XLMedia created compelling content for highly engaged audiences and connected them to relevant advertisers. The Group managed a portfolio of premium sports and gaming brands with an emphasis on regulated markets and responsible gaming. In the near term, it will continue provide transition services to Sportradar, the acquirer of the North America assets.
Following completion of the North America Disposal, XLMedia became an AIM Rule 15 Cash Shell and does not propose to make an acquisition that constitutes a reverse takeover under AIM Rule 14 or become an investing company.
Shareholders should be aware that, in accordance with AIM Rule 15, it is expected that trading in the Ordinary Shares of the Company will be suspended on or around 13 May 2025. The Company will then have a further six months following the date of suspension before the Company’s admission to trading on AIM is cancelled. The Directors’ current expectation is that the Company will have taken steps to effect cancellation of its admission to trading on AIM by this time.
The Company wishes to remind Shareholders that as 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, it is now focused on the orderly distribution to Shareholders of the proceeds from the Europe Disposal and the North America Disposal.
On 20 January 2025, the Company 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 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.
The Company currently expects to make a further distribution of capital to Shareholders in the second quarter of 2025.
