Business
Issue of new shares and proposed return of value
Issue of new shares and proposed return of value.
About this update from Supernova Digital Assets Plc
[{"type":"text","content":"\n\nPress Release\n \n4 March 2024\n \n \nThis 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.\n \n \nSupernova Digital Assets PLC\n \n(\"Supernova\" or \"the Company\")\n \nCorporate update, issue of new shares and proposed return of value to shareholders\n \nSupernova Digital Assets (AQSE: SOL), a company specialising in the Solana ecosystem, is pleased to provide the following update to the Company's corporate strategy.\n \nProposed return of value to shareholders\n \nThe Company's directors have concluded that the correct approach to the widening share price discount to NAV is to return value to shareholders after Phoenix Digital Assets PLC (Aquis: PNIX) completes its tender offer to shareholders, given that the Company currently holds 30,000,000 shares of Phoenix Digital Assets PLC. In the opinion of the directors, shareholder value can best be achieved by the Company trading out the entirety of its current liquid positions at the right time and then returning capital to shareholders. The Company currently intends 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. A purchase of shares by tender offer would be subject to both shareholder approval and the consent of the Court to a reduction of capital required to create distributable reserves.\n \nThis goal of returning shareholder funds will be accompanied by a quarterly trading update in which the Company will publish its holdings of all tokens and prices on the first business day of each quarter beginning on 3 April 2024.\n \nThe directors believe that these transparent actions coupled with a willingness to ultimately return capital to shareholders is the best approach given market conditions.\n \nPlacing of New Ordinary Shares\n \nThe Company is also pleased to announce that it has raised £242,000 (gross) at 0.1p per share. The funds will primarily be used to support the working capital n...