Wednesday June 13, 2012 : MEDIA CORP SHEDS ANOTHER DRUMMOND
Jason Drummond sells off 10 million penny stock shares in troubled company
Media Corp, the parent company at the centre of the Purple Lounge debacle that continues to haunt unpaid internet gamblers has announced that former chairman Jason Drummond has sold off his stake in the business.
Drummond has disposed of his 10 million shares in Media Corp at a price of 1p each and “no longer has a notifiable interest in the Company’s issued ordinary share capital” according to a stock exchange regulatory statement issued by the company Tuesday.
In February Drummond stepped down from his position as executive chairman of the company, along with fellow director Stephen Pettman. Justin Drummond, his brother and CEO of the company, took his place, at the same time promoting Purple Lounge manager Sara Vincent as interim CEO of Media Corp.
The duo did not remain in office for long, resigning as the new Intabet team of Phil Jackson (chairman) and Adam Fraser-Harris (interim CEO) took over and announced the liquidation of Purple Lounge.
Players are still awaiting communications on the fate of their credit balances.
Jackson and Fraser-Harris also announced Tuesday that a General Meeting of shareholders is scheduled for 5 July at which "Resolutions relating to a Capital Reorganisation and Directors’ authorities to allot shares will be proposed."