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MEDIA CORP RAISES FUNDS TO LAUNCH INTABET
Monday November 5, 2012 : MEDIA CORP RAISES FUNDS TO LAUNCH INTABET
And changes accounting reference date
Media Corporation PLC, the parent group of the failed Purple Lounge operation where players still remain unpaid, has raised GBP600 000 to fund the launch of its online gaming platform Intabet and provide general working capital for the Company.
The company raised the funds through a conditional placing of 157 500 000 new ordinary shares and 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.
Pursuant to the Subscription, new ordinary shares will be issued to Adam Fraser-Harris - interim chief executive officer ((20 000 000 shares) and Phil Jackson - chairman of the Company (15 000 000 shares). Substantial shareholder in the Company Christopher O'Neill was issued 80 000 000 shares (to be held via Jellatech Holdings Limited, a company wholly owned by O'Neill).
In June this year, Jellatech Holdings Ltd purchased 21 117 241 ordinary shares of 1p each in the company which equated to a hold in aggregate of 151 617 241 ordinary shares representing 29.77 percent of Media Corp at that time (see previous InfoPowa report).
Application has been made to the London Stock Exchange for the new ordinary shares of 0.1p each to be admitted to trading on AIM which is expected to begin at 08h00 on November 7, 2012.
In related news, Media Corp has changed its accounting reference date from September 30 to December 31. The Company's current reporting timetable will remain which should see its audited report for the 15-month period published by March 31, 2013.
Commenting on the Placing and Subscription, Phil Jackson, Chairman of the Company, 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."
Again, little solace for the Purple Lounge players who have been left out of pocket.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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