Coinsilium Group Limited (NEX: COIN), the blockchain venture builder, advisor and investor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that on 7 March 2018, the Company completed the purchase of 2,000,000 of its own shares at a price of 9p per share.
These shares will be held in treasury and in total there will be 5,500,000 ordinary shares in treasury.
The purchase was funded with a combination of cryptocurrency, held by its Gibraltar wholly-owned subsidiary, and cash from the Company’s reserves, in accordance with the Company's Articles of Association and with a Board authority dated 23 February 2018.
The Company has also agreed to sell up to a maximum of 250,000 ordinary shares of the 2,000,000 ordinary shares purchased, at a price of 9p per share, and a further announcement will be made in due course.
The Company announced on 23 January 2018, the establishment of a private fund in Gibraltar under Gibraltar’s private scheme rules for the purpose of holding the digital assets and tokens the Company has received to date and expects to receive in future, in relation to its advisory services and investment activities. It is also intended that the fund, once established, will have the authority to fund further purchases of Coinsilium shares.
The Board is satisfied on reasonable grounds that immediately after the acquisition the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.
Clarified Number of Ordinary Shares
On 12 December 2017, the Company announced that it had 119,243,055 ordinary shares in issue. In fact, the Company had 119,487,832 ordinary shares in issue. The Total Voting Rights announcement of 31 October 2017 stated the correct amount of shares.
The Company has also issued 3,255,224 ordinary shares in the Company, pursuant to the announcement of 29 November 2017, whereby the Company announced the acquisition of 30% of StartupToken Ltd. As announced, £276,694.05 of the consideration was to be satisfied through the issue of 3,255,224 Coinsilium ordinary shares.
The Company advises that, following the purchase of its own shares and the consideration shares for StartupToken Ltd, the issued share capital will be 122,743,056 ordinary shares of nil par value, of which, 5,500,000 ordinary shares are held in treasury.
The total number of shares with voting rights is now 117,243,056. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The Directors of Coinsilium Group Limited take responsibility for this announcement.