Following the private auctions for .website and .lawyer, which concluded late on 23 October 2013, Top Level Domain Holdings (AIM:TLDH) will add £2.97 million (US$4.81 million) to its cash reserves. The amount includes proceeds from the two private auctions, net of commissions payable to the auctioneer, and refunds due from ICANN in relation to each of the two applications.
Separately, the directors are pleased to report that the first four gTLDs under ICANN's New gTLD Program have now been delegated into the Internet's Root Zone. As expected, the first four gTLDs to be delegated by ICANN are in non Roman scripts — شبكة. (Arabic for "web/network"),.онлайн (Cyrillic for "online"), .сайт (Cyrillic for "site") and .游戏 (Chinese for "game(s)").
Following the receipt of cash from the latest round of private auctions, the Company will have cash reserves of £10.1 million — as well as access to up to a further US$15 million to compete in a single auction. The reserves will allow the Company to continue growing its portfolio of uncontested applications and move its portfolio to launch. TLDH's portfolio of uncontested applications in which it has interests remains at 25, 17 of which it wholly owns.
Fred Krueger, Chairman of TLDH, said: "We are delighted with the result of the latest private auction rounds. Our strategy remains to best monetise those applications where we see least value so that we can maximise our ability to acquire those names in which we see greatest value. We very much look forward to competing in the next private auction rounds. We are additionally delighted with the speed with which the first four gTLDs have moved from contract signing to delegation. This is a momentous point in the Internet's development and means there is a strong probability that our portfolio will move to cash generative positions within the time-frames previously indicated."
About Minds + Machines
Minds + Machines (LSE:MMX) is a leading owner and operator of new generic Top Level Domains ("gTLDs"), and provides registry services to a range of high-profile clients. The Group also provides domain name services to consumers through its wholly owned registrar operations in the US and Europe. Learn More
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