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Minds + Machines Group Limited (AIM:MMX) announced today that Fred Krueger and all other plaintiffs have dismissed their lawsuit against the Company and all other defendants, as initially reported in the Company’s RNS dated 26 February 2016, without prejudice, pursuant to a tolling agreement between the parties. The Company and other defendants named in the dismissed suit have made no settlement, monetary or otherwise, and have admitted no liability, with respect to the entering into of the Tolling Agreement and dismissal of the suit.
The Tolling Agreement provides that if the plaintiffs refile their suit, that any statute of limitation defenses of the defendants will be based on the date of the filing of the dismissed suit, 23 February 2016, but will not be deemed to revive any of the plaintiffs’ causes of action, claims, rights, legal positions, or defenses, at law or in equity, that were time-barred prior to 23 February 2016.
Minds + Machines launched the .VIP new extension on the 17th of May and has sold a record number of domain names.
Minds + Machines also announced that Antony Van Couvering, a former director of the Company, no longer holds any options in the Company. Mr Van Couvering previously held options in the Company as follows:
| Tranche | Number of options over ordinary shares exercised | Exercise price (pence) |
|---|---|---|
| 1 | 8,156,500 | 8.49 |
| 2 | 2,343,500 | 8.49 |
| 3 | 3,025,143 | 6.30 |
| 4 | 9,474,857 | 6.30 |
| Total | 23,000,000 | – |
Mr Van Couvering, has, with the Company’s consent, elected to exercise the options by way of a net exercise. Under the net exercise, Mr Van Couvering’s options were surrendered to the Company in exchange for a cash settlement in an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period (“VWAP”). The total cost to the Company was £386,056 (US$556,449), of which the Company has remitted £182,555 (US$263,059), net of taxes to Mr Van Couvering to settle the amount due to him pursuant to the net exercise. Following the above exercise, Mr Van Couvering no longer holds any options in the Company.
No new ordinary shares have been issued pursuant to the net exercise and the total number of ordinary shares in issue and the total voting rights of the Company therefore remains unchanged at 756,446,117. Outstanding options, as a result of Mr Van Couvering’s net exercise and headcount reductions, now stand at 25,462,500 (31 December 2015: 55,207,318).
