3 Feb 2016 07:01
For immediate release:
3 February 2016
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Update on Share Buy-back Programme
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, today provides an update on the Company's share buy-back programme announced on 22 September 2015 (the "Programme").
Since the start of the buy-back on 25 September 2015, the Company has been regularly purchasing ordinary shares ("Ordinary Shares") in the market. Between 25 September 2015 and 29 January 2016, the Company purchased a total of 72,890,368 Ordinary Shares at an aggregate cost (excluding dealing and associated costs) of £6,281,371.08.
To date, the Company has purchased Ordinary Shares within the following parameters:
(i) at a price not exceeding 105% of the average market value of the Company's Ordinary Shares for the five business days prior to the day the purchase is made; and
(ii) up to a maximum of 25% of the average daily volume of the Ordinary Shares traded on the London Stock Exchange (the "Exchange") in the 20 trading days preceding the date of purchase.
As a result of reduced liquidity in the Company's Ordinary Shares, the Company announces that with immediate effect, the maximum daily volume of Ordinary Shares purchased by Company may materially exceed 25% and/or 50% of the average daily volume of the Ordinary Shares traded on the Exchange in the 20 trading days preceding the date of purchase. Should a repurchase exceed either the 25% or 50% levels, such repurchase is likely to represent a significant proportion of the daily trading volume on the Exchange. The price parameter remains unchanged, i.e. the price paid by the Company per Ordinary Share will not exceed 105% of the average market value of the Company's Ordinary Shares for the five business days prior to the day the purchase is made.
As announced on 2 February 2016, the Company confirms that the maximum number of Ordinary Shares that may be purchased through the Programme in the twelve months from the announcement of the buy-back programme on 22 September 2015 is 125,395,422 Ordinary Shares, being 15 per cent. of the Ordinary Shares in issue on 22 September 2015. As the Company has to date purchased 72,890,368 Ordinary Shares, the Company may purchase up to a further 52,505,054 Ordinary Shares under the Programme in the period to 21 September 2016.
The Company will continue to make all purchases in relation to the buy-back on market, and intends that all Ordinary Shares repurchased will be cancelled. The Company will announce any market repurchases by 7.30 a.m. on the business day following the repurchase.
Further Information:
Minds + Machines Group Limited
Antony Van Couvering Tel: +1 310 452-1491
N+1 Singer (Nomad and Broker)
Shaun Dobson / Liz Yong Tel: +44 (0)20 7496 3000
MMX investor relations
Toby Hall Tel: +44 (0)7713 341072
For further information, please go to http://investors.mindsandmachines.com
About Minds + Machines
Minds + Machines (LSE:MMX) is a leading owner and operator of new generic Top Level Domains ("gTLDs"), and provides registry services to a range of high-profile clients. The Group also provides domain name services through its wholly owned registrar operations in the US and Europe. For more information on Minds + Machines and its services and companies within the Group, please go to http://investors.mindsandmachines.com.
ENDS