25th Feb 2014 11:04
LONDON (Alliance News) - Top Level Domain Holdings Ltd said Tuesday that it had secured uncontested application rights for the new top level domain .WEDDING, but it withdrew its application to get the rights to .GREEN.
Top Level Domian, which is in the process of transitioning into an operating business called Minds + Machines, said it secured the uncontested application rights for .WEDDING at a net cost of around USD2.23 million, although it was unable to get uncontested application rights to the .GREEN top level domain at private auctions held last week.
The company said that the net costs include a rebate it will receive from the Internet Corporation for Assigned Names and Numbers for withdrawing its application for .GREEN and commissions payable to the auctioneer.
It said it now has a commercial interest in 26 uncontested applications.
A top level domain name is the suffix of an internet address such as .com or .net which are designated to approved organisations by ICANN.
The company is buying up domain names ahead of changes to rules governing domain names that will allow far more names than has been allowed up to now. ICANN has only allowed a relatively small number of domains until now, such as .com, .org and .gov.
"The latest private auction rounds have once again delivered an excellent result allowing us to add a key string to our portfolio without unduly impacting our cash reserves," said Chairman Fred Kreuger in a statement.
Top Level Domain, which is currently listed as an investing company, said its transition into an operating company has now reached an advanced stage, and it expects to post a circular and notice of a general meeting related to the move in early March.
In January, the company raised GBP21 million in a placing and said it would change its name to Minds + Machines to match its operating subsidiaries.
Shares in Top Level Domain were trading up 0.8% at 16.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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