RE: Settlement of Onerrous Contract RNS23 Dec 2019 07:14
"Minds + Machines Group Limited (AIM: MMX), the top-level domain registry company, is pleased to report that, further to the announcement of 18 July 2019, the Company has completed the renegotiation of the legacy onerous contract. All existing and future liabilities, estimated at $7.9million, arising from that contract have been settled through a single one-off payment of $5.1million made from existing cash resources, saving the Company $2.8million. The Directors estimate additional net revenues of approximately $0.5million can be generated to the Company through the remainder of the contract under the revised terms.
The Company has continued to trade well in Q4. A full trading update will be provided late January, with the FY results to be announced late March and the Company's AGM approximately six weeks thereafter thereby bringing it inline with normal reporting practices."