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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.

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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