15th December 2014
CloudTag (CTAG:LN), which develops personal performance monitoring for the professional sports and consumer wellbeing markets, announces that it has raised a further £100,000 through the subscription by certain Directors of unsecured loan notes (“Loan Notes”). The terms and conditions of the Loan Notes are identical to those governing the £800,000 subscription announced on 4 December 2014.
Andrew Jackson, the Company’s CEO, and Tony Reeves, Non-Executive Chairman, have each subscribed for £50,000 of Loan Notes.
The Loan Notes will become convertible into ordinary shares in the Company if, and only if, the Company obtains authority from its shareholders at the general meeting to dis-apply the pre-emption rights in the Company’s articles of association so as to allow it to issue sufficient ordinary shares to satisfy the exercise of all such conversion rights in full. The general meeting will be held at 11:00 am on 23 December 2014 at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG.
Related Party Transaction
The subscription by Andrew Jackson and Tony Reeves is a related party transaction under the AIM Rules for Companies. Mike Hirschfield, who is the CloudTag director independent of the transaction, having consulted with the Company’s nominated adviser, Cairn Financial Advisers LLP, considers that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.