21st Oct 2019 18:30
(Alliance News) - Adept4 PLC said shareholders approved the proposed acquisition of CloudCoCo Ltd and the company's name change at a general meeting on Monday.
Accordingly, the acquisition has now legally completed.
The firm said that the company's name will change to CloudCoCo Group PLC, and a rebranding programme is now underway. Once this is complete, the firm will formally change its name, website address and trading ticker.
Upon completion, CloudCoCo Chair Andy Mills was appointed chief executive officer and, in addition, the company exercised a call option to acquire the loan notes issued as consideration for the acquisition and, in exchange, issued 218.2 million acquisition shares to the sellers.
Adept4 also completed its debt refinancing.
"I am delighted that we have now completed the acquisition of CloudCoCo and, at the same time, revised the terms and reduced the level of the group's indebtedness. I would also like to welcome Andy Mills to the board," said Adept4 Chair Simon Duckworth.
Shares in Adept4 closed up 17% at 3.22 pence in London on Monday.
By Lucy Heming; [email protected]
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