On 28th October 2024, Cloudified Holdings Ltd announced a refinancing of £500,000 (before expenses), through a subscription for 9,615,385 new Ordinary Shares at an issue price of 5.20 pence per new Ordinary Share. The investment was by Salonica GP (advised by Salonica Capital Ltd) and is to support the execution of an RTO by the acquisition of an identified asset (“The Acquisition”), as set out below, in the media and entertainment sector. The Company targets to announce this in 2025. On 13 November 2024 the investment was completed following approval by the Company’s shareholders and Othman Shoukat and Richard Collett joined the Board.

The Acquisition

Salonica Capital has introduced the Company to the Acquisition. The Acquisition is expected to be of a newly incorporated company which is being established with a management team to acquire the global distribution rights of certain media assets from an established international media company. Consideration for the Acquisition is expected to be settled via the issue of new Ordinary Shares in the capital of the Company. A fundraising may be undertaken immediately prior to readmission to accelerate the development and growth of the Company. Should the Acquisition complete as envisaged, Shareholders will each receive a further seven new Ordinary Shares by way of bonus issue for every four Ordinary Shares they hold.
The Company and Salonica GP intend to complete the Acquisition as soon as possible.