cloudBuy plc share placing raises £4.3 millionPrint news article
Walker Morris corporate team reinforce stock market expertise
Specialist corporate lawyers at Walker Morris have advised nomad and broker Westhouse Securities on the share placing by cloudBuy plc, the cloud eCommerce marketplace, to raise £4.3 million.
Following a secondary fundraising in September 2013, on which Walker Morris also acted for Westhouse Securities, this further fundraising was announced on 2 October 2014.
Westhouse Securities acted on the fundraising by the Company by placing 10,000,000 new shares with institutional and other investors at a price of £0.43 each.
The Company intends to use the net proceeds of the placing to both strengthen its balance sheet and for general working capital purposes. Specifically, the Company plans to invest in platform development and infrastructure, as well as hiring new members of staff. In doing so, the Company will be able to fulfil the global opportunities that continue to arise following the signing of the extension of the Company’s contract with Visa Worldwide Asia Pacific, which was announced on 15 September 2014.
Ronald Duncan, Chairman of the Company commented:
“Following the recent signing of the extension to our contract with Visa Worldwide Asia Pacific, we are pleased to have concluded this over-subscribed fundraising which has been strongly supported by existing investors. The net proceeds of the placing will strengthen our balance sheet and provide the necessary working capital to enable us to fulfil the opportunities increasingly being presented to us.”
Richard Naish who led the Walker Morris team said:
“The placing reinforces Walker Morris’ public market expertise having recently advised on Software Radio Technology’s fundraising and the AIM IPO of Sprue Aegis.”
Richard Naish (partner) advised Westhouse Securities.