Team Internet Group Plc (LON:TIG), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, has announced that the proposed cancellation of its share premium account, details of which were set out in the circular published by the Company on 7 September 2023 and which was approved by shareholders on 28 September 2023, was sanctioned earlier this week by the High Court of Justice of England and Wales.
The Court order confirming the Capital Reduction and a statement of capital approved by the Court in connection therewith will be sent to the Registrar of Companies shortly. The Capital Reduction will become effective upon the registration of the Court order and associated statement of capital by the Registrar of Companies.
Team Internet (LON:TIG) creates meaningful and successful connections from businesses to domains, brands to consumers, publishers to advertisers, enabling everyone to realise their digital ambitions. The Company is a leading global internet solutions company that operates in two highly attractive markets: high-growth digital advertising (Online Marketing segment) and domain name management solutions (Online Presence segment). The Company’s Online Marketing segment creates privacy-safe and AI-generated online consumer journeys that convert general interest online media users into confident high conviction consumers through advertorial and review websites. The Online Presence segment is a critical constituent of the global online presence and productivity tool ecosystem, where Team Internet serves as the primary distribution channel for a wide range of digital products. The Company’s high-quality earnings come from subscription recurring revenues in the Online Presence segment and revenue share on rolling utility-style contracts in the Online Marketing segment.
