logo-loader

Minds + Machines pays out GoDaddy sale proceeds

Last updated: 08:26 14 Jan 2022 GMT, First published: 12:35 30 Oct 2020 GMT

Snapshot

  • Minds + Machines to return remaining capital to shareholders and cancel listing
.com domain

About the company

Minds + Machines sold its internet top-level domain assets to GoDaddy for a total consideration of US$120mln in cash. The group will provide maintenance and transition services until the end of January 2022 after which it will be regarded as a cash shell for AIM purposes.  

How it is doing

14 Jan 2022

Minds + Machines Group Ltd announced it plans to wind itself up by returning its remaining capital to shareholders and cancel its listing on the AIM market of the London Stock Exchange.

In a statement, the company said it will return up to £19mln to shareholders via a tender offer at 10.4p per share, which represents a premium of 26.1% on yesterday’s closing price.

The company last year sold its web domain registry business to GoDaddy (NYSE:GDDY) for US$120mln and returned US$80mln to shareholders.

It has since considered its options and concluded “the return to shareholders of the maximum amount of remaining available capital as part of an orderly winding-up of the company” and the cancellation of the AIM listing “is in the best interests of the company and its shareholders”.

27 Sep 2021

Minds + Machines Group Ltd, in its financial results statement, said it expects to complete the tender offer to return US$80mln of cash to shareholders in the early October.

The financial results cover the 12 months ended 30 June, in which the company agreed the sale of the material portion of its website domain business to GoDaddy (NYSE:GDDY) for US$120mln. The transaction became effective on 11 August.

10 Sep 2021

Minds + Machines Group Ltd confirmed it intends to return a proportion of the proceeds from the sale of internet top-level domains to shareholders via a tender offer.

Up to £58mln will be returned through the tender offer at 9.6p per share, a premium of around 13% to the market price earlier this week.

FTSE starts flat, Unilever jumps on ice cream overhaul - Market Report

The FTSE 100 has opened flat, with the largest gain coming from multinational consumer goods heavyweight Unilever. The company lifted more than 5% in early trading after launching plans to sack 7,500 workers as part of an overhaul of its ice cream business. Over in the pharmaceutical...

1 hour, 7 minutes ago