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Following the sale of Tax Systems, we now have two public company investments remaining in our portfolio; AD4 and IDE, both of which have experienced turbulent times over the past few years. However, following our involvement within these businesses we continue to believe they will be returned to a level of trading profitability that will allow MXC to exit and recover the lost value. Significant progress has been made within both businesses in that regard.
In August this year, AD4 announced the proposed acquisition of Cloudcoco Limited ("CloudCoCo") alongside the proposed sale of the loan notes held by Business Growth Fund plc ("BGF") to MXC. CloudCoCo is a business that was founded by certain former sales directors of Redcentric plc with whom MXC worked closely whilst a shareholder in Redcentric plc. At the time of creating CloudCoCo, its founders approached MXC to become a shareholder because they believed that we could add value to their business and help them navigate through the minefield of growing a company from inception. This is what the founders of MXC had done themselves several times before, with successful exits.
Just prior to completion of the acquisition of CloudCoCo by AD4 (the "Acquisition"), we sold our initial investment in CloudCoCo to the incoming CEO of AD4 in order that he had a more meaningful stake in the enlarged group going forward. We remain a significant shareholder in the enlarged business, with a shareholding that currently stands at 15.2%. As a further show of our support for the enlarged business, we waived our warrants in AD4. As mentioned above, we have also enabled AD4 to restructure their debt, with MXC purchasing £3.5 million of the £5.0 million loan notes in AD4 which were held by BGF, and BGF cancelling the remaining £1.5 million loan notes they held. This means that the enlarged group has a lower level of debt going forward, with a longer period before repayment, as the terms of the loan notes were revised so that the term was extended to 2024. The team at CloudCoCo has a proven pedigree in sales and business development and could see that, despite the challenges of getting the AD4 business back on track, there was latent value in the company. I have no doubt that over time they will succeed and we are confident that this business is now in good hands.
So are my shares that I purchased under AD4 , now transferred to CLCO?
In 1 word ..yes
Thanks
Not a very good start, first day down 7%
Alison WhitfieldService Management Lead1d · Edited
Hello Monday, hello CloudCoCo. 7 weeks ago our rebrand team started putting ideas on the table and today we have completed the first phase of our rebrand. This has been a brilliant project to be involved in and I’m so pleased with the results. Massive thanks to the whole team for all the hard work, especially Gavin Morrison, Peter Nailer, Caroline Halpin and Kyle Jago The Future Starts Now #cloudcoco
This is terrible for the first day. what about these supposedly 2 government contracts they have?
Perhaps a need to calm down and give them time to get going. We all want it yesterday but it doesn't work like that.
Hi guy’s. day traders. Over 20% up over the last to days. A little surprised though. Great future to come. IMO GLA.
Crap start..down 14% wtf
On Lloyd’s still has yesterday’s closing price of AD4. 2.05p. WHY ?. Are we not trading ? GLA.
Yes but trading under clco now
Exactly what I thought piccyman, I was hoping they might want to make an impression on the first day with some news?
Crap start!!
Keep-it-real. What I meant was Cloudcoco is shown, but yesterday’s closing price of AD4. Any thoughts ?.
Garwool1, AD4 has bought Cloudcoco and are now trading under Cloudcoco, not AD4.
Hence, AD4 are no more and here we are.
Missed opportunity imho!
Could have released contract news to keep the ball rolling forward, bottom draw for now. Gla
Any thoughts Moneymunch ?
Contract news ???????.
Do we a time table for news?. It was mentioned a bright new future together, today was the day surely. ALB.
Yesterdays gains all wipped out:-(
Kirk HaddonSystems Engineer - MSSP at Fortinet4h · Edited
CloudCoco Technical Service team running through SD-WAN and NGFW labs as part of their managed service offering. #fortinet #fasttrack #sdwan #securityfabric #thefuturestartsnow #cloudcoco
https://www.linkedin.com/posts/activity-6607706281937637376-EsRI
It is the lack of excitement I do not understand from the market. AIM is all I say....
Still very much under the radar imho and just as well we had no material news today given that most trading platforms didn't have CLCO listed....just got to wait for the Company Presentation and trading update and outlook, which hopefully will have news of new client contracts and revenue potential and prospects. The Cloudcoco Group are all for expansion and growth....the only way is UP from this rock bottom bargain low......watch this space....Gl :-)
Dec. 03, 2019 (GLOBE NEWSWIRE) --
John Maddison, EVP of product and CMO at Fortinet“The cloud provides a number of business-critical benefits, and having the right security solutions in place is key in successful cloud operations. As organizations increasingly leverage AWS, our collaboration to deliver cybersecurity solutions on the cloud helps to enhance security and allow organizations to reap the full breadth of benefits the cloud provides.”
News Summary Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced the extension of the Fortinet dynamic cloud security offerings for advanced security on Amazon Web Services (AWS). Fortinet has integrated its FortiGate-VM with the recently released AWS CloudFormation third-party resource provider framework and now offers new Fortinet managed rulesets for AWS Web Application Firewall (AWS WAF). In addition, Fortinet’s cloud security offerings now support Amazon Virtual Private Cloud (Amazon VPC) Ingress Routing enhancements. Through these integrations, Fortinet continues to underscore its commitment to securing all cloud environments.
Organizations are adopting cloud at a rapid pace. As cloud migration continues to accelerate, a recent (ISC)2 report found that the top cloud security concern for cybersecurity professionals is data loss and leakage. Fortinet’s robust cloud security portfolio provides end-to-end security that unifies security controls and visibility in various cloud environments to protect the entire infrastructure and effectively manage risks, such as data loss and other threats.
Fortinet is continuing to provide a broad set of natively integrated security solutions on AWS, providing additional layers of security and increasing customers’ confidence and flexibility to deploy applications on-premises or in the cloud. Key highlights of Fortinet’s newest integrations on AWS include:
https://apnews.com/Globe Newswire/aaf547447d59805792eabd792119aa72