26 Feb 2013 07:30
For Immediate Release 26 February 2013
Top Level Domain Holdings Limited
("TLDH" or the "Company" or the "Group")
gTLD auction funding
The Board of Top Level Domain Holdings Limited (AIM:TLDH) announces that the Company has agreed a funding facility to support its participation in a prospective auction in relation to a specific contested gTLD application. The conditional funding will be provided solely in exchange for a perpetual share in the gross revenue generated by the gTLD string so funded ("Auction gTLD") should the Company be successful in the auction.
Under the funding agreement, TLDH has the right to call up to US$10m, to be used exclusively to acquire from ICANN the right for the Company to own and operate the Auction gTLD. The funding provider has the right to increase its funding by up to a further US$5m. The funding provider's participation will be limited to a share of the gross revenues from the future operation of the Auction gTLD. The funding is not repayable other than through the gross revenue share. TLDH will retain sole management rights and responsibilities in the running of the Auction gTLD.
Fred Krueger, executive chairman said:
"We believe that this funding model provides an attractive way to secure the resources to participate in an auction of those contended strings that we believe have significant revenue potential, while at the same time avoiding dilution to our shareholders".
Further Information:
Top Level Domain Holdings Limited
North America
Antony Van Couvering Tel: + 1 917 406 7126
Beaumont Cornish Limited (Nomad) Tel +44 (0) 20 7628 3396
Roland Cornish
Michael Cornish
N+1 Singer (Broker) Matt Thomas | Tel +44 (0) 20 7496 3000 |
gth media relations
Toby Hall /Suzanne Johnson Walsh Tel: +44 (0) 20 7822 7493/2
Or visit the group's website at www.tldh.org
ENDS