Phoenix Digital - Results of Tender Offer
14/06/2024 07:00
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RNS Number : 4067S Phoenix Digital Assets PLC 14 June 2024
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.
Press release
14 June 2024
Phoenix Digital Assets PLC
("Phoenix" or the "Company")
Results of Tender Offer
Phoenix Digital Assets PLC (AQSE: PNIX) is pleased to announce the final
results of the Tender Offer, as set out in the shareholder circular published
by the Company on 23 May 2024 (the "Circular"), which closed at 1.00 p.m. BST
on 13 June 2024.
As previously announced, the Tender Offer was implemented in order to make a
capital return of up to £33,687,500 to shareholders. The Tender Offer was
made at a tender price of 5.39 pence per Ordinary Share (Tender Price),
equivalent to the Company's Net Asset Value (NAV) per share as at 21 May 2024,
excluding any illiquid, private holdings. This NAV is a 35% premium to the
closing middle market price of Ordinary Shares on Aquis as of 21 May 2024.
The Company today announces that 662,548,375 Ordinary Shares have been validly
tendered pursuant to the Tender Offer, with First Sentinel Corporate Finance
Limited (FSCF) acting as agent for the Company. Therefore, acceptances exceed
the number of shares for which the Company tendered by 37,548,375.
Accordingly, the Company has accepted for purchase 625,000,000 Ordinary Shares
at the Tender Price.
Excess Tenders
All Ordinary Shares validly tendered by any Qualifying Shareholder up to their
Basic Entitlement will be accepted in full under the terms of the Tender
Offer. Qualifying Shareholders were permitted to sell more than their Basic
Entitlement to the extent that other Qualifying Shareholders sold less than
their Basic Entitlement or did not tender any Ordinary Shares (thereby
creating Excess Capacity), in accordance with the process described in the
Circular.
Payment
It is anticipated that by no later than 21 June 2024, the proceeds payable to
the Company's Shareholders for the certificated Ordinary Shares purchased
under the Tender Offer will be despatched in the form of a cheque, likewise it
is anticipated that CREST account holders will have their CREST accounts
credited by no later than 21 June 2024.
Similarly, it is anticipated that CREST accounts will be credited with
Ordinary Shares by no later than 21 June in respect of unsuccessful tenders.
The despatch of balance share certificates in respect of unsuccessful tenders
is anticipated by no later than 24 June.
Following the purchase, the Company will cancel such Ordinary Shares, reducing
its Issued Ordinary Share Capital from 1,085,875,000 Ordinary Shares to
460,875,000 Ordinary Shares. Following cancellation, the total voting rights
will be 460,875,000 and this figure may be used by shareholders for the
calculations by which they will determine if they are required to notify their
major interest in, or a change to their major interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules (DTR).
Jonathan Bixby, Chairman of Phoenix, commented: "The result of this Tender
Offer underscores our dedication to delivering value to our shareholders and
ensuring the future prosperity of Phoenix. We remain committed to our
strategic goal of becoming the leading large-cap crypto currency fund in the
UK."
The Directors of Phoenix Digital Assets PLC take responsibility for this
announcement.
For further information please contact:
Phoenix Digital Assets PLC
Jonathan Bixby +44 7876 888 011
Executive Chairman
First Sentinel Corporate Finance Limited
Corporate Adviser +44 7858 888 007
Brian Stockbridge
Tancredi Intelligent Communication
UK & Europe Media Relations phoenix@tancredigroup.com
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 (https://www.getphoenix.co.uk)
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