(Alliance News) - Minds + Machines Group Ltd on Friday said it will return part of the proceeds of a recent disposal to shareholders via a tender offer.
Shares in the domain registry company were up 7.1% at 9.10 pence on Friday in London.
In April, Minds + Machines agreed to sell most of its assets to GoDaddy Inc for USD120 million in cash, on the grounds of expecting limited opportunity for organic growth without fundamental changes. The deal completed last month.
Minds + Machines will return up to GBP58 million through a tender offer priced at 9.6 pence per share, reflecting a premium of 13% to the company's closing price on Thursday of 8.50p.
Up to 604.2 million shares will be redeemed, reflecting 69% of the company's entire issued share capital.
The tender offer will close on October 1, with the results announced on October 4.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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