Iconic Labs PLC Update on JOE Media Ireland (9860B)
October 14 2020 - 1:00AM
UK Regulatory
TIDMICON
RNS Number : 9860B
Iconic Labs PLC
14 October 2020
Iconic Labs Plc ("Iconic Labs" or the "Company")
Update of JOE Media Ireland
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business, today announces that completion of the
acquisition by Greencastle Capital ("Greencastle") of Maximum Media
Limited ("JOE Media Ireland"), which trades as JOE Media in
Ireland, occurred late on Friday evening, 9(th) October 20020. As a
result, and pursuant to the management contract with Greencastle,
the Company has taken over responsibility for all operational and
strategic management of JOE Media Ireland with immediate effect.
The Company already manages JOE Media in the UK.
JOE Media Ireland produces and distributes content under both
the JOE and Her brands, where it has a highly prominent market
position and works with many well-known international and Irish
brands. The Company will use its operational expertise together
with its data and insights division, which delivers audience
intelligence and sentiment, to assist campaign reporting and grow
revenues. The Company also intends to ensure that popular existing
shows such as 'GAA Hour', 'Unfiltered' and 'House of Rugby'
continue to thrive, while developing a range of new and improved
content, with new shows and fresh talent.
Greencastle has also agreed that in order to better reflect both
the costs of managing the JOE Media group, and the success thus far
in managing JOE Media UK, the monthly management fee payable to the
Company will be increased from GBP50,000 to GBP100,000 with
immediate effect. The Company's entitlement to a 25% share of
profits remains in place.
The Company continues negotiations with EHGOF in respect of the
debts still due to EHGOF and continues to work towards a resolution
which will result in the company having a conventionally funded
balance sheet, and will provide an update in due course.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information, please visit the Company's website
www.iconiclabs.co.uk or contact:
Damon Heath Shard Capital Partners Tel: +44 (0) 20 7186
LLP 9950
Iconic Labs ir@iconiclabs.co.uk
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END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
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