Top Level Domain Holdings (TLDH) is a publicly traded company on the London AIM, the company came out with a press release today which details a lot of things going on for the company. It placed shares at 12pence and surprisingly traded up after the placement. Elliot Noss the CEO of Tucows will join the board, and they are doing a name change to Minds + Machines Limited
For immediate release
31 January 2014
Top Level Domain Holdings Limited
(“TLDH”, the “Company” or “Group”)
Placing to raise £21 million
Board Changes
Highlights
· £21 million (approximately US$33.6 million) conditionally raised from institutional and other investors
· Cash balances on completion in excess of approximately US$48 million with an additional US$15 million available to compete in a single private auction
· Elliot Noss, President and CEO of Tucows, Inc (NASDAQ:TCX) to join Board as a non-executive director
· Company to be re-named Minds + Machines Limited to reflect transition to a full operating business
Placing
The Board of Top Level Domain Holdings Limited (AIM:TLDH.L), is delighted to announce that the Company has today conditionally placed 175,000,000 new ordinary shares (the “Ordinary Shares”) through N+1 Singer as broker to the Company at a placing price of 12p per Ordinary Share (the “Placing Price”) with institutional and other investors to raise £21 million before expenses (equivalent to approximately US$33.6 million at current exchange rates) subject to admission (the “Placing”).
The Company intends to use the Placing proceeds to continue developing its registry and registrar operations, Minds + Machines LLC and Minds + Machines Registrar Limited, as well as to provide additional funding for participation in the relevant private auction rounds for the 43 contested generic top-level domain (“gTLD”) applications in which TLDH has an interest. The Company believes private auctions provide a significant opportunity for the Company both to increase the number of high-value gTLDs within its portfolio and to generate cash from those gTLDs which it chooses to relinquish. Under the private auction process, the winning bid is divided equally and paid to the losing applicants net of the auctioneer’s fees.
The new Ordinary Shares being issued pursuant to the Placing will, on issue, rank pari passu with the existing Ordinary Shares in issue and application will be made for the new Ordinary Shares to be admitted to trading on AIM. Trading in the new Ordinary Shares on AIM is expected to commence on or around 5 February 2014.…
