A key objective of our Cloud Funding share offer was to give as many customers as possible the opportunity to own part of Clear Books. We were both delighted to raise all the funds but equally disappointed that lots of people missed the opportunity to invest due to the offer being heavily oversubscribed.
Further to a Board Meeting held on Monday 4th November the Directors decided not to extend the Cloud Funding share offer.
We considered issuing additional shares to facilitate more customers becoming shareholders and to raise further funds for the company. However, this would have diluted all new shareholders who invested on the assumption that the company was raising £839,913.
We considered the possibility of the founders selling shares to soak up excess demand. If initiated by the company this would have been a new financial promotion that was not part of the original share offer proposition.
Therefore, on this occasion, the Board has decided to take no further action.
We are very pleased to have raised £839,913 and now the hard work starts to implement our plan.
We are recruiting for sales, marketing, support and engineering roles so please visit our careers page as we continue to add openings.