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 Gameguru Mania News - Jun,26 2017 -  
Cloud Imperium on rumoured financial issues - briefly
() 04:25 PM EDT - Jun,26 2017 - Post a comment
A rumour arose this weekend, suggesting that Cloud Imperium was facing some financial issues. It appears however that this rumour was false, as Cloud Imperium has issued an official statement about this whole thing.
Our UK companies are entitled to a Government Game tax credit rebate which we earn every month on the Squadron 42 development. These rebates are payable by the UK Government in the fall of the next following year when we file our tax returns. Foundry 42 and its parent company Cloud Imperium Games UK Ltd. have elected to partner with Coutts, a highly regarded, very selective, and specialized UK banking institution, to obtain a regular advance against this rebate, which will allow us to avoid converting unnecessarily other currencies into GBP. We obviously incur a significant part of our expenditures in GBP while our collections are mostly in USD and EUR. Given today’s low interest rates versus the ongoing and uncertain currency fluctuations, this is simply a smart money management move, which we implemented upon recommendation of our financial advisors
Looks like Cloud Imperium will take a loan to obtain money from a UK tax rebate for game companies early. Cloud Imperium will take the loan money now and when the tax rebate comes in, it will go to the bank. The catch here is that Cloud Imperium will pay in GBP. As such, and given the fact that its collections are mostly in USD and EUR, if GBP drops below current currency levels, Cloud Imperium will pay less.
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