Business
Share Capital Reduction
Share Capital Reduction.
About this update from Phoenix Digital Assets (gibraltar) Plc
[{"type":"text","content":"\n\n \n20 July 2023\n \n \nNFT Investments PLC\n \n(\"NFT Investments\" or the \"Company\")\n \nShare capital reduction update and proposed return of value to shareholders\n \nCancellation of share premium account\n \nNFT Investments (AQSE: NFT), an investment firm specialising in the market for non-fungible tokens (\"NFTs\"), is pleased to announce that the High Court of England and Wales has confirmed the reduction of the Company's share capital by way of cancellation of its share premium account.\n \nProposed return of value to shareholders\n \nOn 20 March 2023, the Company announced that:\n \n· it intended to return value to shareholders at the latest following the Bitcoin halving currently anticipated to take place in April 2024;\n \n· it intended to achieve this by purchasing its own shares through a tender offer under which shareholders would have the opportunity to sell shares on a pro-rata basis.\n \nOn 11 April 2023, the Company announced that the tender offer would be for a maximum of 857,142,857 ordinary shares of £0.001 each (\"Tender Offer\"). The Tender Offer price has not been set but will be a maximum of whichever is the greater of 3.5p per share and an amount equal to the Net Asset Value per share as announced by the Company on a Regulatory Information Service from time to time.\n \nTender Offer\nFollowing the cancellation of the share premium account, it remains the Company's intention to implement a buyback by tender offer following the next Bitcoin halving. At which point the Company will despatch a circular to shareholders with full details of the Tender Offer, including its opening, pricing and how it will be implemented.\nFollowing the opening of the Tender Offer, each qualifying shareholder who wishes to participate in the Tender Offer is entitled to submit a tender to sell some or all of their shares. It is expected that the Tender Offer will close approximately 21 days after the opening of the Tender Offer and tenders received after that time will not be accepted. This timeline is at the Company's discretion, and shareholders may have more or less time to submit a tender to sell some or all of their shares.\nSuccessfully tendered shares will then be purchased from qualifying shareholders.\n \nQuart...