Minds + Machines renegotiates 'legacy onerous contract'

Top-level domain registry company Minds + Machines Group said on Monday that it has completed the renegotiation of its “legacy onerous contract”, which it first signalled in July.

The AIM-traded firm said all existing and future liabilities arising from that contract, estimated at $7.9m, had been settled through a single one-off payment of $5.1m made from existing cash resources, saving the company $2.8m.

Its directors estimated additional net revenues of around $0.5m could be generated through the remainder of the contract, under the revised terms.

“The company has continued to trade well in the fourth quarter,” the board added.

“A full trading update will be provided late January, with the full-year results to be announced late March and the company's annual general meeting approximately six weeks thereafter thereby bringing it inline with normal reporting practices.”

At 1500 GMT, shares in Minds + Machines Group were up 1.48% at 6.85p.