Friday , June 2 2023

MMX offers 26% premium in latest tender offer, plans to delist

Company that sold its assets to GoDaddy is returning cash to shareholders and winding down its operations.

MMX Logo

MMX (AIM: MMX), aka Minds + Machines, is offering its remaining shareholders 10.4 pence per share to surrender their equity in the company.

The top level domain name company sold its domain names to GoDaddy last year and is winding down its operations. Its remaining activities are essentially a support agreement with GoDaddy.

In October, MMX returned the bulk of the cash proceeds to shareholders in a tender offer at 9.6 pence per ordinary share.

MMX will return up to £19 million to shareholders in the new tender offer. The 10.4 pence price is a 26.1% premium to yesterday’s closing price. Shares are up over 10% today but are still trading at just over 9 pence each.

The company plans to cancel trading its shares on the London AIM market as it winds down operations.

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