Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Says it has redefined its strategic investment strategy following its 2023 inflection year. In November, the company resolved its outstanding liability of GBP907,710 to Cronin Capital Ltd and Cronin Services Ltd, companies associated with former Chief Executive Officer Kyler Hardy, related to outstanding management charges being purchased and assigned to investors. Under a share purchase agreement, the company also agreed to sell assets considered "non core" to the business. Several of Cloudbreak's "legacy assets", including its entire interest in Kudu Resources Ltd, were sold to Galleon 2023 Ltd.
In late December, the company announced that it had implemented the settlement agreements following a review of its assets and investments. After relinquishing the projects believed to be without financial merit, the company says that it will now commit to a strategic focus on "near term revenue, project pivots, transition finance and project generation". Cloudbreak says it will target investments that offer "substantial shareholdings in investee companies to maximise the potential of returns to shareholders", but added that investments will be considered on an ad hoc basis.
Current stock price: 0.43 pence, up 8.7% in London at midday on Monday
12-month change: down 62%
By Hugh Cameron, Alliance News reporter
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Cloudbreak (CDL)