Recent News
XL Media Group plc (AIM: XLM), a sports and gaming digital media company, announces that it has posted a Circular (the “Circular”) setting out the details of a proposed return of capital to Shareholders of up to £16.0 million as an initial distribution from the proceeds of the asset sales related to the Europe Disposal and the North America Disposal (together, the “Disposals“) (the “Tender Offer”). The Company expects to make a further distribution of capital to Shareholders in the second quarter of 2025.
Further to its announcement on 16th December 2024, the Company is seeking to return up to approximately £16 million (circa. $20 million) of cash to Qualifying Shareholders by way of the Tender Offer. The Tender Offer will be conducted at a fixed price of 11.5 pence per Ordinary Share (the “Tender Price”), which represents a premium of approximately 24 per cent. to the volume weighted average price of 9.27 pence for the one month period ended 17 January 2025 (being the “Latest Practicable Date”) and will be subject to the passing of the Tender Offer Resolution.
If the maximum number of Ordinary Shares under the Tender Offer is acquired, this would result in the purchase of approximately 52.98 per cent. of the Company’s current issued share capital. The Tender Offer remains subject to approval by Shareholders at the General Meeting, to be held at the offices of Cavendish Capital Markets at One Bartholomew Close, London EC1A 7BL 9.00 a.m. on 6 February 2025.
The Circular sets out the terms and conditions of the Tender Offer and explains how Qualifying Shareholders may tender Ordinary Shares, should they wish to do so. The Circular and this announcement set out the background to and reasons for the Tender Offer.
Unless otherwise defined, capitalised terms in this announcement shall have the meaning set out in the Definitions section available in the full Circular.
The Company wishes to remind Shareholders that following completion of the North America Disposal, the Company became an AIM Rule 15 Cash Shell with no material trading business, activities and assets other than the cash proceeds from the Europe Disposal and North America Disposal, and is now focused on the orderly distribution to Shareholders of the proceeds from the Europe Disposal and the North America Disposal. The Company currently expects to make a further distribution of capital to Shareholders in the second quarter of 2025.
