are 21,073,624 shares, representing approximately 17.6 per cent. of the issued share capital. Mr Duncan continues to be interested in the first tranche of 2,250,000 shares previously transferred to EFH under the Agreement ("Transferred Shares") because of the repurchase obligation for the Transferred Shares in the Agreement, however, the voting rights for the Transferred Shares are with EFH (who have contractually undertaken in the Agreement not to exercise these voting rights).
Ronald Duncan commented: "Lyn and I are pleased to have organised the additional funds we require from an alternate source, and will therefore not require the funding which would have been provided by the second tranche of the facility from EFH."
For further information, please contact:
Ronald Duncan, Chairman
Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100
Tim Thompson/Robyn McConnachie/Alex White
Tel 020 7653 9850
About cloudBuy PLC
cloudBuy, formerly @UK, is a world-leading transactional cloud platform.
cloudBuy has used the platform to build world-leading business to business (B2B) ecommerce and e-procurement applications, which address the full range of buying and selling activities in an easy-to-use web and mobile digital experience. The platform is also used to build complementary applications such as content management, secure email and big data analysis.
To date, the applications have processed over $500 billion of spend, and are being used by leading organisations around the world to deliver savings, increase profits and improve services.
The applications are unique in delivering correct pricing in the complex world of B2B procurement, whilst being simple enough for anyone to use - to the extent that people with disabilities can easily use a Care marketplace version to buy their own social and health care.
For more information, visit www.cloudbuy.com
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