12th Dec 2023 19:31
Cloudified Holdings Ltd - Reading, England-based cybersecurity provider - Completes the sale of Falanx Cyber Defence Ltd and Falanx Cyber Technologies Ltd which was approved at the general meeting held on November 27. Explains the disposal is a fundamental disposal pursuant to Rule 15 of the AIM Rules for companies. Accordingly, the company now constitutes a cash shell in accordance with Rule 15 of the AIM Rules and expects to have cash balances post-restructuring and transaction costs of around GBP0.4 million.
The continuing directors are seeking to acquire another company or business in exchange for the issue of shares, a reverse takeover, which will only be able to go forward with shareholder approval. In considering future strategy, the continuing directors will seek to identify opportunities offering the potential to deliver value creation and returns to shareholders over the medium to long-term in the form of capital and/or dividends. Opportunities have been identified, although at this stage there is no certainty that these opportunities will lead to a transaction.
The company will be required to make an acquisition, or acquisitions, which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from the completion of the disposal. Failure to do will result in suspension of the shares.
Further, following completion Rick Flood, William Kilmer and Emma Shaw have all resigned with immediate effect. Mike Read will remain on the board as a director alongside Ian Selby and Alex Hambro.
Current stock price: 20.80 pence
12-month change: down 63%
By Jeremy Cutler, Alliance News reporter
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