17 Oct 2014 07:30
For immediate release
17 October 2014
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Exercise of Options
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, announces that Frederick Krueger, a director of the Company, has today exercised options to subscribe for 5,000,000 new Ordinary Shares at a price of 4p per new Ordinary Share. As set out in the Admission Document, Frederick Krueger held options to subscribe for 5,000,000 new Ordinary Shares which, if not exercised, would otherwise have expired on 13 November 2014 and therefore has elected to exercise the options today before being unable to do so should the Company be in a close period under the AIM Rules prior to the expiry date. No shares under the exercise can be disposed as Frederick Krueger entered into a lock-in agreement at the time of the Company's readmission to AIM under which he may not dispose of any shares in the Company before the first anniversary of re-admission in April 2015. As a result, he has elected to exercise the options by way of a net exercise.
Under a net exercise, options are in effect surrendered to the Company and the option holder receives an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period ("VWAP"). No new Shares are issued and the total number of shares in issue and the total number of Ordinary Shares in the Company with voting rights remains unchanged. Through the net exercise Frederick Krueger receives £327,500 (and no Shares), less any relevant tax, based on a VWAP of 10.55p and the exercise price of 4p per Share. Frederick Krueger intends to use the net proceeds to increase his interest in the Company through market purchases of existing Shares as soon as practical.
Fred Krueger, Chairman of Minds + Machines, commented:
"I look forward to being able to support the Company in the market through the proceeds from the net exercise as we are all excited about the outlook for the Company. Average prices being achieved on address sales in those domains already launched are in line with management expectations. Over the next three months our focus will continue to be on building the premier portfolio of top level domains through the private auction process, preparing for our next set of domain launches and growing sales across our portfolio of domains."
Further Information:
Minds + Machines Group Limited
North America
Antony Van Couvering Tel: +1 310 452 1491
Beaumont Cornish Limited (Nomad) Tel: +44(0)20 7628 3396
Roland Cornish / Michael Cornish
N+1 Singer (Broker)
Shaun Dobson/Ben Wright Tel: +44 (0)20 7496 3000
gth media relations
Toby Hall Tel: +44(0)20 7822 7493/ +44 (0)7713 341072
For further information, please go to www.mindsandmachines.com/investors
About Minds + Machines Group Limited
Minds + Machines Group Limited is a publicly traded operating company listed on the AIM market of the London Stock Exchange focused on the new generic top-level domain ('New gTLD') space. Top-level domains, such as .com and .net, are regulated by ICANN. ICANN is currently expanding the number of new generic top-level domains from the current 23 to over 1000 through its 'New gTLD program'. The Group is one of the leading applicants for, and owner and/or operator of, New gTLDs under this programme.
About Minds + Machines' Registry and Registrar operations
Minds + Machines' registry operations are provided through its wholly owned registry services provider, Minds + Machines Limited, which works internationally with commercial organisations, cities, not-for-profits and entrepreneurs to secure and operate new top-level domains (TLDs). In addition, the Group wholly owns Minds and Machines LLC and Minds and Machines Registrar UK Limited, both being registrar businesses through which the public can buy addresses in new and existing top-level domains. Further information on all of Minds + Machines' operations can be found at www.mm-registry.com and www.mindsandmachines.com respectively.