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.
The tender will see 604mln shares redeemed, representing approximately 69% of the shares in issue.
The tender closes at 1.00 p.m. on 1 October 2021, with acceptances scaled back on a pro-rata basis if the offer is over-subscribed.
On the basis the Tender Offer is fully subscribed and all shareholders are eligible, each shareholder shall be entitled to tender 1 ordinary share for every 1.45 ordinary shares held, a statement said.
The AIM-listed firm completed the sale of the TLDs to Go-Daddy on 11 August for around US$120mln in cash.