CEO of Beeks Financial Cloud plans to sell 2.6m shares in company

Maria Nikolova

Gordon McArthur intends to sell approximately 2,640,484 ordinary shares in the company at a price of 84 pence per share.

license

Cloud computing and connectivity provider for financial markets Beeks Financial Cloud Group PLC (LON:BKS) has just announced that it has been advised by Gordon McArthur, Chief Executive Officer of the company, of his plans to sell approximately 2,640,484 ordinary shares in the company.

Mr McArthur intends to sell the shares at a price of 84 pence per share. The sale shares account for approximately 5.19% of the issued share capital of Beeks.

Gordon McArthur is currently interested in 30,115,677 ordinary shares, representing approximately 59.21% of the issued share capital of Beeks. Following the proposed transaction, Mr McArthur has agreed not to dispose of any of his remaining shareholding for a period of at least 12 months.

Let’s note that FY19 was a good year in terms of revenue growth for Beeks. Group revenues increased by 31.7% from the prior year to £7.35 million, on the back of continued organic growth. The CNS acquisition contributed £0.1 million revenue in the final two months of the year. Annualised Committed Monthly Recurring Revenues (ACMRR) increased by 31.9% to £9.1 million (2018: £6.9m) with CNS accounting for £0.8 million of this increase.

The company said it continues to have a healthy level of customer concentration with no single customer accounting for more than 6% of ACMRR. The number of institutional customers increased to 220 from 192 as at June 30, 2018 and the top 10 customers accounted for 32% of recognised revenue in the year (2018: 29%).

Gross profit increased 22.5% year on year to £3.65 million, however Beeks saw a decrease in gross margins from 53.4% to 49.6% as anticipated.

Read this next

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Middle East Tensions April 17 ,2024

The Federal Reserve walks a delicate line, addressing high inflation through a hawkish stance while avoiding stifling economic growth.

blockdag

‘Kaspa Killer’ BlockDAG Goes To The Moon With $18.5M Presale, Draws Attention from AVAX and Kaspa Investors

Discover how ‘Kaspa Killer’ BlockDAG’s $18.5M presale and 400% surge positions it as the fastest-growing crypto, amidst AVAX’s anticipated market rally and Kaspa’s performance gains.

Tech and Fundamental, Technical Analysis

Bitcoin Technical Analysis Report 19 April, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 67000.00, top of the previous minor correction ii.

Digital Assets

Crypto.com denies setback in South Korean market entry

Crypto.com has refuted reports from South Korean media that suggested a regulatory hurdle might delay its expansion in South Korea.

<