Blockchain tech company DigitalX completes minority holder sale

Maria Nikolova

The minority holder share sale was open to holders of share parcels worth less than $500 (unmarketable parcels).

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Australian Blockchain technology company DigitalX Ltd (ASX:DCC) has taken a step towards cutting certain administrative costs. In a filing with ASX today, the company said it had closed the minority holding share sale for holders of share parcels worth less than $500, or the so-called “unmarketable parcels”. At the market close on September 29, 2017, there 1,884,991 ordinary shares held by 1,536 shareholders to be sold.

The minority holder share sale allowed holders of unmarketable parcels to sell their shares without any brokerage or handling costs that would have otherwise made such a sale uneconomic or impractical. By completing the minority holder sale, the company has reduced administrative costs associated with maintaining a large number of small holdings.

Back in August this year, when the minority holder sale was first announced, DigitalX notes that it “values all its shareholders, however it incurs significant administration costs maintaining such a large number of less than marketable parcels of shares”.

In the meantime, there have been important business changes going on at DCC. In September, the company announced it had completed the capital raising approved at the general meeting on August 25, 2017. The company said that it had received the additional $4.05 million from Blockchain Global Limited (BGL) and other investors nominated by BGL. In addition, the company converted the previous $300,000 loan received from BGL.

That announcement was released after the one from June 7, 2017, when DigitalX said it had secured investment of approximately $4.35 million from Blockchain Global and associated investors. Blockchain Global agreed to invest the sum at 2.7 cents per share to acquire an interest of approximately 40% of DigitalX.

In September, DigitalX also said that in accordance with the terms of the subscription agreement, BGL also nominated, and the Board accepted the nominations, of two new Directors, Mr Peter Rubinstein and Mr Sam Lee.

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