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Cloudbuy – has the Chairman just defaulted on his loan to EFH?

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 16 September 2015


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Our understanding of the small print of the ‘loan’ packages between AIM company directors and Equities First Holdings LLC (EFH) is that there are clauses which would trigger a default in certain circumstances. These include non-payment of interest, failing to meet margin call payments and a suspension of trading for more than three days of the stock which has been handed over to EFH. AIM-listed Cloudbuy (CBUY) has been suspended since last Thursday, when the (now ex-) Nomad resigned with immediate effect. The suspension has just entered day four.


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