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LONDON - XLMedia PLC (AIM:XLM), a digital performance publisher, announced the completion of a significant share repurchase as part of its ongoing windup process. The company, which previously operated as an AIM Rule 15 Cash Shell, confirmed the buyback of 100 million ordinary shares on Monday.
The tender offer, which was initially detailed in a circular on April 11, 2025, closed with a tender price of 11.0 pence per share. The repurchase represents approximately 70.90% of XLMedia’s issued share capital before the transaction. A total of 83,987,905 shares were tendered by qualifying shareholders, with an additional 16,012,095 shares submitted through excess tenders.
Following the repurchase, which will be finalized and the shares cancelled, XLMedia’s issued share capital will stand at 41,040,915 ordinary shares. This figure will also represent the total voting rights in the company, a crucial detail for shareholders regarding disclosure and transparency rules.
Shareholders can expect to receive payment for successfully tendered shares by May 9, 2025, through cheques or credits to CREST accounts. This transaction follows a prior repurchase of 121,545,490 ordinary shares for approximately £14 million in cash under an initial tender offer.
XLMedia has reminded shareholders that it no longer holds a material trading business, activities, or assets, aside from the remaining cash from previous asset disposals. The company is now focused on an orderly windup of its affairs, including its subsidiaries, to distribute the available proceeds to shareholders through the tender offer.
The company’s ordinary shares are expected to be suspended from trading on AIM on May 14, 2025. The board, after considering various scenarios and seeking advice, has retained a portion of cash to cover liabilities and contingencies. While there may be potential for both increases and decreases in these estimates, the board does not anticipate more than approximately 10p per ordinary share of returnable cash value remaining in the company post-tender offer.
The announcement, based on a press release statement, serves as a reminder to shareholders that no further capital distribution is planned before the suspension of trading, and there is no certainty of additional distributions during the liquidation process.
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