£1m Loan Drawn Down
cloudBuy plc
("cloudBuy" or the "Company")
£1m Loan Drawn Down
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), a further £1m of the total £5.75m 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 362,800 convertible and 637,200 non-convertible loan notes of £1 each to Robert Sella.
As at 2 December 2016, following the issue of these notes, Roberto Sella held the following non-convertible and convertible loan notes of £1 each:
| Convertible Loan Notes | Loan Notes | Total |
|---|---|---|
| 3,650,977 | 661,573 | 4,312,550 |
A further £1,437,450 is available under the Agreement which can be utilised in the future.
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.
As at 2 December 2016, the holdings of Roberto Sella and Mike Pasternak are as follows:
Shareholder | Interest in issued share capital on 2 December 2016 | Percentage interest in issued share capital on 2 December 2016 | Total interest on the basis that the full £5,750,000 loan is utilised and all potential Convertible Loan Securities are converted | Percentage total interest on the basis that the full £5,750,000 loan is utilised and all potential Convertible Loan Securities are converted |
|---|---|---|---|---|
| Roberto Sella | 14,700,000 | 11.27% | 88,521,777 | 42.74% |
| Mike Pasternak | 2,150,000 | 1.65% | 2,150,000 | 1.06% |
| Total | 16,850,000 | 12.92% | 90,671,777 | 43.80% |
The Company intends to issue a trading update before the end of the year.
For further information, please contact:
| cloudBuy plc David Gibbon, CFO |
Tel: 0118 963 7000 |
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| Arden Partners plc – NOMAD and broker | Tel: 020 7614 5900 |
| James Felix / Patrick Caulfield |
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| Alma PR |
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| Josh Royston / Hilary Buchanan | Tel: 020 8004 4218 |
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