25th Oct 2013 07:37
LONDON (Alliance News) - Top Level Domain Holdings PLC said it will add GBP2.97 million to its cash reserves after auctioning off the .website and .lawyer internet domain suffixes, boosting total cash reserves to GBP10.1 million.
The company said it also has access to a further USD15 million to compete in a single domain name auction, and the total funds will allow it to grow its portfolio of uncontested domain name applications.
The company buys up new domain names at auctions and then sells them on, after the internet regulator in 2011 voted to end the restrictions on the suffixes. Top Level Domain currently has an interest in 25 domains, 17 of which it owns outright. It is trying to sell off the domain names it thinks have the lowest value for the maximum it can in order to generate cash to buy high-value names.
The Internet Corporation for Assigned Names and Numbers has just released the first four suffixes under the new regime, and all are non-Roman scripts.
"We are...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," Top Level Domain Chairman Fred Krueger said in a statement.
Top Level Domain shares were up 15.4% at 11.25 pence early Friday, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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