Intabet Launch Imminent, Media Corp Raises Enough Funds

Intabet Launch Imminent, Media Corp Raises Enough Funds
Another announcement came this week from Media Corporation PLC, the parent group of the beleaguered Purple Lounge operation, that it has succeeded in raising GBP600 000 to fund the launch of its online gaming platform Intabet and provide general working capital for the Company. It has achieved this by conditionally placing 157 500 000 of new ordinary shares and making a subscription for 142 500 000 new ordinary shares to be issued to certain institutional and other investors and directors of the Company at a price of 0.2p per share. These include Adam Fraser-Harris - interim chief executive officer (20 000 000 shares) and Phil Jackson - chairman of the Company (15 000 000 shares), as well as another shareholder in the Company Christopher O'Neill who was issued 80 000 000 shares which will be held via Jellatech Holdings Limited, a company wholly owned by O'Neill. In addition, the company has sent an application to the London Stock Exchange for the new ordinary shares of 0.1p each to be admitted to trading on AIM from November 7, 2012. Finally, another change took place in Media Corp – the company announced that it has changed its accounting reference date from September 30 to December 31, adding that its current reporting timetable will remain so its audited report for the 15-month period should be published by March 31, 2013. Commenting on the new developments, the company Chairman Phil Jackson said: "I am pleased that we have been able to secure these funds, particularly against a background of very difficult fund raising conditions. The message from investors and across the City has been very clear, with our unique betting platform, we have an exciting future ahead of us, and the launch of Intabet, is our primary focus. Additionally Eyeconomy, our digital media business, continues to improve and our new sales team are making traction, winning new business and creating valuable new alliances with agencies, media owners and brand owners."
General Sportsbook News Sportsbook Software Back to articles