31st Jan 2014 10:40
LONDON (Alliance News) - Top Level Domain Holdings Ltd said Friday that it had raised GBP21 million in a placing, and would be changing its name to Minds + Machines Ltd as it moves from an investing company to an operating company.
TLDH will change its name to match its subsidiaries, and as it moves to commercialise its new generic top level domains it will be changing its status from an investing company under AIM rules to an operational company. This would be classified as a reverse takeover under AIM rules, TLDH said, and will therefore be conditional on shareholder approval.
The company raised GBP21 million through the placing of 175 million shares at a placing price of 12 pence per share.
TLDH said it will use proceeds from the placing to develop its domain name registry and registrar operations, as well as providing additional funding for the auction rounds of its 43 contested generic top-level domain 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.
TLDH also announced that it had appointed Elliot Noss as a non-executive director, as founding director Guy Elliot stepped down from the board.
Noss is the president and chief operating officer of Tucows Inc.
"On behalf of the board I would like to personally thank Guy for his wise counsel and support over the years and we wish him well on his other projects," said Chairman Fred Krueger in a statement.
Shares in TLDH were trading up 15% at 14.64 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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