RCI Rapidcloud

TIDMRCI

RNS Number : 8130X

RapidCloud International PLC

24 February 2017

RapidCloud International Plc

("RapidCloud", or the "Company")

Resignation of NOMAD and Trading Update

RapidCloud International Plc (AIM: RCI), the enterprise cloud computing services and web-solutions provider based in Southeast Asia, announces that the Company has received notification from its Nominated Adviser and Broker WH Ireland of its resignation with immediate effect.

Accordingly, the trading of the shares of the company on the AIM market has been suspended with immediate effect. Pursuant to Rule 1 of the AIM Rules, the company has one month to appoint a replacement Nominated Adviser or else the admission of its AIM securities will be cancelled.

Trading Update

Trading for the 12 months to 31 December 2016 has been extremely difficult and the Company now expects to report an operating loss for the period and the directors expect that it will be necessary to make meaningful provisions for bad debts expected during the period.

The Board is currently evaluating a number of strategic options for the Company and will update the market in due course.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

CONTACTS

 
RapidCloud International Plc     investorqueries@rapidcloudasia.com 
Raymond Chee, Managing Director 
Walbrook, Financial PR and IR    Tel: +44 (0)20 7933 8792 
Paul Cornelius                   rapidcloud@walbrookpr.com 
 Sam Allen 
 

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

This information is provided by RNS

The company news service from the London Stock Exchange

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