07:01 Wed 11 Aug 2021
Minds + Machines Grp - Shareholder Update, Tender Offer&Notice of Results
For release at 07.01,
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Shareholder Update, Tender Offer and Notice of Results
Following completion of the sale of the majority of its TLDs ("Completion"), as announced this morning, Minds + Machines Group Limited (AIM:MMX), the top-level domain ("TLD") registry company, is pleased to provide an update to its shareholders.
On Completion, MMX received
In the period from
Continuing Activities
Beginning today and continuing until no later than
In addition, the Company will be working with its partners to transfer its remaining registry back-end services to other service providers, completing regulatory filings and winding down its various subsidiaries. The costs of these activities and the Company's ongoing PLC costs are not covered under the Transition Services agreement.
Updated Net Asset Value ("NAV") and Tender Offer
The proceeds received on Completion, plus those amounts held in escrow and the cash generated by MMX through the Completion date, represents an implied NAV of approximately 9.6 pence per Ordinary Share (based on the current Exchange Rate of GBP:US$ of 1:1.38). This estimate includes a provision for estimated transaction costs (including estimated taxes payable by the Company), and the Group's ongoing operating costs not covered by the Transition Services agreement.
Following consultation with the Company's major shareholders, the Directors have approved a return of capital by way of a Tender Offer totalling US$80.0 million to be completed in early autumn to provide an initial return of the Group's net assets to shareholders. Further details of the Tender Offer will be announced separately and as soon as practicable.
Notice of Results
The Company also announces that it will be publishing its unaudited Interim Results for the six month period ended
For further information:
Minds + Machines Group Limited |
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via Belvedere Communications Limited |
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finnCap Ltd |
Tel: 020 7220 0500 |
Corporate finance - Corporate broking -
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Belvedere Communications Limited |
Tel: +44 (0) 20 3687 2756
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For further information, please go to www.mmx.co
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