Minds + Machines completes asset sale

0
49

Minds + Machines Group Ltd said it has completed a sale of its top-level domains (TLDs) and related assets to an affiliate of US domain registry giant GoDaddy Inc following the signing of a purchase agreement in early April.


In a separate announcement on Wednesday, the AIM-listed firm said it has received US$113.8mln on completion of the sale, with a further US$13.3mln paid into escrow pursuant to the asset purchase agreement.


READ: Minds + Machines says domain transfer approved by ICANN


On completion, 25 of the firm’s 28 TLDs were transferred to GoDaddy’s affiliate, while final approvals for the transfer of the .miami and .boston TLDs remain pending. Following approval, these TLDs will transfer and a further US$1.4mln will be received by the company from escrow, with the reaming US$11.9mln to remain until March 31, 2022.


From January 1 2021 to August 10, MMX said it had continued to operate its TLDs and benefit from cost savings, adding that cash generated during the period had helped to increase its net assets beyond the cash received upon completion of the sale.


The firm also said that it will now provide transition services for the sold assets while also working with its partners to transfer its remaining registry back-end services to other service providers.


MMX added that the proceeds of the sale implied a net asset value (NAV) for the group of 9.6p per share and that it has approved a return of capital to shareholders through a tender offer of US$80mln to be completed in early Autumn.

LEAVE A REPLY

Please enter your comment!
Please enter your name here