16th January 2024
As previously disclosed, proceeds are being received via two separate transactions; the proceeds from the licensing deal and the sale of the DaaP. It was a requirement of the deal structure, to maximise the benefits to our shareholders, that agreement was reached on the quantum of proceeds from the licensing deal to be distributed to finalise the DaaP terms with the purchaser.
As disclosed on the 20th October 2023 and given the delays experienced during last year, much outside of the Company’s control, an enhanced payment for the DaaP sale has been negotiated. The Company is delighted to confirm that agreement has now been reached in principle with the buyer to apply a rate of interest to the previously disclosed consideration for this period. We look forward to confirming the final terms once the licensing payment procedure is completed.
The Company remains under strict non-disclosure agreements. All further updates will be published on www.cloudtag.com.