REG - Cloudified Holdings - Update

Cloudified HoldingsAnnouncement

12/06/2024 12:30

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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           Via IFC

 Ian Selby Executive Director

 WH Ireland                            + 44 (0) 207 220 1666

 Mike Coe/ Sarah Mather (Nomad)

 Fraser Marshall (Corporate Broking)

 IFC Advisory Ltd                      +44 (0) 203 934 6630

 Financial PR & IR

 Graham Herring / Zach Cohen

 

 

 

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