NFT Investments PLC - invests in cryptocurrency and in companies or funds that have exposure to non-fungible tokens or blockchain technology - UK court approves reduction of share capital by means of cancellation of share premium account. The accounting exercise paves the way for a planned share buyback by tender offer early next year. Back in March, NFT Investments set out plans to return value to shareholders at the next bitcoin halving. This is when the reward for mining new blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions. It reduces the number of new bitcoins being generated. The next halving is expected to occur in April 2024.

NFT Investments previously said the tender offer will be for up to 857.1 million shares at a price to be set. This will be equal to its net asset value per share at the time or 3.5 pence per share, whichever is greater. The company currently has 1.01 billion tradeable shares.

NFT Investments will provide a third-quarter trading update on September 29.

Current stock price: 1.70p on Aquis Stock Exchange on Friday

12-month change: up 67% from 1.02p

By Tom Waite, Alliance News editor

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