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Minds + Machines Grp - Settlement of onerous contract

RNS Number : 7429X
Minds + Machines Group Limited
23 December 2019
 

For release: 07:00, 23 December 2019

 

Minds + Machines Group Limited

("MMX" or the "Company")

 

Settlement of onerous contract and reporting calendar

 

Minds + Machines Group Limited (AIM: MMX), the top-level domain registry company, is pleased to report that, further to the announcement of 18 July 2019, the Company has completed the renegotiation of the legacy onerous contract. All existing and future liabilities, estimated at $7.9million, arising from that contract have been settled through a single one-off payment of $5.1million made from existing cash resources, saving the Company $2.8million. The Directors estimate additional net revenues of approximately $0.5million can be generated to the Company through the remainder of the contract under the revised terms.

 

The Company has continued to trade well in Q4. A full trading update will be provided late January, with the FY results to be announced late March and the Company's AGM approximately six weeks thereafter thereby bringing it inline with normal reporting practices.

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

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For further information

 

Minds + Machines Group Limited

 

Toby Hall, CEO

Tel: +44 (0) 7713 341072

Michael Salazar, CFO

Tel: +1 (310) 740 7499

 

 

finnCap Ltd

Tel:+ 44 (0) 20 7220 0500

Corporate finance - Stuart Andrews/Carl Holmes/Simon Hicks

Corporate broking - Tim Redfern/Richard Chambers

 

 

 

Belvedere Communications Limited

Tel: +44 (0) 74 070 23147

John West

Llew Angus

 

 

 

 

 

 

About MMX

 

Minds + Machines Group Limited (LSE: MMX) is the owner of a world class portfolio of 32 ICANN approved top-level domains (gTLDs). The Company generates revenues through the registration and annual renewal of names by organisations and individuals within each of its top-level domains, sales being processed through the Group's network of global registrar and distribution partners.

 

The MMX portfolio is currently focused around generic names (e.g. .work, .vip), consumer interest (e.g. .fashion, .wedding), lifestyle (e.g. .fit, .surf, .yoga), professional occupations (e.g. .law), and geographic domains (e.g. .london, .boston, .miami, .bayern). In 2018, the Company completed its first acquisition, the ICM portfolio, and recently launched its first innovation based project, .luxe, which combines the strengths of the World Wide Web's naming system with that of blockchain. For more information on MMX and its rapidly growing renewal base, please visit www.mmx.co.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Minds + Machines Group Limited

Price: 6.1

Market: AIM
Market Cap: £56.06 m
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