Media Corp raises funds to launch Intabet

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 .

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.