TIDMRCI
RNS Number : 3612P
RapidCloud International PLC
05 June 2015
RapidCloud International Plc
("RapidCloud", the "Company" or the "Group")
Subscription to Raise GBP1.74m
RapidCloud International plc (AIM:RCI), the computing services,
web-hosting and web-solutions provider based in Southeast Asia,
announces that it has raised GBP1.74m (before expenses) by way of a
subscription (the "Subscription") for 3,231,138 new ordinary shares
(the "Subscription Shares") by the Southeast Asian asset management
firm, Corston-Smith Asset Management ("Corston-Smith").
Rationale for the Subscription to Raise GBP1.74m
During the 12 month period to 31 December 2014, the company made
significant progress, both in terms of financial performance and
operational capabilities. In particular, the earnings enhancing
acquisition of Exxelnet Solutions Singapore, now renamed RapidCloud
Singapore, has provided the Company new products and skillsets and
accelerated its growth further.
Since the beginning of the new financial year, the Company has
continued to invest in sales and marketing functions and recently
launched several new software products specifically designed for
the enterprise segment, significantly expanding its addressable
market.
The Directors of RapidCloud therefore believe the Company will
require a strengthened balance sheet with expanded working capital
facilities to continue to invest in its people, products and
services in order to capture this emerging market opportunity.
Use of Funds
The new funds will therefore be used to:
-- Enhance the product suite to enable the Company to expand its
addressable market and enter into higher value contracts;
-- Continue to invest in the sales and marketing functions,
which are already yielding positive results in terms of new
business win within the enterprise market segment; and
-- Complete select strategic acquisitions, such as the
successful acquisition and integration of Exxelnet Singapore, to
bring either enhanced skillsets into the Company, expand the
product portfolio or rapidly deliver further territorial expansion
within the South East Asia region.
Highlights of the Proposed Subscription
The Subscription will raise gross proceeds of approximately
GBP1,744,814 through the issue by the Company of 3,231,138 new
Ordinary Shares of nil par value at a price of 54 pence per
share.
Upon completion of the Subscription, Corston-Smith will have a
14.88% holding in RapidCloud.
The Subscription Shares shall, upon allotment and issue, rank
pari passu in all respects with the then existing Ordinary Shares,
save and except that the Subscription Shares will not be entitled
to any dividends, rights, allotments and/or other distributions,
where the entitlement date precedes the date of allotment of the
relevant Subscription Shares.
Planned Admission and Total Voting Rights
Application will be made for the Subscription Shares to be
admitted to trading and such trading is expected to take effect on
11 June 2015. Following admission the Company will have 21,711,221
shares in issue which is the same as the total number of voting
rights in the Company. This figure may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company under the FCA's Disclosure and
Transparency Rules.
Raymond Chee, Managing Director of RapidCloud, said: "We are
delighted to welcome Corston-Smith Asset Management as a
cornerstone investor. The backing of us by one of Southeast Asia's
prominent fund managers is a significant vote of confidence in our
business and strategy. We very much look forward to delivering
shareholder value with the backing and support of such a quality
investor."
RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
WH Ireland, Nominated Adviser and Broker Tel: +44 (0)20 7220 1666
Adrian Hadden
Mark Leonard
Walbrook, Financial PR and IR Tel: 44 (0)20 7933 8792
Paul Cornelius rapidcloud@walbrookpr.com
Guy McDougall
About RapidCloud
RapidCloud, provides computing services, web-hosting and
proprietary web-solutions, such as web-site building and e-commerce
solutions. The Company is based in Southeast Asia and is one of the
few solutions providers in the region to deliver its offerings
through all three available Cloud Computing segments, i.e.
Software-as-a-Service, Infrastructure-as-a-Service and
Platform-as-a-Service.
Formed in 1999 the Company has a well-established cloud offering
with a customer base of over 42,000. These are predominantly SMEs
but also include blue-chip clients such as Deloitte, BAE Systems
and Canon, for which RapidCloud's extensive R&D department
creates bespoke software solutions.
RapidCloud currently has operations in Malaysia, Indonesia,
Singapore, Thailand and the Philippines. According to industry
research commissioned by RapidCloud from Frost & Sullivan in
2013, the Cloud Computing industry in Asia Pacific is expected to
grow at a CAGR of 49.6% between 2013 and 2015, giving a market size
of US45.6 billion by 2015. RapidCloud International plc was
admitted to AIM on 14 August 2013.
For further information, please visit www.rapidcloudasia.com
About Corston-Smith Asset Management ("Corston-Smith")
Corston-Smith Asset Management Sdn Bhd is an independent
Southeast Asian asset management firm that emphasizes good
corporate governance. It is owned and managed by an active
investment team and licensed by the Securities Commission of
Malaysia. Corston-Smith Asset Management Sdn Bhd provides fund
management services to institutional clients to achieve positive
investment returns through corporate transparency and a
longstanding commitment to good corporate governance whilst
maintaining international investment standards and practices.
Corston-Smith Asset Management Sdn Bhd is a member of the Pacific
Pension Institute and the Asian Corporate Governance Association
and is a signatory of the United Nation's Principles for
Responsible Investment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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