@UK plc is pleased to announce that, further to obtaining shareholder approval at our General Meeting held on 14 October 2013, the process for the change of name to cloudBuy plc on the London Stock Exchange has been completed.
The Company announced in its interim results announcement on 3 September 2013 that it intended to change its name to cloudBuy following a complete review with VISA of its products, messaging and branding. The Company worked with VISA to synthesise its brand values and identify a new name which embodies these. The Board therefore considers that following completion of the rebranding exercise the Group will benefit from the parent company adopting the cloudBuy name.
It is expected that the Company's shares will commence trading on AIM with the new name with effect from 8.00 a.m. on 28 November 2013 with the ticker CBUY and the same ISIN number (GB00B09Y8Y28).
Information required by AIM Rule 26 will be available on the Company's new website at http://investor.cloudbuy.com/ with effect from today.
Commenting on the name change, Ronald Duncan, Chairman, said:
"It was obvious from our work with Visa that the @UK plc brand name was not suitable for a global roll out. We worked closely with Visa on our rebranding and agreed on cloudBuy and cloudSell for which the domains have been bought and trademarked. Now that our rebranding has been completed, it is appropriate that we change the Company's name to cloudBuy."