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”.
The last day of dealing in the company’s shares is expected to be 21 February, subject to shareholder approval at a general meeting to be held on 7 February.