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Trading Update for the year ending 31 December 2016
Dec 21, 2016
cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to provide an update on trading for the year ending 31 December 2016.
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£1m Loan Drawn Down
Dec 02, 2016
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
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First Interest Payment
Oct 28, 2016
The first interest payment to be made to Roberto Sella has fallen due, and in accordance with the terms of the interest bearing loan note instrument dated 8 April 2016, has issued 13,877 convertible and 24,373 non-convertible loan notes of £1 each to Robert Sella.
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cloudBuy signs agreement with United Overseas Bank (“UOB”) to support accelerating growth into Asia region
Oct 13, 2016
cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to announce that it has signed an agreement with UOB a leading bank in Asia, for its marketplace technology to power a new online marketplace for UOB customers.
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cloudBuy signs contract to power new FSB online marketplace
Aug 24, 2016
cloudBuy plc, the global provider of cloud-based ecommerce marketplaces and B2B buyer and supplier solutions, is pleased to announce that it has signed a contract with FSB to deliver a new online marketplace for FSB members.
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Trading Update for the year ending 31 December 2016

Dec 21, 2016

 

cloudBuy plc

("cloudBuy" or the "Company")

Trading Update

for the year ending 31 December 2016

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to provide an update on trading for the year ending 31 December 2016. The Company expects revenues for the year to be in line with market expectations, whilst the operating loss excluding share based payments is expected to be marginally better than market expectations as a result of cost cutting measures implemented during the course of the year.

Operationally, the Company has made satisfactory progress with four new customer wins announced, all generating revenue in the second half of the year.

More significantly, the PHB Choices emarketplace through NHS SBS continues to progress with the first transactions from PHB budget holders being completed through the market place. Whilst these have been in small volumes to date, this is nevertheless a significant milestone.

The Company has continued to implement cost reduction measures in the second half of the year. Further redundancies have been effected and the Directors of the Company have agreed to reductions in salaries totalling an annualised £250,000 which came into effect in October 2016. These measures will result in lower costs in 2017 compared to 2016.

In conjunction with the Directors’ reduction in pay, a total of 2,155,000 options are being issued on 21 December 2016 including 250,000 to each of Ronald Duncan, Lyn Duncan, Jonny Holden and David Gibbon and 75,000 to David Chellingsworth. The options for Directors vest in equal monthly instalments over a period of 2 years commencing on 21 January 2017. The remaining 1,080,000 options are being issued to staff in conjunction with either a reduction in pay or for retention purposes. All options are at an issue price of 6.5p being a 92% premium over the closing price on 20 December 2016. These options are issued from a pool of options created from options being cancelled as a result of employees leaving the Company. The options of the Directors’ following this issue will be as follows:

   

Existing Options

 

New Options

 

Total

 

Exercise Price

                 

Ronald Duncan

 

300,000

     

300,000

 

£0.0175

   

332,867

     

332,867

 

£0.1163

   

1,751,042

     

1,751,042

 

£0.10

       

250,000

 

250,000

 

£0.065

Total

 

2,383,909

 

250,000

 

2,633,909

   
                 

Lyn Duncan

 

187,500

     

187,500

 

£0.0175

   

332,867

     

332,867

 

£0.1163

   

1,359,245

     

1,359,245

 

£0.10

       

250,000

 

250,000

 

£0.065

Total

 

1,879,612

 

250,000

 

2,129,612

   
                 

Jonny Holden

 

1,800,000

     

1,800,000

 

£0.10

       

250,000

 

250,000

 

£0.065

Total

 

1,800,000

 

250,000

 

2,050,000

   
                 

David Gibbon

 

1,341,667

     

1,341,667

 

£0.10

       

250,000

 

250,000

 

£0.065

Total

 

1,341,667

 

250,000

 

1,591,667

   
                 

David Chellingsworth

     

75,000

 

75,000

 

£0.065

Total

 

0

 

75,000

 

75,000

   
                 

Patrick Broughton

 

300,000

     

300,000

 

£0.10

Total

 

300,000

 

0

 

300,000

   

 

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