18th Sep 2014 14:14
LONDON (Alliance News) - CentralNic Group PLC Thursday said it plans to invest USD1.5 million in an unnamed company which is in a contention set to acquire a new generic top-level domain.
On the internet a top-level domain identifies the most general part of the domain name in an internet address.
The funds will be placed into an escrow account, pending the resolution of the contention set, with the winning applicant expected to be resolved by a private auction within the next two weeks, the internet platform business said.
CentralNic Group said the investment is contingent upon the applicant company successfully obtaining the rights to the new generic top-level main by winning the auction.
"If the company is unsuccessful, the funds will be returned in full to CentralNic by the escrow agent," the company said.
CentralNic Group shares were quoted down 1.6% at 62.00 pence Thursday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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