Phoenix Digital Assets (gibraltar) Plc Regulatory News (PNIX.PL)

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

12 August 2024

Phoenix Digital Assets PLC

("Phoenix" or the "Company")

Share Buyback Programme

Phoenix Digital Assets PLC (AQSE: PNIX) announces that, further to authorisation granted by shareholders at the Annual General Meeting of the Company held on 25 July 2024 ("AGM"), it is commencing a share buyback programme of up to £7,500,000 (the "Buyback Programme").

The Company has engaged Dowgate Capital to act as its agent in connection with the Buyback Programme. Purchases under the Buyback Programme will be funded by the Company's distributable reserves, initially from the Company's cash reserves or by divestments of part of the Company's assets. Given that the tender offer announced on 14 June 2024 was oversubscribed, the Company is proposing the Buyback Programme as a mechanism primarily to allow those who participated in the tender offer but have residual shareholdings and wish to exit these share positions. Therefore, the purpose of the Buyback Programme is to return additional surplus capital to shareholders. All ordinary shares repurchased by the Company under this Buyback Programme will be held in treasury by the Company.

All purchases under the Buyback Programme will be made in accordance with the resolution passed by shareholders at the AGM. A copy of the circular convening AGM, which contains the full text of the resolution, is available on the Company's website https://www.getphoenix.co.uk/ 

The maximum aggregate number of Ordinary Shares authorised to be purchased is 140,000,000, representing approximately 30.4% of the issued capital of the Company as of 9 August 2024, being the latest practicable date prior to this announcement. The aggregate maximum amount authorised to be paid under the Buyback Programme is £7,500,000 and the Buyback Programme will expire on 23 July 2025.

All purchases under the Buyback Programme will be announced no later than 7:30 a.m. on the business day following the calendar day on which the purchase occurred.

The Directors of Phoenix accept responsibility for this announcement. 

For further information please contact:

About Phoenix

Phoenix Digital Assets PLC invests in a diversified portfolio of cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. Phoenix is headquartered in London, UK, and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol PNIX.  https://www.getphoenix.co.uk