Minds + Machines Group to return remaining capital to shareholders and cancel listing
In 2021, Minds + Machines Group announced the sale of its web domain registry business to GoDaddy (NYSE:GDDY) for a price of US$120m, thereby returning US$80m to shareholders.
Following the sale of its assets, the Company informed investors this morning that it has now divested itself of the remainder of its non-cash assets and has no operations ‘except for final services under a transition services agreement with the purchaser of the Company's assets.’
Following the completion of the fully subscribed tender offer made back in October 2021, which returned $80m to shareholders, the Board said it has considered its options with regards to how best to utilise its remaining available capital and its public market listing.
Shares in Minds + Machines Group were trading 15.15% higher at 9.5p during late morning following the news.
The Board told investors that it has now concluded that it will return its remaining capital to its shareholders and cancel its listing on the junior AIM market of the London Stock Exchange.
The Group detailed that it will return up to £19 million to its shareholders via a tender offer at a price of 10.4p per share, which represents a premium of 26.1% on Thursday’s closing price.
The last day of dealing in the company’s shares is expected to be 21 February 2022, subject to shareholder approval at a general meeting which is to be held on 7 February 2022.
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