This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
12 August 2024
Phoenix
Digital Assets PLC
("Phoenix" or the "Company")
Share Buyback
Programme
Phoenix Digital Assets PLC (AQSE:
PNIX) announces that, further to
authorisation granted by shareholders at the Annual General Meeting
of the Company held on 25 July 2024 ("AGM"), it is commencing a
share buyback programme of up to £7,500,000 (the "Buyback
Programme").
The Company has engaged Dowgate
Capital to act as its agent in connection with the Buyback
Programme. Purchases under the Buyback Programme will be funded by
the Company's distributable reserves, initially from the Company's
cash reserves or by divestments of part of the Company's assets.
Given that the tender offer announced on 14 June 2024
was oversubscribed, the Company is proposing the
Buyback Programme as a mechanism primarily to allow those who
participated in the tender offer but have residual shareholdings
and wish to exit these share positions. Therefore, the purpose of the Buyback Programme is to return
additional surplus capital to shareholders. All ordinary shares
repurchased by the Company under this Buyback Programme will be
held in treasury by the Company.
All purchases under the Buyback
Programme will be made in accordance with the resolution passed by
shareholders at the AGM. A copy of the circular convening AGM,
which contains the full text of the resolution, is available on the
Company's website https://www.getphoenix.co.uk/
The maximum aggregate number of
Ordinary Shares authorised to be purchased is 140,000,000,
representing approximately 30.4% of the issued capital of the
Company as of 9 August 2024, being the latest practicable date
prior to this announcement. The aggregate
maximum amount authorised to be paid under the Buyback Programme is
£7,500,000 and the Buyback Programme will expire on 23 July
2025.
All purchases under the Buyback
Programme will be announced no later than 7:30 a.m. on the business
day following the calendar day on which the purchase
occurred.
The Directors of Phoenix accept
responsibility for this announcement.
For further information please
contact:
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Phoenix
Digital Assets PLC
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Jonathan
Bixby
Executive Chairman
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+44
7876 888 011
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First
Sentinel Corporate Finance
Limited
|
|
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Corporate Adviser
Brian Stockbridge
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+44
7858 888 007
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About Phoenix
Phoenix Digital Assets PLC invests
in a diversified portfolio of cryptocurrency, and/or in companies
or funds which have exposure to NFT or blockchain technology. The
Company's leadership team have an extensive track record in the
cryptocurrency sector and previously founded Argo Blockchain PLC, a
global crypto miner. Phoenix is headquartered in London, UK, and
its shares are listed on the Aquis Stock Exchange Growth Market
under the ticker symbol PNIX. https://www.getphoenix.co.uk