Press Release
4 March 2024
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Supernova Digital Assets
PLC
("Supernova" or "the Company")
Corporate update, issue of
new shares and proposed return of value to
shareholders
Supernova Digital Assets (AQSE:
SOL), a company specialising in the Solana ecosystem, is pleased to
provide the following update to the Company's corporate
strategy.
Proposed return of value to shareholders
The Company's directors have
concluded that the correct approach to the widening share price
discount to NAV is to return value to shareholders after Phoenix
Digital Assets PLC (Aquis: PNIX) completes its tender offer to
shareholders, given that the Company currently holds 30,000,000
shares of Phoenix Digital Assets PLC. In the opinion of the
directors, shareholder value can best be achieved by the Company
trading out the entirety of its current liquid positions at the
right time and then returning capital to shareholders. The
Company currently intends to achieve this by purchasing its own
shares through a tender offer under which shareholders would have
the opportunity to sell shares on a pro-rata basis. A purchase of
shares by tender offer would be subject to both shareholder
approval and the consent of the Court to a reduction of capital
required to create distributable reserves.
This goal of returning shareholder
funds will be accompanied by a quarterly trading update in which
the Company will publish its holdings of all tokens and prices on
the first business day of each quarter beginning on 3 April
2024.
The directors believe that these
transparent actions coupled with a willingness to ultimately return
capital to shareholders is the best approach given market
conditions.
Placing of New Ordinary Shares
The Company is also pleased to
announce that it has raised £242,000 (gross) at 0.1p per
share. The funds will primarily be used to support the working
capital needs of the Company, specifically the application to the
court for a reduction in capital, and to further advance the
Company's business, aiming to become a value provider for the
Solana ecosystem.
As a result of the placing, the
Company has issued 242,000,000 new ordinary shares of £0.001 each
("Ordinary Shares") in the Company at a price of 0.1p per
share.
Application will be made for the
Ordinary Shares, which will rank pari passu with the existing Ordinary
Shares in issue, to be admitted to trading on the AQSE Growth
Market ("Admission"). Dealings are expected to commence on or
around 08 March 2024.
Total Voting Rights
Following Admission, the Company's
total issued and voting share capital will consist
of 1,453,225,646 Ordinary Shares. The Company does not hold
any Ordinary Shares in treasury.
The above figure may 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.
Michael Edwards, Executive Chairman of Supernova Digital
Assets, commented: "Our focus has
always been on maximising shareholders return and it has become
clear that a commitment to returning capital in the best strategy
for all shareholders. We are delighted by our timing and the
subsequent positioning of our crypto treasury which is now a
majority invested in liquid crypto assets like Phoenix Digital
Assets (PNIX) and SOL. We remain in service to maximising
shareholder return and will keep the market regularly updated
moving forward towards the PNIX tender offer."
The Directors of Supernova Digital Assets PLC take
responsibility for this announcement.
For further information please
contact:
|
Supernova Digital Assets
|
|
|
Michael Edwards
Executive Chairman
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+44
7858 888 007
|
|
First Sentinel
|
|
|
Corporate Adviser
Brian Stockbridge
|
+44
7858 888 007
|
About Supernova Digital Assets:
The Company will look to identify
investment and business building opportunities in the high growth
Solana and crypto currency ecosystem. The Board intends to deploy
the majority of the Company's cash resources in the acquisition of
minority interests in a number of different, yet to be identified,
companies in the broad Solana and crypto currency ecosystem, and to
apply expertise to the business operations and strategic plans of
these companies. The experience, operational skills and contacts of
the Board are intended to act as an accelerator to start-ups and
early-stage companies to maximise their profit opportunity. It is
anticipated that returns to Shareholders will be delivered through
a combination of an appreciation in the Company's share price and
through the adoption of a progressive dividend policy. The
Company's Directors have an established track record, experience
and networks in the crypto currency sector, digital assets
management, as well as the media industry to drive value
creation.
